Integration of IoT and Blockchain will yield positive results

by | Apr 30, 2019 | IoT Applications & Examples

When people talk about blockchain, they often discuss the prospect of blockchain technology with the rise and fall of cryptocurrency prices such as Bitcoin. Nevertheless, blockchain technology is explicitly promising, and after the losses and gains in the cryptocurrency fortunes, the major IoT curators around the world are thinking to integrate blockchain deep within IoT.

The most beneficial aspect of this integration is that the resultant outcome will support the basic multi-party processes which bridge the gap between the physical things around the world and the business process of the computing environments.

The integration will enable an immutable control of the data that IoT generate as well as the relatable business events which are often shared across numerous participants. On the other hand, each party sharing the IoT network can verify and have access to it.

Additionally, it will also support the smart contracts which is one of the fundamental aspects of blockchain along with decentralized distributed applications called DAaps. In the long run, the Dapps and smart contracts will start driving the automation right across numerous network participants. And this will often refer to the information which is usually represented in digital twins.

The Internet of Things digital twins will be able to facilitate monitoring and visualizing of the things as well as related events. For instance, digital twins can be used to capture the origin of a product automatically. And here blockchain is going to enable the shared singular version of the truth related to the life cycle of the Internet of Things devices.

The integration between IoT and blockchain has brought forward a new area of complexity, risks as well as vulnerability into the systems as well as processes of the distinctive organization.

**This post was published on https://which-50.com

Neelam Dimri

A post graduate and gold medalist in English literature with a great passion for writing. I am an avid blogger and love to write technical and nontechnical Articles, Blogs, e-books, the latest platform of global interest. I firmly believe in the healing power of writing and how it works fantastically to improve one’s creativity as well as personality. Life is too short to express yourself so, keep writing and enjoying.