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.
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.
Areas of application such as clean energy are already being investigated in various parts of the world. In the transportation area, Uber and its service may already be taking the first steps towards adopting the technology. The financial services area is the current focus of research. Health is already gaining importance among researchers for the application of Blockchain and the IoT to register and track documents and medicines.
Applying Blockchain and IoT technology in infrastructure would imply being able to control the integrity and important factors of roads, metro lines, bridges, airstrips, ports, pipelines and other different infrastructure works, both public and private.
In environmental monitoring, they could be integrated with meteorological sensors that would prevent both inhabitants and authorities responsible for potential environmental disasters. Also, they could generate money by putting data on air, water and even earthquakes up for sale. That could mean users would be aware of pollution levels, the number of forest fires, and natural disaster warnings.
The application possibilities that allow the integration of blockchain technology and the Internet of things are very interesting. The increasing interest of companies and workgroups that seek to unveil new areas of application for these technologies could mean that in the future the areas of application mentioned in this article and others that we still do not know, will become something daily in the lifestyle of people.
IoT with Blockchain Ecosystem
Its application in the industrial sector generates a series of challenges for participants in the IoT and Blockchain ecosystems:
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.
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.
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.
Talking about the fusion of these technologies means making a huge effort, as far as confidence is concerned, on the part of the businessmen. However, although we are talking about technologies that can evoke the future, we must bear in mind that companies such as IBM are currently betting on them and are developing different applications in the industry. Therefore, we must not turn our backs on these ideas, hire an IoT app development agency, and start applying certain technical innovations in the industries to generate more optimal and profitable production processes.
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