What Happens When Blockchain Meets IoT?
It is no secret that both the Internet of Things and Blockchain have created a buzz in the technology industry today. Not just that but no one can dispute their usefulness and the plethora of applications they bring to the world to make our lives easier and more comfortable.
So, here is a comprehensive lowdown of how blockchain and IoT will meet this year!
At least 20% of all the devices that are enabled by IoT will also have the blockchain services enabled into them by next year. This will allow a lot of other devices to send information to private ledgers. This alone shows how IoT and blockchain, the two most advanced and futuristic technologies have now started integrating and joining forces to create a new world of technologies.
Today, the blockchain has gone beyond simply creating cryptocurrencies or finance. Nokia was the first company to recently launch IoT sensing that is powered by blockchain as a service to smart cities. This not just put Nokia at the top of its class but also paved the way for the other mobile operators to monetize and exploit their existing infrastructure.
Another excellent example of an integration of the Internet of Things and blockchain can be seen in a Taiwanese company, OwlTing that recently integrated the blockchain technology into its operations to take its food safety levels up to several notches.
The ingenious system of “Smart Contracts” will also be significantly promoted with the combination of IoT and Blockchain. Although the present implementations of “Smart Contracts” are only limited to the blockchain, incorporating IoT in the mix can only lead to a better authorization and coordination in its operations.
As we are constantly moving towards a more connected and amalgamated future, the combination of IoT and blockchain can only bring better things for us in the years to come in terms of providing trust, speedier tasks, and reliability. They can together form a definitive and concrete solution for several issues to involve into one ubiquitous and invincible technology.