Both IoT and blockchain are the top technologies that the world cannot have enough of. They are triggering global curiosity and we are willing to explore it. Today in this blog we would be unfolding the different ways in which the Internet of Things is being enhanced by the introduction of blockchain. So what are you waiting for? Let us began our journey of exploring it.
As we step into the digital era, technologies have a huge role to play in the transformation. Businesses are trying to move mountains and integrate their process with the most trending tech and reap the advantages. Basically, the tech is known to bridge the gaps present between a business and a user base. This is the reason why budding companies, as well as established ones, are trying to dwell into its pool of unmatchable advantages. Technologies have the power to push business towards a path of gargantuan benefits. Hence, it is important that we know about the potential the trending tech has in store for us. On that note let us explore the two of them- IoT and blockchain.
Internet of Things & Blockchain
A decade ago, nobody would have thought about the vast potential these technologies have. The buzz is continuously revolving around the use of blockchain technology in IoT. Let us address both.
IoT connects the devices, places, people, and products over the internet and offers multiple possibilities for value creation. The chips and sensors added on the devices transmit data over to the IoT network. The provided analytics convert the data into invaluable information that can hugely impact businesses and shape their growth.
What Are The Major Problems With IoT?
Let us discuss the two major issues that are always a concern for the industry working around the Internet of things.
Scalability- People are adopting this tech on a large scale. The devices that are being connected with the internet ameliorates, leaving a complicated situation for the centralized system. It is creating multiple problems related to authentication, and authorization. It is very important to have a strong server as the entire system can shatter it it goes unavailable.
Security- Another major concern of IoT is hands down, security. This issue is currently disturbing a large-scale deployment. The vulnerabilities in the system can make any network an easy target for malicious entities. An unsecured network of IoT is a very easy target for the hackers, and can easily threaten the security of a person linked to that network.
Blockchain As A Savior!
We know about the major problems faced by any IoT-based network, and now it is time to unravel the solutions- blockchain. Yes, many of you may think of it as a technology that can be only used in cryptocurrencies. But that is not the situation at all. It plays a huge role in curbing the irregularities and shortcomings of the Internet of Things. In this blog, we would be exploring how this technology can make IoT flawless and readily available.
So without any further ado, let us take a look at the top ways it can enhance the functioning of IoT.
The decentralized system can ameliorate the speed of data exchange over the internet and boost the facilities it provides to the people over a large network. A lot of additional power can be added to the system by utilizing the power of blockchain in the IoT-based network.
We already have discussed it as a major problem of an IoT-based network in one of the above sections. If you try to solve the problem of scalability in traditional ways, it would require a lot of expensive resources. Blockchain can address this issue by allowing the devices linked to the network for undertaking authentication. This can successfully remove the integration of huge gateway devices. Blockchain-based technology can spread the extra workload over the entire network which improves the scalability.
As a lot of devices are connected over an internet network, the security issues come naturally. They act as an easy target for hackers, but fret not, as blockchain-based tech can be used to tackle this problem. Its immutability makes it tamper-proof, and trust between the devices can be easily established. It makes it simple for operators to identify data leaks and tightens security.
IoT network has a central gateway with witch devices communicate with, which triggers the vulnerability in the system. The introduction of a decentralized system can boost reliability in a system.
These are the different ways in which blockchain helps IoT technology. Merging these two techs can deliver maximum results and can trigger the growth in several sectors. If you too are excited about the development then take a step further and reach out to the experts who can explain all the hidden aspects of fetching success from these technologies. So what are you waiting for, start right away?
The wave of digitalization that we are moving towards is dominating multiple business sectors. It is time to revamp your own process with the above-mentioned techs. But until then stay hooked to this space for more information, and don't forget to drop your views in the comment section present below.