Dec 24, 2018 01:30 UTC
Dec 26, 2018 at 11:25 UTC
Can Blockchain Strengthen The Internet Of Things?
The inception of the technology has led to speedy environmental, economical, social as well as business changes globally with the use of internet.
Space constraints in interaction and communication have been eliminated. It has also commenced the integration of new paradigms and models to our day-to-day living activities for both individuals as well as organizations.
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Making Blockchain-Supported IoT a Reality
It would be truly unrealistic to say that we are there already. Blockchain technology remains to be perfected with the passage of time, and need to solve certain issues which would prevent it from handling a fully-functional IoT infrastructure –
- Blockchain is still an ultimately inchoate field, and its energy consumption has to be tackled before seeing the real adoption.
- There is a further query with regards to blockchain use for data security – by definition, a blockchain is distributed database. Second-layer solutions for the storage as well as transmission of information are required to cater to use cases where this has to be kept confidential.
- Another major problem with the technology is blockchain scalability. For IoT purposes, it is important that transactions are as close to instant as possible. If you deal with a high-throughput of data, then it requires to steam consistently. You can consider the important of monitoring vital signs of a hospitalized patient, for instance.
- There is still a blockchain iteration which can handle a lion’s share of transactions every second. One will need to look at Ethereum’s gridlock according to CryptoKitties’ release to see this. With that said, a number of solutions are being worked on across the world to fight this problem.
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As the technology matures, the future seems even brighter for both IoT and blockchain technology. And if that happens, this would clearly be complementary.
In one corner, is an increasing amount of modern devices which can collect as well as relay the information to a server.
In the other, it is a secure network eliminating the traditional attack vectors linked with centralized databases.
The merging of the two domains promises to revolutionize an innumerable amount of industries.
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