When we talk about “Blockchain” and “Digital Twin”, They have been at the top of trending technologies this year. But looking at the complexity there must be a lot of thought in your mind so In this blog, we are going to talk about how digital twins and blockchain technology work together and how they will be fruitful in the future.
The basics of blockchain technology are quite essential to this blog. As the whole concept does require the use of technology as it enables Digital twin technology to its maximum potential. Basically, blockchain technology provides secure and scalable solutions that provide validation or proof about a digital asset without involving the authorization of a third party. The technology is helping decentralize many day to day operations which requires the use of a single entity that governs those operations through specific regulations and compliances. It is recommended to understand blockchain technology as it will help you grab the basics of the concept more clearly.
What is Digital Twin?
A digital twin is a virtual replica of a physical object/asset. Physical Objects can be anything like processes, people, places, systems, and devices that are used for various intentions. Data scientists and IT professionals can implement simulations before actual devices are built and deployed. Digital Twin collects data that represents real-time information and is further shared between Copartners and connecting devices.
It is constantly trained based on new and historical Data. Virtual Object is “alive” and dynamic which means it updates every time its physical assets change. It is also capable of learning and holding (attractive) knowledge from humans, machines, etc and It is a virtual model of a real product, process, or service that can monitor, analyze and improve its performance. Digital Twin creates a Virtual Environment which is able to work on Historical(Past), Present(Current), and Future Data.
For the blog reader If you want to know about the technical points of Digital Twin Technology so this is the reference link
Features of Digital Twin
- Physical Object: Virtual model of Physical Object
- Time series information: It is captured from objects and other related resources usually using sensors.
- Unique Identifier: such as unique device ID or equipment number to associate digital twin with physical counterpart.
- Monitoring Capability: The ability to monitor objects is usually made possible with help of sensors, cameras, etc.
How does Digital Twin work with Blockchain?
The emergence of Blockchain technology has redefined the progress of the digital twin. Blockchain enables the storage of all information in a decentralized manner. The latest new transaction can be added but the existing transaction is intangible. when working on digital twins on the blockchain means physical objects or assets related to all information can be stored immutably and it will help to create proofs of authenticity and data integrity. During purchase time, Users can get whole details regarding the product and verify the manufacturing place, historical details, or records of the previous owner if any legal details of the product.
Let’s take one example to understand this topic easily. Consider a premium watch, there are a lot of cheap replicas of premium watches with downgrade quality products. Sometimes customers are buying dummies (replicas) through getting tricked by upselling marketing and advertising tactics such as discounts, offers, etc. and if a duplicate product can be made then fake documents can be easily created to confirm its authenticity. Digital twins on blockchain solve this problem and can get into the form of a valid digital certificate.
A digital certificate is immutable so no one can modify, edit or change details. digital certificates can be updated every time during the manufacturing process of the product. it generates product-based details like place and shipping destination with date and time. when a customer buys a product it verifies the authentication item by the digital twin of the product on blockchain. Once the item is purchased by the customer, ownership of the product will transfer to the owner by an authenticated salesperson.
So it is beneficial for the owner of the product if they want to resell the product. then new customers get all the details about the product before purchase. Once the product is sold then the ownership is transferred with previous data. Blockchain and digital twins act as anti-theft technology. If it is implemented on a large scale all over the world. Blockchain and digital twins have the capability to decrease scams or thefts occurring on digital platforms and space.
Benefits of Digital twin work with Blockchain
- Reliable Resource: Blockchain plays an essential role in gathering data/information from several sources. And mapping that for Digital twin execution so it reduces cyber threats.
- Decentralized Infrastructure: Digital Twin allows them to execute their capability to several processes. In centralized Digital twins allow them to execute their capability in different processes, however In centralized systems are not capable of managing various requirements. For this reason, Blockchain provides access and storage opportunities through decentralizing using a ledger.
- Protected Data: Immutable features are an important nature of blockchain that allow integrity and readability while collecting data for Digital Twins.
The concept of combining blockchain and digital twins can be applied in more than enough industries, from manufacturing, healthcare, logistics, etc.
So in this blog, we have discovered how Blockchain works with Digital Twin Technology, the Features of Digital Twin Technology, and Benefits of the blockchain working with Digital Twin. The technology is quite innovative for enthusiasts who are planning to shift their earring modes to digital space. One needs to consider the applications of those technologies if they are planning on moving to the digital platform used for and by massive business-oriented organizations.
Digital twin enabled by blockchain technology is one of the most profitable business spaces of the modern tech-enabled world. If you want to know more about unique business opportunities and ideas try consulting a good blockchain development company. They can provide you with some of the best ideas, resources, and developers due to their years of expertise in the field.