Have you heard that Blockchain is the next big thing in the internet world? Confused right? Many people are still confused about Blockchain and Bitcoin. They are not interchangeable terms, bitcoin are bi-products of blockchain technology.
As per a survey, The blockchain IoT market is projected to be valued at USD 3,021 million by 2024 from USD 113.1 million in 2019; it is expected to grow at a CAGR of 92.92%.
Research by a global marketing intelligence firm IDC makes it look more assuring. According to the research (20 percent of IoT deployments will include basic levels of blockchain services enabled by 2019.)
With the precedence of Blockchain, we are moving into a digital world with better security, privacy and reduced transaction costs.
Can’t we think about a better world while doubling the impact of this digital transition with the emergence of IoT?
How about Blockchain and IoT that has been digitizing the world?
IoT better known as the Internet of Things will encompass 30 billion “things”. It efficiently connects, collect, exchange and manage all this data while keeping it secure as it flows over a collection of expanding IoT networks.
The same technology blockchain encompasses while securing valuable and credible information without compromising on the security mechanism.
In this blog, I am going to talk about:
How Blockchain and IoT interconnection will lead to a more digitized world?
Blockchain and IoT Interconnection
Blockchain and IoT are not entirely related though they are inter-related terms that serve the same purpose. Blockchain in IoT can help in automating the business processes without setting up centralized complex infrastructure. Though Blockchain and IoT have their own set of challenges, the amalgamation of Blockchain and IoT can bring much more to the table.
Let’s see how Blockchain and IoT will transform industries for a better world!
1. Supply-Chain and Logistics
Blockchain convergence with IoT can help in improving the traceability of the supply chain networks. IoT sensors like temperature sensors, motion sensors or GPS connected to the vehicles provide information about the shipment status. Data fetched from the sensors gets stored in the blockchain, bringing traceability, auditability, and transparency in the system.
2. Smart Homes
Through IoT, you can remotely integrate the security of your homes through centralized platforms on your smartphones. But with a centralized framework, it is difficult to maintain security to an optimal level. With breaches in security, the network is vulnerable to security threats. To overcome this issue, the techno mix of blockchain and IoT can help in resolving such issues. With Blockchain’s decentralized platform, ownership, authentication and security issues could be resolved without adding up much cost through the principles of cryptography.
3. Parking Solutions
Innovation imparts change that can bring solutions for the existing problems. A popular innovation in providing parking solutions has been adopted with the emergence of Blockchain and IoT. A company named NetObjex, came up with an idea of smart parking solutions with the amalgamation of IoT and blockchain. Using IoT based sensors, it becomes easier to find the empty parking space and pay automatically with crypto wallets. IoT sensors installed in the parking area can fetch information such as time for which car remains parked and vehicle number to obtain the linked wallet address. The data gets stored in the blockchain and triggers smart contracts to automate payments.
4. Sharing Economy
The sharing economy industry has evolved over the years since the inception of Blockchain which gives a platform for Peer to Peer Transactions over decentralized distributed systems which allows you to share goods and services as physical entities over a transmitted network. Few companies have been adopting this transitional shift through Smart Contracts which serves the purpose of security and data transparency.
5. Pharmacy
It is not difficult to say that the pharmacy industry is in charge of several fraudulent and spam cases resulting in deterioration of medicinal quality and transparency in the transmission of medical supplies. The building potential of blockchain along with IoT could transform the landscape of the medical industry by tracking the shipment of goods and maintaining the legal ownership of permissible products through smart contracts for ownership rights.
A popular example of this techno-mix is Mediledger, which is one of the blockchain IoT use cases, designed to track the legal change of ownership of prescription medicines. Transparency and traceability are essential when it comes to monitoring sensitive healthcare products.
6. Agriculture
The increase in population has increased the need for cultivating more food while maintaining the sustainability of resources that has raised the bar in improving the proficiency of processes across the globe. Blockchain and IoT’s technical compatibilities have transformed the structure of the agriculture industry while enhancing the food chain supply management to a great extent.
Conclusion
In the blog, I have clearly discussed how Blockchain and IoT will pave the path for the digitized world and how it will evolve industries with its impeccable technical abilities. A right mix of Blockchain and IoT would change the world for better with improved transparency, security, and traceability.
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