The Internet is changing into a new technology standard based around smart systems as the bockchain platform and IoT. In the coming few years, these technologies will interact and congregate in new and unpredictable ways.
The convergence of Internet of Things (IoT) and Blockchain will be an essential part of this evolution, enabling new automated systems and business models.
Internet of Things (IoT) is the collective platform where all of the smart devices are connected to the internet to give real-time data. With the use of Internet of Things (IoT) technology information is sent from the device to the server where the data is managed using analytics and then sends back to the Internet of Things (IoT) device or sensor. Internet of Things (IoT) has revolutionized the whole world. Internet of Things (IoT) technology also helps to hold huge potential for everyone how to better engage and satisfy their consumer. Though, a lack of key security measures makes Internet of Things weak to privacy and security threats. So blockchain provides security in the process of Internet of Things.
It is the fast-growing, increasingly complex network of connected physical systems that are able to process Information and communicate peer to peer in order to enable common services. These devices are becoming increasingly ubiquitous ranging from automated vehicles to sensors monitoring industrial processes to smart homes and smart cities.
Internet of Things (IoT) is growing rapidly, according to Gartner “the global Internet of Things (IoT) network will connect 26 billion devices by 2020”. The development of Internet of Things (IoT) infrastructure to our economies will probably be the greatest engineering challenge of our time. Distributing with the complete amount of data due to come on-stream and security are primary concerns. Before the mainstream Internet of Things (IoT) adoption can really take hold in a safe and sustainable fashion, among other issues, we need to be resolved.
Blockchain is a sheltered distributed database for recording transactions. Millions of computers networked to make a distributed database for recording and validating exchanges of value. With the blockchain, the value of any kind can be exchanged directly peer to peer without a centralized authority to record and validate the transaction, as opposed to an integrated platform, where information needed to be accepted over to any if required. The blockchain can provide an automated and secure transaction structure for next-generation Internet of Things (IoT) systems. The capacity of blockchain to track billions of connected devices and enable the frictionless processing of transactions and coordination between devices. This decentralized approach could eliminate single points of failure, bottlenecks and make data and transactions more secure. Creating a more resilient ecosystem for devices to run on, likewise, would automated transactions enabling fully autonomous service systems; reduce cost and reduce settlement time from days to seconds.
One example of an Internet of Things (IoT) & Blockchain system is slock, a door lock that is connected to a smart contract on the blockchain that controls when and who can open the lock. Such technologies bridges the blockchain and the physical world by making automated smart contracts, thus enabling the frictionless and automated temporary exchange of assets such as bikes, parking lots of rooms.
According to Bitcoin Magazine “Smart contract, a feature of Bitcoin 2.0 technologies such as Ethereum, could soon operate on the Internet of Things (IoT), control objects in the physical world, and power a new decentralized version of sharing economy, for example sharing services similar to Uber and Airbnb that operate in pure P2P mode without centralized management”. Leveraging blockchain for Internet of Things (IoT) offers new ways to automate business processes and build distributed autonomous service systems.
Summary: “The true value of the major technology- the Blockchain has only just begun to be discovered, and potential applications to the Internet of Things (IoT) and smart systems are huge”. In the future, these two technologies will continue to develop widely. Blockchain in Internet of Things (IoT) can help the IoT devices or IoT sensors to scale up efficiently.
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