The combination of Internet of Things (IoT) and blockchain technology would present private companies and public sector agencies with unprecedented opportunities. The blockchain now appears to be the missing link to IoT security and privacy.
Blockchain has received considerable attention as the basis for cryptocurrency transactions, but the technology has many uses beyond the recording of bitcoins. The breakthrough in bitcoin and the technological communities that are approaching the digital currency has led to an extremely new format for blockchain to be defined as a distributed ledger. The wealth of mobile apps, the drawing of cloud computing, the power of big data and analytics or the infectious nature of social media are all well-established technologies and are now common in organizations.
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The data is indeed one of the world’s most valuable resources. The market capitalization list of the top ten companies is now dominated by data-centered companies such as Facebook, Microsoft, Apple, and Amazon. Blockchain secures data with the distributed storage software; encrypt data to allow access to it only by the authenticated user. Files are distributed over a network so that all user files are available, even though part of the network is down.
Devices are connected through centralized cloud storage and processing service under the prevailing IoT paradigm. This is unsustainable in the long term, as the number of connected devices and thus the data volumes are increasing rapidly, the systems handling this is likely to become very blocked, leading to bottlenecks and inefficiencies. One of the blockchain approaches is to record and share information safely is to anchor data to the blockchain of the public. This method involves data integrity proofing. Blockchain technology provides tools to help consumers stay healthy, monetize data and save money on medical costs.
In addition to unlocking a number of new technological scenarios, the blockchain, IoT, and Artificial Intelligence (AI) integration have generated new powerful business models. The shift from product to service and ownership to access is the key to understanding the extent to which the technology ecosystem changes.
Many promising IoT developments have made blockchain technology even more sustainable. With the ability to create a safe framework for interactions where nobody is in charge, a development platform for digital entrepreneurs is opened.