Skip to main content

What are the benefits of combining the blockchain with IoT?

Blockchain, a form of Distributed Ledger Technology, transfers digital information in such a way as to eliminate the chances of data being copied or replicated in any way. Originally this technology was devised for the rapidly growing online digital currency known as the Bitcoin.

Its ability to have no physical form and limitation to only network-based processing makes it a revolutionary technology for all kinds of financial transactional apps and methods on the web, making them highly secure.

Recognizing this potential of the blockchain, technology gurus worldwide are now doing efforts to utilize its abilities for other sectors as well, namely, for the connected IoT apps and devices. The following paragraphs will describe the important relationship between IoT and Blockchain.

An IoT platform enables IoT devices to send data to blockchain ledgers for inclusion in shared transactions with tamper-resistant records. By using IoT in blockchain all participants in a network can verify each transaction, preventing disputes and ensuring each participant is held accountable for their individual roles in the overall transaction. The distributed ledger makes it easier to create cost-efficient business networks where virtually anything of value can be tracked and traded, without requiring a central point of control.

Consider the following scenario – a private blockchain for a driverless connected car that will enable secure and real-time interactions from the car starting with car startup, driver authentication, smart contracts to exchange insurance and maintenance service information and real-time location info to track safety.


Blockchain-Based Distributed Ledger Technology (DLT) Fills in Five Critical Gaps in IoT
  • In such typical scenarios as the above, a Blockchain-based distributed ledger provides the trust, record of ownership, transparency, and the overall (decentralized) communication backbone for IoT.
  • IoT architectures that relied on centralized servers to collect and store data will be able to write to local ledgers that will synch with other localized ledgers to maintain a single yet secure copy of the truth.
  • All IoT transactions on the Blockchain will be timestamped thus ensuring that they are available essentially – for posterity.
  • Smart contracts can then be applied to the data in the blockchain to enforce business conditions on the IoT interactions.
  • Blockchain due to its background in high-end cryptography helps with IoT security.
Use of IoT in blockchain can also help in implementing compliance by allowing companies to track equipment or process history in an indelible record and enable easy sharing of this information with regulatory agencies or insurers. IoT architecture can handle many security and privacy threats. It can also help in reducing the vulnerability of blockchain network due to denial of service attacks, modification attacks, and the 51% attack. Thus, IoT helps in providing a lightweight, secure and private framework that retains most benefits of blockchain technology.

Implementation of IoT in blockchain facilitates the development of open technology platform that can enable devices to discover, communicate, and interact with each other in a distributed and fully autonomous manner.
Labels:

Comments

  1. Unknown28 May 2019 at 06:49

    Thanks for sharing the wonderful post with us. It is very informative and interesting also. This will be beneficial for all the users, as they will get precise and best information available through this postjogos friv gratis 2019
    Jogos 2019
    jogos friv

    ReplyDelete

Post a Comment

Popular posts from this blog

Narrowband – IOT

Narrowband-IoT (NB-IoT) is a new technology standard, designed to broaden the future of IoT connectivity. Ratified by the 3GPP, a telecoms standards body which works to develop future generation wireless technologies, NB-IoT will soon be deployed by operators across the globe.The technology was developed to enable efficient communication and long battery life for mass distributed devices across wide geographical footprints and deep within the urban infrastructure. In other words, (NB‑IoT) is a new way of communicating with “things” that require small amounts of data, over long periods, in hard to reach places. Narrowband IoT (NB‑IoT), also known as LTE Cat NB1, is a Low Power Wide Area (LPWA) technology that works virtually anywhere. It connects devices more simply and efficiently on already established mobile networks and handles small amounts of fairly infrequent 2‑way data, securely and reliably. And the best is, it provides: very low power consumption excellent ext
31 comments
Read more

IoT Applications in Agriculture

The Internet of Things (IoT) has the capability to transform the world we live in; more-efficient industries, connected cars, and smarter cities are all components of the IoT equation. However, the application of technology like IoT in agriculture could have the greatest impact. The global population is set to touch 9.6 billion by 2050. So, to feed this much population, the farming industry must embrace IoT. Against the challenges such as extreme weather conditions and rising climate change, and environmental impact resulting from intensive farming practices, the demand for more food has to be met. Smart farming based on IoT technologies will enable growers and farmers to reduce waste and enhance productivity ranging from the quantity of fertilizer utilized to the number of journeys the farm vehicles have made. So, what is smart farming? Smart farming is a capital-intensive and hi-tech system of growing food cleanly and sustainable for the masses. It is the application of moder
28 comments
Read more

Human Microchipping, The Benefits And Downsides

The beginning of human microchipping technology makes it possible, among other things, to instantly verify whether a person is who he says he is. An RFID (short-range radio frequency identification) implant can hold all the information we usually carry in our wallets. It can transmit our identity information as we walk through a security checkpoint, enable us to use public transport and make long lines at the supermarket checkout a thing of the past. The future of microchipping is exciting, with many interesting potential applications. Chips like the ones we now use in our pets could become commonplace in the next decade. Of course, there are a few downsides to the technology. But while some experts have their doubts about whether these chips are appropriate for use in humans, the fact that they could offer many advantages is indisputable. The RFID chip is basically a tiny two-way radio, roughly the size of a grain of rice, capable of containing various types of information. It i
14 comments
Read more