The Convergence of Blockchain and IoT
Internet of Things (IoT) applications are distributed by nature, and blockchain, the distributed ledger technology, could be a factor in how devices communicate directly. The most significant connection, however, spins around the security issues of the IoT ecosystem. Experts consider blockchain an influential technology that might scale and decentralize security to IoT devices, apps, and distributed and decentralized systems.
Perceived Benefits of the Combination of Blockchain and IoT
IBM drew attention to blockchain's ability to uncover IoT's business and operational value. Blockchain-based IoT solutions may simplify business processes, improve customer experience and achieve superior cost efficiencies. More benefits are:
- By providing a securely-weaved network, blockchain can provide a platform for IoT to connect and interrelate reliably and evade the threats that plague central server models.
- A distributed ledger removes the sources of failure within the ecosystem, making the IoT device’s data temper-proof.
- Blockchain is a framework that facilitates device autonomy (smart contract), individual identity, and data integrity and supports peer-to-peer communication by removing technical tailbacks, unexpected delays, and inefficiencies.
- IoT deployment and operation overheads are reduced through blockchain thanks to the absence of intermediaries.
- Transporting freight is a complex procedure that involves numerous stakeholders with various priorities. The temperatures, locations, arrival times, and status of shipping containers are recorded using an IoT-enabled blockchain. Thanks to immutable blockchain transactions, all parties can rely on the data and act to transfer products promptly and effectively.
- It's essential for both safety, and regulatory compliance must track the parts that go into an automotive, airplane, or other product. All parties can view component provenance throughout a product's life by storing IoT data in shared blockchain ledgers. It is safe, simple, and economical to share this information with regulatory organizations, shippers, and manufacturers.
- IoT devices monitor the upkeep and safety status of binding machines. Blockchain enables a tamper-free database of operating data and the ensuing maintenance for everything from engines to elevators. Partners for third-party repairs can keep an eye on the blockchain for preventive upkeep and log their work back in. Government agencies can be given access to operational documents to confirm compliance.
Real-world IoT and Blockchain Examples
Samsung recently announced its new security solution, Knox Matrix, which uses blockchain technology to secure an ecosystem of devices. Samsung Knox is Samsung's security platform that has made significant progress within mobile devices.
Helium, a decentralized machine network in San Francisco, California, uses blockchain to connect low-power IoT machines (like routers and microchips) to the Internet. Helium's blockchain-based wireless internet infrastructure uses radio technology to improve internet connection and significantly lower the power needed to run "smart" machines.
Chronicled focuses on the pharmaceutical and food supply industries and provides real-time updates on shipping procedures; it uses IoT and blockchain technology to provide a complete supply chain solution using IoT-enabled shipping containers and sensors. All parties involved in medical or food supplies transportation will be fully aware of the chain of custody and any issues that may develop due to the use of blockchain in their IoT devices.
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