While the cryptocurrency craze seems to be settling down, the fundamental blockchain technology is expanding enormously, griping its way in IOT. Blockchain technology goes far beyond just financial transactions, there’s a raft of IoT applications which can be enabled by secure transactions management that blockchain offers.
Blockchain has always been undervalued since it’s innovation. But it has a promising future in reference to investments, use-cases and startups. Real world assets can be linked with blockchain and can be exchanged digitally in a number of ways. Yet, blockchains best non-financial use case is its implementation in the IoT.
The perfect spell for IoT
The blockchain technology is likely to be the perfect magical spell which the IoT industry needs. The blockchain technology can be utilized for exploring the history of individual devices. The technology prompt autonomy of IoT devices by recording the ledger of data trades between devices, services and users, and by empowering them to conduct transactions. It can be utilized for tracking billions of connected devices, enabling the transaction processes and coordination between devices, allowing manufacturers in the industry to cut expenses.
Blockchain’s decentralized approach will eliminate single points of failure, creating a more flexible ecosystem for the devices to program on. The consumer data will become more private by the cryptographic algorithms used by blockchains.
A study published by Gartner estimates that blockchain will add $3.1 trillion in business value by the year 2030 and in another study, the global IoT market is expected to increase from $157B in 2016 to $457B by 2020. The world is about to witness much more change than we could possibly imagine with IoT and blockchain.
The security concerns
The existing processes in Industries in almost all verticals, be it financial and banking, manufacturing, healthcare, trading, shipping, media & entertainment, etc, will be disrupted by these applications. despite these advancements, the uttermost concern for the IoT ecosystem will be — security.
The reason being, it exposes multiple devices, a huge amount of data, supply chain partners and the community as a whole to security breaches. Take for example, in the healthcare sector, the privacy integrity and constraint over access to information is utmost and more importantly vital. The loopholes for hackers increases as the connections of numerous IoT devices that monitor a person’s real-time medical data and history increase.
At the heart of blockchain are the secure exchange of data and the validation of data across multiple stakeholders with distance no object. This makes it a compelling proposition for IoT applications.Here are few ways, Blockchain’s distributed architecture confront many of these security and trust challenges :To track the sensor data measurements, blockchain can be used to prevent duplication with any other malicious data.Deploying IoT devices can be a complex task. Therefore, a distributed ledger is apt for providing IoT devices identification, validation and seamless & secure data exchanges.Rather than going with a third party for building trust, blockchain can be used to exchange data by IoT sensors.The data exchanges of IoT devices can be shielded from tampering as a distributed ledger puts an end to a single source of failure within the ecosystem.The blockchain empowers devices with autonomy, unique identity, data integrity and assists peer to peer communication by eliminating technical inefficiencies and bottlenecks.The deployment and operational costings of IoT devices can be reduced comparatively as there is no intermediary.With blockchains, IoT devices are directly addressable, giving the entire history of the connected devices if troubleshooting is required.
Are you leveraging blockchain distributed ledgers in your IoT devices? Is it accurate to say that you are enhancing security and overall customer experiences with IoT solutions that are based on blockchain? Are you considering IoT and blockchain integration in your industry where asset’s speed is essential? I will love to hear your thoughts and experiences on it!
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