The world is connecting daily with a huge amount of data with the help of the internet, but connecting through the internet also means an increase in vulnerability. However, we cannot drop the idea of using the internet and data transformation as it is the major source of connecting to each other for different purposes.
The Internet helps us to share our important data from one corner of the earth to another also, it helps in making connections whether it is a business connection or personal one. These connections and sharing of data create multiple opportunities for us.
But this privilege of sharing and connecting from one place to another can convert into a bad dream in just a fraction of a second. So, what should we do should we stop using the internet to share our data, or should we stop connecting to each other? What’s the solution?
Well, here is the role of blockchain security that comes into play. While most people are familiar with blockchain technology on account of cryptocurrency they are still not familiar with its high-end security functions.
In this blog, we are going to discuss everything about Iot blockchain technology like how it can save the Internet of Things and devices from attackers.
So, what are you waiting for? Let’s get started…
Table of Contents
What is blockchain technology?
Blockchain technology is a powerful and revolutionary force that has the potential to transform the entire economy and make it imperative for everyone to look ahead to segregate the future. According to the report, this technology has already become a disruptive emerging constituent of contemporary internet-enabled technology.
Blockchain and the Internet of Things allow us to make transactions between connected devices. In simple words, blockchain acts as a database where transactions are recorded, checked, and shared between all associated devices.
In addition to that, if we talk about blockchain in IoT then it gives the chance to not rely on any central authority for example, while doing any kind of communication and transaction there is no need to be dependent on any central authority. This simply means that smart devices can operate independently to make their own decisions.
If we talk about the combination of blockchain and IoT then it keeps track of how devices interact with each other. In addition to that, it also helps in creating a transparent and secure system. This transparent and secure system allows the Blockchain IoT devices to work together seamlessly and efficiently.
As we had talked a bit about this amazing fusion then let’s get into this and try to understand how it actually works with each other. What can be the benefits of using this combination in this fast-paced world where technology is ruling the market in every aspect?
Connecting Blockchain and IoT: A Powerful Duo
According to a report the IoT with blockchain market size was valued at $134.41 million in 2021 and is expected to reach $1.974 billion in 2030, a huge number achievement right? This is all because of the advantages that people are experiencing with this combination.
The market of blockchain and IoT is experiencing exponential growth due to the increase in the adoption of the Internet of Things it must be around 73.5% from 2022 to 2030. Today every business wants to grow rapidly and technology is the backbone of every business this is why different kinds of businesses and industries are recognising the potential of this combination and adapting it.
Blockchain in IoT not only provides high security but also improves operational efficiency. And this ultimately turns into the demand for blockchain solutions to address the unique challenges imposed by IoT devices.
As we have discussed this also gives us the opportunity to not rely on any central authority because this combination allows a distributed network of devices to securely exchange data. Not only this, but transactions are also validated and recorded across multiple nodes which creates difficulties in malicious activity.
If you are dealing in a business where guaranteeing secure and confidential data transmission between IoT devices is necessary then Cryptographic algorithms and consensus mechanisms in blockchain technology are the solution.
We all are aware that the exchange of sensitive information and real-time communication are critical components of every business. Fields like healthcare, supply chain management, and energy need to exchange their crucial data for different purposes, so they can the benefits of using blockchain in IoT for the best and ultimate security purposes. This powerful duo ensures data confidentiality and integrity and it also provides a foolproof temper solution to each industry.
If we talk about the latest block and Internet of Things system with respect to the traditional system then we will find that here we will need intermediaries at each and every step. In other words, like in blockchain-IoT we don’t need any central authority but here in this conventional case, we will frequently need them to oversee transactions and validate data authenticity.
Related blog: 10 Steps to Build an IoT App
Benefits of blockchain in IoT
Implementing blockchain Internet of Things offers multiple benefits like data privacy, enhanced security, scalability, cost & time efficiency, etc. Let’s discuss all of them one by one.
Increased data privacy
When we say increasing data pricy the first thing that comes to our mind is that our data is more secure now. Blockchain technology allows users to experience increased authority over their data with full privacy. In addition to that, with the use of blockchain technology, you can easily determine all the needed details like which information is shared, when it is shared, who can access this information, etc.
This kind of detail needs extra security at every step especially when we are dealing with some crucial data in which we cannot take the chance of hackers to steal it. In this situation, blockchain technology can be the best option to opt for data privacy.
Scalability and Interoperability
This combination of blockchain and IoT facilitates seamless data sharing between various devices and platforms. In addition to that, you don’t need to be worried about the number of IoT systems as the decentralised nature of blockchain allows multiple IoT to work at the same time irrespective of their software and hardware configuration. This is how blockchain and IoT combination offers better scalability and interoperability to the business.
Cost & time management
With the ability to facilitate peer-to-peer transactions and data exchanges blockchain technology eliminates the need for intermediaries. Now one can simply access his/her data without needing any kind of permission and associated parties can also get notified regarding any action taken.
As a result, it reduces the cost of multiple paying multiple people. In addition to that, this not only reduces the cost but also minimises delays in transactions so that customers can experience a better yet faster service.
Besides these benefits blockchain technology also cleans the way of unnecessary layers for communication and transactions so, it simply simplifies the complex ecosystem of IoT.
Enhance transparency and trust
Whenever a transaction or any exchange of data takes place and the blockchain technology is implemented in your IoT system then it will record every transaction and data exchange for future reference. This leads to the improvement in trust and transparency between stakeholders as they can easily verify every transaction and data shared. Furthermore, this IoT blockchain also helps in tracking the origin and movement of goods across the IoT network.
Security enhancement
blockchain for IoT means enhanced security. As we have discussed this combination will provide you with he temper-proof system that the best hacker can also not break. In addition, it also provides data validates and records every action taken by the associated member and if there is someone who is allowed to access some particular transactions and data exchanges it also records it. Blockchain after combining with IoT creates an immutable nature that offers extra layers of protection to safeguard the IoT ecosystem.
