The document discusses how blockchain technology can empower industrial internet of things (IoT) solutions. Blockchain keeps an undisputed record of smart devices' history, allowing data to be exchanged securely between devices without a centralized authority. It acts as a decentralized ledger that satisfies regulatory requirements while enabling autonomous communication and data sharing without the need for brokers between smart devices. The document argues that blockchain is an essential element of industrial IoT as it facilitates secure data exchange and record keeping in a decentralized manner.