Blockchain of Things
It’s common knowledge that both these technologies are leaving strong impressions on individuals and industries alike. But still, IoT alone isn’t powerful enough to address all critical challenges. Issues like security and authentication are still in the queue to be resolved when it comes to solely leveraging the power of IoT to build robust connected devices. This generates a significant need for Blockchain technology to secure an app based on IoT to allow people to avail the benefits of full-fledged interlinked devices.
Merging these two technologies helps the industry attain efficacious devices that have secure, verifiable, and most importantly, permanent solution to accumulate and record machine-processed data, without any human intervention. Industries have already witnessed the rapid fluctuations by using the devices based on Blockchain IoT and many predictions are also inclined to make the world aware of this radical technology transformation.
Here’s a quick survey to get significant insights into IoT and Blockchain:
According to the stats gathered by Gartner, the estimated growth of IoT devices among people and industries has been increasing rapidly. The lump sum calculation was about 8.4 billion in the year ending 2017. And the surprising part is that the number is strongly predicted to increase by 20 billion by the year 2020 and it might rise to 500 billion by the end of the year 2030.
Blockchain has gained a lot of prominence and hasn’t stopped creating a buzz among technology geeks. Today, the adoption of blockchain technology is limitless, which is again rendering the way for IT sectors to use it and building robust and technically sound applications to facilitate to the world.
Stats suggest that currently, around 69 percent of banks are utilizing blockchain technology with the Internet of Things in banking to grant customers far more secure, well-encrypted, and seamless services. When it comes to elaborating the success rates of blockchain, the scale is currently high and predicted to reach $20 billion by the year 2024.
Blockchain And IoT: Viable Alternatives To Get Rid Of Device Security Issues
The IoT system is not considered as safe as the blockchain powered devices. Any time, any failure can be encountered in IoT based devices. This is the reason blockchain came into the picture to make things easier for individuals and industries.
Critical Issues that can be solved by Blockchain of Things
Issues that can be calmly tackled with the involvement of Blockchain in IoT:
Cybercrime with IoT devices is easy. The challenges occur due to striking software, malware, and virus attacks that take place due to the unauthorized access and device control.
Secondly, the devices are in danger as they suffer frequent network and various vulnerability attacks.
There are encryption attacks, too, that are making the IoT devices weak in terms of security and authenticity.
How Does Blockchain Technology Pave A Seamless Path For IoT Device Safety?
Keeping IoT devices and applications safe and well-connected poses the need to introduce an external system that can control and manage issues associated with device security. The involvement of blockchain technology has helped achieve this.
Blockchain of things, by consolidating both technologies solves a plethora of technical problems and provides businesses an extremely new way to deal with device security and accessibility. All these reasons make it significant to integrate IoT with blockchain to get an ultimate combination called the Blockchain of Things (BIoT)..
Here’s how blending these giant technologies can solve several problems:
Troubleshooting will become a seamless endeavor as when blockchain comes in contact with IoT devices, it helps track the information from all connected devices.
The fact that the overhead cost of two trending technologies can be higher during the initial phases is obvious. However, the ever-growing demand of this fusion has led to a soft decrease in its cost. Many blockchain development companies have started implementing this technology to make the experience pleasant for both the users and the businesses.
Blockchain, as discussed, renders a well-distributed network to share data and information across devices. This means it possesses the capability to undertake all the connected IoT devices and interlink them with improved data accessibility.
Data duplicacy issues are well-sorted with the IoT blockchain collaboration, which guarantees easy device deployment to track sensor data.
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