Blockchain, shape Distributed Ledger Technology, has gained tremendous attention in areas outside the root cryptocurrency since at least 2014: blockchain and IoT (Internet of Things), blockchain and security, blockchain and finance, blockchain and logistics, you name it. In this article, we look at the IoT blockchain opportunities, evolution, and challenges.
Blockchain empowers the IoT devices to enhance security and bring transparency in IoT ecosystems. According to IDC, 20% of all IoT deployments will enable blockchain-based solutions by 2019.
Blockchain offers a scalable and decentralized environment to IoT devices, platforms, and applications.
Banks and Financial institutes like ING, Deutsche Bank, and HSBC are doing PoC to validate the blockchain technology. Apart from financial institutes, a wide range of companies have planned to experience the potential of the blockchain.
On the other hand, the Internet of Things (IoT) opens up countless opportunities for businesses to run smart operations. Every device around us is now equipped with sensors, sending data to the cloud. Therefore, combining these two technologies can make the systems efficient.
Here is a few Blockchain IoT use cases on how combining IoT with Blockchain can have a significant impact across multiple industries:
Supply Chain and Logistics
Automotive Industry
Smart Homes
Sharing Economy
Pharmacy Industry
Agriculture
- Supply Chain and Logistics
A global network of supply chain involves many stakeholders such as brokers, providers of raw materials, and so on, complicated visibility of end-to-end.
Also, the supply chain can extend over months of time and consists of many payments and invoicing.
Because of the involvement of various stakeholders, delays in the delivery becomes the biggest challenge.
Therefore, companies are working to create IoT-enabled vehicles to track the movement during the delivery process.
Because of the lack of transparency and complications in the current supply chain and logistics, combined IoT Blockchain and can help improve the reliability and traceability of tissues.
IoT sensors such as motion sensors, GPS, temperature sensors, vehicle information or connected devices provide crisp details about the delivery status. This sensor information is then stored in the blockchain.
Once the data is stored on Blockchain, stakeholders of the Contract Intelligent gain access to information in real-time. appropriate supply chain participants can prepare for transshipment and run cross-border transactions.
Golden State Foods (GSF) is a diversified supplier, famous for the manufacture and distribution of food products. Serving more than 125,000 restaurants, GSF aims to produce and deliver high-quality products.
GSF working with IBM to optimize business processes using Blockchain and IoT. Sensor data collected on the blockchain that ensure issues are handled and reported automatically before they create serious problems.
With the help of blockchain, GSF can create secure, change, and look books, which can be accessed by various stakeholders to improve accountability and transparency.
- Automotive Industry
Digitization experienced at this time as a competitive request. automotive industry is using IoT-enabled sensors to develop fully automated vehicles.
Connecting IoT switched vehicles with a decentralized network allows multiple users to exchange important information easily and quickly.
The automotive industry is one of the interesting blockchain IoT use cases where technology combined can interfere with the automatic payment of fuel, autonomous cars, smart parking, and traffic control automatically.
- Smart Home
IoT-enabled smart devices play an important role in our daily lives. Blockchain IOT allows the home security system to be managed remotely from a smartphone.
But the traditional centralized approach for the exchange of information generated by the IoT does not have security standards and proprietary information.
Blockchain can lift the smart house to the next level by solving the security problem and remove the centralized infrastructure.
- Sharing Economy
Sharing the economy has become a concept that is widely adopted throughout the world. Blockchain can help create a decentralized, economic application together to obtain a substantial income by sharing the goods smoothly.
They had planned to develop a Universal Sharing Network (USN) to create a secure online market of things that are connected. With USN, each object can be rented, sold or shared safely without the need for intermediaries.
It could be possible for third parties such as manufacturers to onboard any object to USN without asking permission. intelligent contracts ensure data privacy and transparency by controlling access to information.
- Pharmaceutical Industry
The problem of counterfeit drugs in the pharmaceutical sector is increasing day by day. The pharmaceutical industry is responsible for developing, producing and distributing drugs; Therefore, complete travel tracking hard drugs.
The transparent and traceable nature of blockchain technologies can help to monitor the drug delivery from the origin to the destination of the supply chain.
Let's discuss the potential application of the IoT blockchain by the healthcare industry.
Data stored in the large distributed books are eternal, timestamped and can be accessed by manufacturers, wholesalers, dispensers, and end-customers who are involved in the supply chain. Mediledger is a blockchain-based platform, offers a simplified payment process, controlled user access and stop counterfeit drugs from attacking the supply chain.
- Agriculture
Growing more food for increasing populations and minimize the environmental footprint and ensuring transparency throughout the supply chain is essential for maximum customer satisfaction.
Blockchain coupled with the IOT has the potential to reshape the food production industry from the farm to the grocery for home. By installing sensors IOT at the ranch and send the data directly to the blockchain can help improve the food supply chain to a greater extent.
Conclusion:
Blockchain technology provides fast, secure and transparent transfer of peer-to-peer digital goods that includes money and intellectual property. In crypto coin mining and investment, blockchain technology is an important topic to understand.
We at Fusion Informatics, the leading Blockchain Application Development in New York, provide the best blockchain application development services that help companies interact with customers and support you to promote decentralized applications that implement Blockchain technology to enable you to develop your company in this rapid active business transformation to maintain our ranking at the top of the list of Blockchain development companies and we have proven with our latest projects by implementing new technologies in the business world. We offer companies avant-garde Blockchain technology solutions
For more details visit:
Best Artificial Intelligence Companies in New York
Best Mobile App Development Companies New York
Blockchain application development in san francisco
