Blockchain technology is transforming the way IoT is viewed and is impacting on a vast range of industries. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
On the other hand, Internet of Things is rapidly expanding its potential to transform everyday life, with smart homes, cities, farms and manufacturing facilities. There are huge growth prospects for the market when considering the prediction of the Gartner report that there will be more than 20 billion connected things by 2020.
Blockchains use a decentralized network to support online transactions, a notion that was proven with the rising popularity of Bitcoin – the technology’s first true application.
Any inputs provided by individual users in the network – be they humans or machines – will therefore be able to share information across in a secure manner. This is where the Internet of Things reveals its highly useful integration with blockchain.
Any system of interconnected IoT devices can use blockchains to reliably organize, store, and share streams of data.
Future of the IoT & Blockchain
Connecting remote devices with blockchain provides an inexpensive, low-maintenance strategy for controlling an entire system without centralized storage, authority, or manpower.
By providing a secure network, blockchain can deliver a platform for IoT to interconnect reliably and avoid the threats that plague central server models.
IoT Events is co-organizing Blockchain Opportunities Summit Canada with The Blockchain Hub on April 10 -11, 2018 in Toronto. If you are interested in speaking/ sponsoring the future of transformation, transaction and, automation discussion then, write us at email@example.com