Internet of Thing and Blockchain – The Relationship
The most exciting trends in the digital world right now is the Intent of Things. Billions of internet-enabled gadgets and appliances are getting online, revolutionising the way we live. However, the internet in its current stage may not be ready for this revolution as the World Wide Web is centralised and highly regulated and may not be able to scale up sufficiently to accommodate this new status quo.
Everything from household items to lamps are joining the Internet of Things (IoT), but managing these items and stopping them from going haywire is a complex and massive undertaking and for this blockchain might be beneficial.
Why is Blockchain suited for IoT?
Blockchain technology utilises immense number of cryptographic processes every day and as it is decentralised, it offers a scalable solution that also guarantees an unparalleled level of security. The blockchain is already adept at protecting systems from hacking and malware, which means it is perfect for preventing devices to go rogue.
As the push towards driverless cars continues, a new and robust system of traffic management would be needed which should be free from hacking and misuse. The blockchain technology provides a platform for car companies and traffic management agencies to share telemetric data, average speed, the location of the vehicle, the number of passengers in the vehicle and other useful statistics. The information provided can be used to improve the automobile design and the roads they travel on.
The IoT allows for individual products to be digitally tagged for tracking and verification. Everything from a consignment of shoes to a new car could be accounted for through the use of smart contracts on the blockchain. This would verify the product’s origin, guard against theft and streamline the supply chain.
The above mentioned are just a few of the aspects where blockchain is beneficial for IoT.