Blockchain and the Internet of Things
This technology can revolutionize the way everything works. This dramatic shift will include how we connect to the Internet. As the world keeps on innovating and globalizing, connectivity has gotten easier. We can connect more things to the Internet.
To further develop the Internet of things, we can use blockchain. Since 2014, blockchain IOT startups have been gaining considerable attention. What used to be the domain of Bitcoin is branching out into areas more than cryptocurrency.
Cisco estimates that by 2020, about 50 billion devices will be online. With this many connected devices, the amount of data will be enormous. The main concern is how the world will track and manage these connected devices. How will we store the data produced by them, and do so securely and reliably? Blockchain technology is thus considered the missing link. It settles privacy, reliability, and scalability concerns in the IoT.
What is blockchain?
Blockchain is a series of fixed pieces of information. That information is time-stamped and managed by a cluster of systems not owned by one entity. It secures all the information and connects it by using cryptographic principles. Blockchain has no central authority since its ledger is immutable and shared. The data in it is open for any and everyone to view. Thus, anything built on blockchain is transparent to all by nature. All users are accountable for what they do. It has no transaction cost – it is an easy and effective way of passing information from one point to the other.
What is the Internet of Things?
What are we referring to when we speak about the Internet of Things? The IoT includes everything from coffeemakers to cellphones. It also includes headphones, washing machines, lamps, wearable devices, and most other appliances. The IoT also refers to machine components. Examples include the drill of an oil rig and the jet engine of an airplane. Other examples of "things" are vehicles, handheld electronics, devices, and home appliances. We're also talking about sensors, mobile phones, and thermostats. The Internet of Things, or IoT, links any device with an on/off switch to the Internet.
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Uses and applications of IoT
In recent years, the industry has advanced. There are predictions and estimations of it growing much further in the future. We've seen how we can make use of blockchain to increase the connection between IoT devices. There are various other uses that we can explore in the years to come.
- The first use is in the area of data security. Recently, we have experienced lots of security challenges in businesses, especially startups. Cybercriminals usually look for weak areas within the infrastructure of a company.
- We can also use IoT in analyzing information. Several companies revolve around data and information. They work to leverage it for their general use. Due to this, larger ecosystems that exchange and use data make use of IoT.
- We can apply it in the area of data privacy and storage. Businesses will be responsible for the amount of data they either sell or use. Being able to access the data and protect it can be challenging. Blockchain technology makes it much more manageable.
- We can use IoT in supply chains. The supply chain of the globe involves lots of parties across different locations. Examples are distributors of food and pharmaceutical companies. All supply chains can use a combination of IoT and blockchain.
The IoT addresses the vast number of digital devices that can connect to a larger network. It works to link all these to enhance the existence of our operational systems. SIS Blockchain Strategy Consulting and Research can help propel your business to the next technology frontier and boost profits.
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