How blockchain can enhance the internet of things
Many are unaware that blockchain can be applied to almost every industry. The true value will continue to be discovered in coming years.
There has been a significant increase in blockchain technology in recent years. Many people recognise that blockchain is known for being the technology behind bitcoin currency. However, many are unaware that blockchain can be applied to almost every industry. The application of blockchain amongst other industries have only just begun to be explored. The true value will continue to be discovered in coming years. The internet of things (IoT) is all about receiving and transmitting large amounts of data through systems in real-time. The potential applications to the internet of things and smart systems are vast.
Like many emerging technologies today, IoT and blockchain too are rapidly evolving. A study conducted by Gartner estimates blockchain will add $3.1 trillion in business value by 2030. Blockchain technology is further enhancing the capabilities of IoT. This is achieved by blockchain enabled distributed ledgers allowing for effective tracking of communication between devices and the internet. Successfully together the two technologies can enable a consistent record to be kept. For example, when applied together, they can enable effective smart tracking of the supply chain allowing for multiple entities to add to the record in turn allowing for greater visibility between manufacturers, suppliers, and end vendors.
Blockchain principles can also be used to create smart contracts. Smart contracts are essentially an electronic contract that is carried out when certain conditions are met. This can be in relation to a multitude of conditions such as goods or the environment. Blockchain in this manner not only improves compliance, but also the relationships between companies, suppliers, and manufacturers.
These applications will disrupt existing processes across a variety of industries including manufacturing, trading, shipping, healthcare and the financial sector. Although there have been significant advancements in emerging technology, security remains one of the top concerns. For example, in healthcare privacy is of utmost importance. As we have seen an increase in the number of IoT devices, it only creates a greater number of opportunities for hackers to gain access to data. The security of our data is becoming more important than ever, as we have much larger amounts of data available through these devices.
Many organisations are working towards IoT solutions enabled with blockchain principles to transform the untrustworthy and stifled device connectivity industry. Blockchain can also assist in security issues that surround IoT devices and platforms. By blockchain assisting in security of these applications, consumers and companies alike can attain trust and focus on the creating improved efficiency and connectivity through the combined use of blockchain and IoT together.
Adapt Ideations has developed a smart contract application based on IBM Hyperledger as part of a PoC. The sensors monitored parameters of the machines like temperature and operating time which then transmitted the data to our platform. Any violations triggered the smart contract and notified all parties. Violation data was also stored on our blockchain platform for further reference.
Get in contact with us today to find out more about our innovative solutions at firstname.lastname@example.org.