Table 2.
Overview of applications, advantages and disadvantages of major Industry 4.0 and Web 3.0 technologies.
| Technology | Description | Main Applications | Advantages | Disadvantages |
|---|---|---|---|---|
| Blockchain | A decentralized digital ledger for secure transactions and data storage. | Cryptocurrency, supply-chain management, smart contracts, finance | Transparency, security, immutability. | Scalability, energy consumption, storage requirements, regulatory concerns. |
| IoT | An interconnected network of physical devices and sensors that communicate and exchange data. | Smart homes, industrial automation, healthcare monitoring. | Automation, real-time insights, efficiency. | Security vulnerabilities, data privacy, interoperability. |
| RFID | Uses radio waves to identify and track objects with tags containing electronic information. | Inventory management, asset tracking, and access control. | Efficiency, real-time tracking, and reduced manual effort. | Cost, limited range, potential interference. |
| QR Code | Two-dimensional barcode that can store various types of data. | Marketing campaigns, ticketing, and payment systems. | Versatility, easy scanning, and high storage capacity. | Limited data capacity and scanning limitations in certain conditions. |
| Cloud Computing | Delivery of on-demand computing resources over the internet. | Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). | Scalability, cost-effectiveness, accessibility. | Data security, vendor lock-in, and potential downtime. |
| Artificial Intelligence | Simulation of human intelligence in machines for autonomous learning and decision making. | Natural language processing, computer vision, recommendation systems. | Automation, improved efficiency, advanced analytics. | Ethical concerns, bias, job displacement. |
| Big Data | Large and complex data sets that require specialized processing techniques. | Business analytics, predictive modelling, personalized recommendations. | Insights generation, competitive advantage. | Data privacy, storage infrastructure, data quality. |
| GPS | Global navigation satellite system for location and timing information. | Navigation, logistics, and geolocation services. | Accuracy, real-time tracking, and widespread availability. | Signal limitations indoors or in remote areas. |
| NFC | Short-range wireless communication for contactless data exchange. | Mobile payments, access control, and ticketing systems. | Convenience, simplicity, and compatibility with smartphones. | Limited range, security concerns, adoption barriers. |