We have been covering a lot of different Blockchain implementing industries. Though there are multiple such divisions, like Media, Social work or creating Digital Identity, there is one industry whose merger with blockchain, shall be quintessential.
Internet of Things
Experts claim that as of 2019, about 20% of all IoT enabled devices shall have basic level Blockchain services enabled in them. This combination of the two biggest buzzwords in techno industry, shall empower the incorporation of numerous devices synced in its ecosystem with unsurpassable security.
What’s it all about?
Blockchain is a shared peer-to-peer distributed virtual ledger. It is the technology that primarily caters to bitcoin and different cryptocurrencies. There are no intermediaries in the peer to peer transactions that are undertaken. Each transaction is verified by a network of nodes and recorded in this digital ledger called Blockchain. IoT solutions are our everyday objects, which are embedded with chip like sensors or actuators. They are connected to us through the internet for data exchange.
Blockchain technology plays a key role in how random devices communicate with each other and how the transactions continue to stay secure. There are 3 measures that are being met by this union.
- Increased trust: trust between party and consumer with certainty of goods being tamper free.
- Budget friendly: cost is lowered with removal of middlemen and intermediaries.
- Faster transactions: reduced settlement time jumps to real time.
Many companies are now joining the bandwagon of applying blockchain to their modules as they are loaded onto their respective ecosystems. AIGang, Modum, Chain etc. are some of the companies who are pursuing this implementation. In this blog, we are going to focus on IBM and its innovative IoT platform called, Watson.
Watson Internet of Things is a cloud-hosted and fully managed service platform which makes it simple to obtain values from Internet of Things devices. Using this technology, you can connect all your devices securely and start sending data to the cloud in a more secured way. This system utilizes open source and lightweight MQTT. It informs all your IoT device networks and helps in making better real-time business decisions. The protocol to keep all the data transfers safe from the hackers. This platform offers you sterling features like, security, global distribution of data, analytics and cloud facilities. Not to forget the edge capabilities and a rich ecosystem of suppliers and solution providers
See Also: Blockchain: Our Lord and Saviour
The lack of pre-developed technology is a big issue. This is being addressed by a lot of R&D teams of different companies. Unfortunately, earlier developers, focused on production rather than development. Amongst the biggest concerns that still plagues IoT is security. There have been instances, when IoT enabled objects have been hacked into and tampered with. This needs to be addressed as soon as possible. Another issue that arises is, blockchain tech with all the information of IoT, can be expensive, time-consuming and difficult to maintain. It is not impossible, but it is labor some.
There is no denying, IoT is the future and that Blockchain is the missing link for it to reach its potential. Blockchain can interconnect billions of devices. Its decentralization shall enable consumers data to be accessible yet secure. Future tech can be developed with this union in mind. We are keeping our eyes peeled for this one!
Please Note: IBM’s Watson is a cloud based platform but has collaborated blockchain technology in different divisions for ultimate output. For further reference visit here.