Blockchain, as well as IoT, have experienced their peak hype. They are both moving with an upward trajectory in terms of demand and utilization. The talk of the hour is the possible thought of utilizing these two technologies as one. It is possible through immense research and practical implementation. There is a trustable verdict upon it!
The distributed ledger aspects of blockchain are resistant to tampering, which eliminates the necessity of trust within the concerned parties. Just like that, no single person or a party has any specified control over the amount of data generated by IoT devices.
With the use of Blockchain encryption, one can ensure that it is virtually impossible to overwrite any of the data records existing within the network. Therefore, adding blockchain into the aspects of storing IoT data enhances the security over it. Hence, this additional layer of security will help prevent security breaches or malicious attacks from accessing the network.
The IoT players often find it challenging to protect the stored information within the respective ecosystem. Therefore, security vulnerabilities within the IoT devices set the stage up for attackers to infiltrate the data within the network.
Therefore, to help strengthen this potential of IoT devices and help the players overcome this challenge of security, blockchain & IoT integration is a perfect implementation. Hence, this integration intends to improve security, reduce inefficiency and enhance transparency for all concerned parties at the time of initiating transactions between machines.
By coupling these two technologies, a physical asset will now be tracked right from the moment raw materials get mined. The tracking will be for each step within the supply chain until the asset reaches the end consumer.
Apart from security, this collaboration of technologies intends to reduce the costs as well. By automating the validation of transactions and steps of processing over blockchain, the entire ecosystem is framed to be proactive, without the necessity of spending much.
The speed of transactions will also increase exponentially, especially for the transactions associated with the supply chain. The transactions that involve producers, consumers, distributors, and multiple suppliers will experience an increase in speed by the collaboration of these technologies. The blockchain is serving as a shared ledger, for which all the untrusted parties are permissible to exchange data amongst one another. Hence, it eliminates manual intervention and helps speed up the transactions.
Some of the probable use cases of this collaboration that are planned and will be implemented into action sooner or later are:
There are definitely some challenges that are coming in the way of the successful integration of these two technologies. However, over time, modern solutions will help eradicate these challenges to make this collaboration completely successful and effective.
So, you can expect a massive positive-scale turnaround for the IoT and Blockchain technologies with this integration. Security, cost-effectiveness, and transaction speed are prime perks of this collaborative effort. The use cases will rise over time with more people learning and implementing this idea.
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