Motivated by the recent interest around blockchains, this research examines whether this technology makes a good fit within the Internet of Things (IoT) sector and Industry 4.0. Blockchain is a decentralized distributed peer-to-peer network where users can interact with each other in a verifiable manner. There are several applications of blockchain. One of the applications of blockchain are smart contracts. Smart contracts is a computer protocol that acts as a self-executing contract with the terms of the agreement between the two parties being directly written in code. Smart contracts are distributed using the blockchain ledger. Because this ledger updates in real time across all of its users it is verifiable and can be used to replace traditional contracts and their mediators. One of the advantages of smart contracts is aimed at efficiency. Smart contracts can offer time and cost savings compared to the traditional contract process. Because there is no need for a traditional mediator. But are people ...