Blockchain and Internet of Things (IoT) are both considered as revolutionary technologies for the world. Both technologies are on their adoption curve and looking to enhance every tangible and intangible aspect of our way of living.
When we consider how Blockchain and IoT are starting to amalgamate, that could result in exciting future possibilities. As we have discussed numerous times before how blockchain can disrupt various industries, the Internet of Things is another major arena that would get benefitted in the near future.
The World Full of Connected Devices
According to a press release by Gartner, it is estimated that there will be more than 20 billion connected devices by the year 2020. The number will reach all the way to 500 billion by 2030. The future of the Internet of Things is far beyond mobile phones, laptops, and private households. In fact, IoT will be applied at an industrial level in a manner the world cannot imagine. However, this also represents a major problem; the IoT is less secured and prone to cyber-attacks.
Establishing a secure and less vulnerable IoT system that runs efficiently has proved incredibly difficult. Any failure in an IoT system can expose multiple connected devices and huge amounts of personal information to great risk. Such safety issues typically revolve around three key areas:
By using Blockchain technology, IoT system could be more secure and ready for the future.
Blockchain Adds to the Security
The security flaw of IoT is the most crucial reason for utilizing blockchain technology as it is amongst the most secured and trusted platform to store data. Blockchain seems to ease out the burden on the Internet of Things. By using the technology, any attacker would have to bypass an additional safety layer. Blockchain technology is highly robust and secure as there is no single point of failure no matter how big the network is.
Smart Contracts: A Real Game Changer
Internet of Things and Smart Contracts on blockchain are the talk of the town. Through Blockchain based smart contracts it would be possible to create agreements which will be executed when the conditions are met without any intervention of humans. For instance, you can initiate a payment with the help of smart contracts when the condition indicates that delivery of a product or a service has been confirmed. In this way, all the inter-connected devices can handle all the interactions with ease and in a frictionless way.
Blockchain and IOT: The Future
Blockchain promises to solve major problems of IOT and ease out the burden by enhancing the security of the network. However, the security is not the only concern the Internet of Things is facing. Other main problems that have hampered the adoption of IoT is its relatively slow speed and scalability issue.
Sooner or later, the problems will be resolved, and Blockchain technology will play a significant part in it. One thing is guaranteed, both the technologies will develop at a rapid speed. They will combinedly solve the real-life issues the industries are currently facing, making the lives easier.
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