There have been a suddenly talking around IT companies about this term called “Blockchain”. Many people still wonder why are people so much interested and what is that interest mean for the Internet of Things concept. Blockchain is becoming an essential part of Internet of Things (IOT).
To understand how two high level technologies, blockchain and Internet of Things, work together to create something no one ever imagined you need to understand them individually. Secure issues are always on the go however, the new technologies that come into existence often solve the issue of lack of security.
Blockchain is basically a distributed ledger on a digital platform that cryptographically secures data. Blockchain has started to become one of the most important aspect for IOT. Internet of Things is another mesmerizing technology that open up a communication between your physical devices and internet.
These two concepts have become a revolution in the world of innovation. In IOT the connection produces data which can be used for the improvement of the way we live. The ecosystem of Internet of Things can be generalized as: -
- Connectivity and Platform providers
- Sensors and IoT gateway
Blockchain on the other hand is highly capable of maintaining a decentralized ledger in a network. The information in a blockchain is stored in ‘blocks’ that are chronologically put in order in a such a manner that no single entry can alter it. To bring in unbeatable security of data in IOT, blockchain technology is highly required. Through cryptocurrency like BitCoin, blockchain has already proved itself to be extremely valuable.
Individually Blockchain and Internet of Things are powerful technologies. However, these technologies together can literally benefit even the smallest industry. Security and competence which is autonomous, Blockchain in IOT helps in exchanging information between network and devices without the need of any centralized network for communication. Dependency, clarity and better security are the three essential aspects of blockchain in IOT.
Here are some of the best examples for blockchain in IOT:-
- Transparent communication: There are cases where a company needs to raise to money for certain issues. In such situations is it right to inform all the involved shareholders which also means the mediators. If during anytime a shareholder decides to sell his/her part of the shares, it will automatically get updated.
- Supply chain management: There is a constant communication between sub-suppliers and suppliers regarding the product dispatch and details of the product that needs to be checked. Suppliers need to keep a track of all the good being shipped and ensure nothing goes missing that process. Through IOT once can constantly stay in touch with details of the shipment through a smartphone device. Similarly, blockchain enables a protocol by enabling payment upon delivery options, view access, validation access, obfuscation of shipment, etc.
- Asset availability: Companies category unavailable assets and available assets in two categories. Many times, the accurate assets are not easy to find, hence a network of chain buyer and sellers can match through each other requirements directly through devices integrated with IOT. The chain automatically finds an appropriate match which easily helps to execute monetary transaction with blockchain technology.
In order to give a competitive edge to your business you would require to hire a professional blockchain application development company. The company should have the right expertise and years of experience in building applications on a business level. Before you plan to create a blend of two different technologies in your business tools, to ensure that the company is well-versed with Internet of Things and understand every aspect of it.