Industry 5.0 promotes automation in an optimized way. Collaboration with blockchain technology and artificial intelligence helps to enrich Industry 5.0 with its quantifiers and qualifiers. In the business industry, information plays an iconic role. When we consider the issues of storage and retrieval, we need to think about blockchain technology where the data will be stored and shared in a secure way. Here, the data will be distributed across the network in an encrypted format; hence, the original data can be viewed only by the owner of the data. Blockchain stores the information in the form of blocks. Every block has three sections. The first section holds the hash value of the previous block, the second one holds the information to be stored in a block, and the third one holds the hash value of an upcoming block. It does not allow an intruder to hack or modify the data without user's knowledge as these blocks are interconnected on both the sides with their hashes. This synergy of technologies brings supremacy in the field of business industries which will be discussed in this chapter.
TopIndustry 5.0 And Its Advantages
Industry 5.0 is an insurgence in which human and machine reconcile and realizes the ways to work together to refine the effectiveness of the production. Few people believe that this industry 5.0 might replace humans in all the industrial activities in our near future. But the truth is, it reduces the difficulties that human face in their day-to-day life. It provides a complete background support in order to make the task simpler to the human beings. Industry 5.0 also helps in doing repetitive task for many numbers of times. Industry 4.0 highly promotes digitization and automation with certain drawbacks like complex and overpriced software, replacement of people’s job by machine, experts for robotic communication and so on. All these are resolved in Industry 5.0 to bridge the technical gap between the common people. It also advocates zero-waste production by reducing the waste material expenses and waste management fare. Also, it highly relies on personalization from mass customization.
Industry 5.0 will reach its peak when the 5G network is coupled with technologies like IoT-Internet of Things (including Industrial IoT), Artificial Intelligence (AI) increases the level of automated production (Bryndin, 2020). Also, integrating with Big data, blockchain technology, cloud and fog computing takes the industry into further reach by promoting automation.
Highly Focused Maintenance Plan: So far, we have applies preventive maintenance in prior revolutions whereas industry 5.0 works in predictive maintenance.
Sustainability: It manages the resources in a well-organized manner based upon a current need. The partnership between human and machine power leads to resilient business models. Also, overproduction will be eliminated.
Productivity and Human Competence: This new technology brings back people to the center of production. Complex repetitive tasks can be managed by machines instead of being carried out by human beings.
Contexture Control Inside an Organization: Smartly interconnected sensors and personalized software gives real-time and predictive outline of humidity, energy consumption, climate and temperature. Having knowledge on, what to anticipate and where to arbitrate prevents severe loss in production.