Blockchain technology is surely making a buzz and its making a way into the mainstream. While blockchain technology aspires to change the world, there are many of us who are not aware of the potential of it.
Blockchain is basically a distributed ledger which can move information on anything which has some value. IoT is not a product or service, but rather a movement which is being used to create products.
With IoT, the industries collected massive amount of geographical, demographical, usage patterns, data points to understand the user’s behaviour which leads to earn profit using these insights.
Big data as an industry has grown significantly thanks to IoT and its army of products, helping companies target consumers more efficiently. Blockchain technology may take this to the next level.
There are technical hurdles to overcome largely because most IoT devices lack the adequate computing power to participate in blockchains directly. As with most IoT initiatives, a small thing like power isn’t going to stop the world from trying.
Any inputs provided by individual users in the network – be they humans or machines – will therefore be able to share information across in a secure manner. This is where the Internet of Things reveals its highly useful integration with blockchain.
Connecting remote devices with blockchain provides an inexpensive, low-maintenance strategy for controlling an entire system without centralized storage, authority, or manpower.
Firms are already using this technology for agriculture, manufacturing, transportation, and other applications. Each of these examples relies on the successful combination of the IoT with blockchain tech, but there is so much more the two can do together.
Automation is the natural next step.
This view might be controversial among some readers, but as someone who is closely watching the blockchain space and its many applications, I believe IoT stands out due to its potential and its malleability, thus making it ideally compatible with the emerging blockchain technology.