Blockchain and the Internet of Things: Countless Possibilities

Given the digitization of the world we live in and the growing research on the Internet of Things, blockchain technology seems to have a new sector where it can expand its possibilities. Smartphones are rapidly changing people’s lifestyles by providing a simple and fast way to connect to the network and perform various activities. It has progressively increased the number of people connected to the Internet. However, smartphones are not the only instrument par excellence for the consolidation of digital networks.

BlockChain & IOT

Internet of Things Transforming Businesses

The Internet of Things (IoT) has the possibility of transforming the world as we know it thanks to its potential applications. It can be applied to valuables to be tracked; to different energy sources, to have greater control over how they are used, and several companies globally are interested in applying IoT to their supply chains. As an app development Toronto agency, we are already integrating IoT and Blockchain to our apps. Blockchain technology plays a decisive role in the application and integration of artifacts with the IoT since a secure and transparent database is required that allows the monitoring of things that are connected to the network.

IoT and Blockchain Applications

Among the possible applications of the IoT using a blockchain system as a database, we can mention transportation, infrastructure, energy, resource extraction and agriculture, environmental monitoring, health care, insurance and financial services, smart documents, real estate management, industrial operations, home administration, and even the retail industry.

IoT with Blockchain Ecosystem

Its application in the industrial sector generates a series of challenges for participants in the IoT and Blockchain ecosystems:

Technology:

One of the key points of the use of the IoT is the large amount of information generated by the connected devices, and it is at this moment that cyber Security enters the scene. When the Internet of Things is applied in a workplace, the security of the information generated is a challenge. However, it is worth noting the high degree of confidence in terms of security that the application of blockchain technology provides. Therefore it should be noted that the application of the ‘Economy of Things’ ensures all those data generated in the production system.

Operations:

This point refers to changes that will result from the application of the union of two technologies in the business model. As for the practical aspects, it requires many agreements and the acceptance of the different participants in the different operations or business transactions.

Legal Matters:

This point refers to the responsibility regarding the decision making of the devices. The consequence of the union of these two technologies is that the Blockchain provides a simple infrastructure for two connected devices to transfer data directly to each other reliably and securely. The fusion of these two technologies supposes the perfect autonomous operation of intelligent devices without the need for an intermediary or a centralized authority. If this system is transferred to peer-to-peer transactions between humans or between objects and platforms, this translates into a reliable and distributed digital infrastructure.

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