So, these were the top five benefits of implementing blockchain in IoT, if you have seen that these benefits are somewhere related to security only in different ways. That simply means blockchain security solutions are the best solution to protect your crucial data and tractions.
Every business is different and it will need different security and technological aspects accordingly. So, does blockchain technology only work for IT companies or it is applicable for other industries as well? Let’s find out.
Blockchain-IoT in different industries
You must have heard the word of global supply chain and most of us must be familiar with this. This is the most complicated area where multiple transactions take place but with no transparency. Moreover, delivery delays are also a common thing.
Here adopting blockchain IoT is preferable as this technology introduces the transparency and ease of payments with all records. As a result, it saves you time, and cost, and also reduces the need for intermediaries.
This powerful duo empowers businesses to enjoy a secure data exchange. Ad this is how Blockchain of Things helps businesses to cope with challenges related to security.
Smart homes
Smart homes are one of the best examples of blockchain technology in IoT. Multiple smart home businesses are implementing Blockchain technology to make the data gathered and shared by smart devices to prevent the risk of hacking.
Comcast is one of the most famous examples of blockchain IoT. It allows smart home product users to grant access permissions remotely from their devices. These permissions can be revoked at any time.
Healthcare and pharmacy
Healthcare and pharmacy are two leading and most revolutionizing industries. With the adoption of Blockchain and IoT, this industry mitigates its traditional challenges like lack of data security, longer wait times, data inconsistency, etc.
Moreover, the former technology soothes the impact of clinical research drug development and patient medical verification by introducing the power of decentralised immutability of data. On the other hand, the latter ensures end-to-end connectivity and data sharing securely in real-time.
Automotive
Automotive is one of the important applications of blockchain and IoT. The industry depends on the two disrupting technologies such as –
- Simplifying the process of finding a vacant space for parking
- Automating the payments via crypto wallet
Car manufacturers are finding it simpler to ensure proof of provenance for the spare auto parts. In addition to that, they can also track the exact location of any particular car in the IoT-connected world with RFID tags.
Fintech
Blockchain in Fintech means it will reduce the paperwork, make data immutable and publicly accessible, perform transactions in the form of cryptocurrencies, identify money laundering issues, and much more.
At the same time, it will change the scenario by offering many benefits such as immediate support and personalization services., In addition to that, it enhances the visibility and assessing risk related to insurance and loans.
Sharing economy
The sharing economy is gaining huge momentum in integrating both technologies with the help of Blockchain-IoT. The technologies allow companies to consider each property and device, house, car, washing machine, or bed, as an IoT-connected device.
Conclusion
Till now we have seen the amazing benefits of security blockchain, and its potential use cases in multiple industries. By seeing all this this fact is proved that blockchain technology is setting high standards for this technical world. It is a game-changer in the realm of data security not only this but this fast-forward technology has the ability to revolutionize the way we interact with our connected devices.
We discussed that after COVID-19 the world is more interconnected towards each other and most of the work is now done by online platforms. Hence the chances of hacking the important data and any other misshappening is a bit more therefore, the blockchain-IoT is in demand.
After reading multiple advantages of blockchain technology and its amazing use cases in diverse industries you must be impressed, right? Well, you should be, because this outstanding technology is setting standards when it comes to giving high security.
Now you also want this technology to protect your data and transactions then visit the site of TechGropse, they are the best partner for you in providing business solutions. Techgropse is a mobile app development company, that provides the best and long-lasting solutions. In addition to that, they offer free support for 1+ years, isn’t it a great deal?
How can TechGropse Help You Leverage Blockchain in IoT?
Blockchain app development companies are now in demand as they are helping industries to leverage blockchain technology but in this competitive world how would choose the best blockchain development company?
So, don’t worry we are here for you as TechGropse is the best IT solution provider company in the globe. You will have multiple advantages if you choose TechGropse as your IT partner. Why we:
- 8+ years of experience
- 1k+ successful project deliveries
- 200+ technology experts
- 1+ years of free maintenance & support
- Deals with every industry
So, what else do you need? Contact us and hire blockchain app developers for your business.
Frequently Asked Questions
Best example of an IoT blockchain system
The “IOTA” project is the most renowned name when it comes to giving a perfect example of blockchain IoT. IOTA is built for the Internet of Things and uses a unique distributed ledger technology. This technology is known as “Tangle” which allows the devices to transact with one another directly.
Advantages of blockchain-IoT
Well, we have briefly described the advantages of Blockchain-IoT but here we will give you a quick recap of it:
- Enhanced Security and Privacy
- Increased Transparency and Traceability
- Improved Efficiency and Cost Savings
- Decentralization and Elimination of Middlemen
- Immutable and Tamper-proof Records
- Streamlined Supply Chain Management
How does blockchain work in IoT?
When shipping containers move, their location, arrival timings, and temperature may all be recorded using blockchain and IoT. Immutable blockchain transactions make it possible for all stakeholders to have confidence in the data and take decisive action to move goods swiftly and effectively.
How can blockchain technology help IoT systems stay safe?
We have discussed all the properties of blockchain technology when it comes to IoT, this technology does wonders when it comes to providing the best technology. It creates multiple layers of security that prevent the data and transactions from any hardship.
Hello All,
Aman Mishra has years of experience in the IT industry. His passion for helping people in all aspects of mobile app development. Therefore, He write several blogs that help the readers to get the appropriate information about mobile app development trends, technology, and many other aspects.In addition to providing mobile app development services in USA, he also provides maintenance & support services for businesses of all sizes. He tried to solve all their readers’ queries and ensure that the given information would be helpful for them.
