Blockchain supports the IoT in a big way
In the technology industry and IT firms, terms such as the Internet of Things & blockchain are starting to get connected. The very first generation of blockchain gained maximum traction with the ongoing cryptocurrency wave. Moreover, Bitcoin did also help blockchain technology to create hype that it needed to gain traction.
Currently, blockchain and cryptocurrencies are challenging the entirety of the financial institutions across the world. However, it is not the monetary factor of Bitcoin or cryptocurrencies that interests significant IoT developers and manufacturers; it is the record-keeping of transactions. The core of the blockchain is a completely distributed, tamper-proof, and record-keeping technological advancement which can solve critical issues which are often associated with distinctive networks.
According to the experts, the combination between the Internet of Things and blockchain is substantial. Moreover, distributed Internet of Things devices interacts without the influence of a third party other than being coordinated via a centralized service.
The IIoT system might support a temperature sensor at a specific time to commence the flow of informing a valve module at a distinctive point. Nevertheless, the technology doesn’t always need to keep a record of these interactions considering the regulatory and oversight purposes. Blockchain will provide a sincere mechanism to create records such as these in several spheres continually. In addition to this, blockchain would also make the IoT devices tamper-free and secure.
In addition to this, blockchain also supports the conditional interactions right across the devices via smart contracts. Ethereum was the first cryptocurrency to introduce the concept of smart contracts code. In addition to this, smart contracts’ code executes a particular set of prompting event to work along the lines of the premise. For instance, an automation system which incorporates smart contracts can raise the temperature of an air conditioner when the sensor reading on building exceeds the threshold level.
**This post was published on https://www.eetimes.com
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