The Internet of Things (IoT) is a network of physical objects—"things"—embedded with sensors, software, and other technologies for connecting and sharing data with other devices and systems over the internet. IoT has emerged as one of the most important technologies of the twenty-first century in recent years. Now that we can link common objects to the internet via embedded devices, including kitchen appliances, vehicles, seamless communication between people, processes, and things is possible.
Even though IoT enables devices to remain interconnected and allows real-time tracking, the security vulnerabilities of IoT remain unaddressed. Enter Blockchain. By integrating IoT with Blockchain, the data shared among the devices over the internet is stored in the form of immutable tamper-proof records, enhancing overall accountability and security.
Benefits of Blockchain IoT
The combination of IoT with blockchain opens up new possibilities that cut inefficiencies, improve security, and increase transparency for all parties involved while enabling safe machine-to-machine transactions. The combination of these technologies enables a physical asset to be traced from the time raw materials are mined, for example, and along the supply chain until it reaches the end-user. Some of the prominent benefits include:
- Reduced Operational Cost
- Efficient Resource Tracking
- Enhanced fuel efficiency
- Preventative maintenance
- Streamlined Operations
Use Cases of Blockchain in IoT
Blockchain IoT opens countless opportunities for businesses to run smart operations. Let’s see the impact of Blockchain & IoT on various industries.
Automotive industry
Blockchain IoT in the automotive industry has led to the development of fully automated vehicles. IoT sensors installed in automobiles can record crucial activities on a blockchain to aid with fleet tracking as well as to enable more effective billing methods.
Supply Chain
We can improve the network's reliability, traceability & transparency in the global supply chain. IoT and blockchain can be used together to ensure supply chain integrity. Data can be collected and incorporated into the blockchain, allowing the ability to check the history of the product as it moves through the supply chain.
Pharmacy
The transparent and traceable feature of blockchain technology can aid in monitoring medicine transportation from origin to supply chain endpoint. By employing Blockchain technology along with IoT, counterfeit drugs can be eradicated.
Smart Homes
Smart IoT-enabled appliances play an important role in our daily lives. The Internet of Things blockchain technology allows the security system to be monitored remotely from a smartphone.
The scope of Blockchain In IoT is not limited to the automotive industry, supply chain, or the other industries mentioned above. The billions of IoT-powered smart devices offer a perfect opportunity to build a new smart ecosystem for secure information exchange. Curious about how Blockchain IoT can help your business thrive? Reach out to us now. As one of the renowned Blockchain and IoT Solution development companies, we are your partner in success. Contact us today and get your queries clarified.
