The Blockchain And Internet-of-Things: Huge Potential or Temporary Hype?

Internet-of-Things is one of the most popular topics for discussion alongside cryptocurrency and blockchain technology. What is IoT and why do we have to know about it? A brief overview of the future that is just around the corner.

What is IoT?

Internet-of-Things, or IoT, is the billions of physical devices in our world that are connected to the world wide web, collecting and distributing data. Thanks to the powerful technological progress that gave us wireless Internet and microprocessors, it is now possible to connect almost every device to the network: from the microwave to the plane. This allows the device to move to a new level of digital intelligence, without which they would remain useless, and which allows you to synchronize two worlds: physical and digital.

People can already manage various devices in their home with the help of a regular mobile application and this is just 2018. Against the backdrop of smart cities that are being created in developed countries, the example with a light bulb is just a small particle of modern progressive technologies.

To fully appreciate the whole situation, just look at the screenshot below, which shows the statistics on the use of IoT and its perspective.

Does Internet-of-Things need blockchain technology?

Almost all people heard about the blockchain technology. But still, how can the two offspring of modern progress help each other? Among many problems that IoT is currently facing, data integrity and security are a key. The blockchain can integrate its distributed registry into IoT, and this will only strengthen people’s faith in it. This will certainly improve security and increase the functionality of IoT networks. The interaction of various devices can move to a new level, allowing you to increase productivity by several times. At a minimum, smart contracts that have already proven themselves will allow the creation and processing of objective data. So, intruders have almost no chance to, for example, break into your house, that operates only under your control.

Examples of successful blockchain and IoT synchronization

The first example, which instantly catches the eye, is the blockchain startup Factom. The creators use the blockchain in IoT to improve the process of identifying devices and ensure the security and integrity of data. This will allow many large companies to keep the most valuable information in complete safety.

The next example is Acronis. Representatives of the project announced the creation of new solutions based on the blockchain. In particular, this also applies to data protection: electronic signatures for documents in order to secure any information.

And what about e-commerce giant Alibaba? At the moment, the company ranks first in the number of applications for patents in the blockchain field, and most of them are directly related to IoT. The cooperation of the giant with AusPost, Blackmores and PwC are countering product imitations and protecting consumer rights. And it all works as a duet with Blockchain & IoT.

Leading world companies in their industries, such as IBM, Bosch, Intel, and Samsung, are also hard at work in synchronizing blockchain with IoT. These companies speak positively about the blockchain technology, calling it an “excellent” weapon that can withstand the problems encountered on the way the physical world interacts with the digital one.

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