Platform security of the digital twin platform and data is crucial. Blockchain technology enables security from hackers due to its encryption features and provides data history transparency. Digital twins will benefit from these features, as it can transmit data securely. Both SME and large companies are beginning to utilize blockchain technology to store physical objects, and connecting digital twin technology will soon be the next step. In order for this to succeed, specialized distributed ledger platforms that allow sharing information amongst digital twins are needed. Digital twins on a blockchain will also help with brand protection and counterfeit items. Creating a digital twin of a product on blockchain would see its transaction records saved, along with information about where it was made, and its previous owners. In addition to this, for the first time in history companies who combine blockchain with virtual simulations will be able to track their product globally with extreme accuracy – this will totally eliminate the number of stolen goods across the globe.
This will help brands establish brand identity and protect their products from being counterfeited. Companies such as IBM have invested heavily in the blockchain, creating a specified department for digital twins. IBM Watson IoT, a cognitive system that learns from, and infuses intelligence into the physical world, has begun creating digital twins by using blockchain, and also implementing blockchain to existing digital twins. Blockchain will also increase the cost-effectiveness of digital twins, allowing the technology to be created for more industries. Utilizing blockchain with digital twins will provide a secure, cost-effective and scalable solution, bringing together the digital identity and data tracking through blockchain traceability. On top of that, the blockchain will help companies in terms of ensuring that the large amounts of information that is being processed are held privately at their own internal servers.
The improvement of digital twins through blockchain technology is set to transform industries such as manufacturing, healthcare and beyond. Regardless of the industry, digital twins and their improvement through blockchain will be relative to the Dot Com boom – we talk about this comparison in our conference for blockchain and digital twin specialists. IoT facilitates digital twins and by leveraging Blockchain and understanding the requirements and operational challenges of implementing these technologies, companies can work towards building their future business strategies.
We are hosting a special, private workshop where we are inviting the biggest industry leaders to share their knowledge and expertise on the blockchain technology and how it can be impacted by the virtual twin tech – click the button above to find out more.