Chapter Leveraging Internet-of-Things to Support Circular Economy Paradigm in Manufacturing Industry

Abstract

Circular economy represents a fundamental alternative to the currently predominating linear economy model, while Industry 4.0 is a technological enabler to bring process innovation in the industrial domain. New economic models are needed in order to reduce material inputs and waste generation leveraging on ecodesign, recycling and reusing of products, new business models, and new technologies. Internet-of-Things and artificial intelligence can support the circular economy paradigm, through the development of a marketplace for connecting buyers and sellers of manufacturing services, raw materials and products toward building global supply chains. The core component of this marketplace is a novel, agent-based, brokering module that will apply both syntactic and semantic matching in terms of manufacturing capabilities, in order to find the best possible supplier to fulfill a request for a service, raw materials or products involved in the supply chain.