This article was published by Andre De Castro on Blockgeeks. Andre is the CEO & Co-Founder of Blockchain of Things, Inc.
Blockchain has become a media buzz due to its unique and powerful qualities. While a lot of excitement exists for its use in both financial and identity applications, a new and more exciting area for this technology has emerged. It is the Internet of Things (IoT) and Industrial Internet of Things (IIoT) which will have the most to gain from this technology. While blockchain technology possesses a tremendous amount of exciting technical features, we will focus on those that are the most desirable for today’s IoT challenges.
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Blockchain And IoT: A Perfect Match?
Let’s start with Bitcoin’s extensive global blockchain ledger footprint. This ledger spans thousands of nodes across the planet. It’s a peer-to-peer network allowing software applications to send transaction messages between each other with zero infrastructure costs and near instant speeds. According to recent bitcoin statistics, average transaction speeds across 55% of the network is between 400 and 800 milliseconds. That is without using bitcoin’s newest fast-relay-network, FIBRE, where speeds can average as fast as 50 milliseconds. Leveraging such a system can save companies millions of dollars in infrastructure costs and time, providing a rapid go to market strategy.
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