Companies across the globe are using Blockchain and IoT on a large scale since it allows them in solving the complex issues. In the recent days, sensitive records like passwords, transaction details and other personal details are being hacked easily. Introducing technologies like Blockchain and IoT will help in securing data in the devices. It is important to protect data using these technologies since companies spend millions in protecting the customer’s data.
IoT is about connecting devices to simplify everyday activities of human life. Blockchain has been used to solve the security issues faced by IoT. It not only improves IoT features but also reduces cost. In short the benefits of using Blockchain for IoT is, it builds trust between the devices, reduces cost by eliminating third parties and middlemen and accelerated transactions. Blockchain enables successful IoT transaction by enabling peer-to-peer contractual behavior. It allows transfer of money or any data between the devices with a secured and reliable time-stamped contractual handshake.
Blockchain is benefiting IoT in many ways. It effectively coordinates between devices allowing to track the connected devices. Integrating Blockchain into IoT offers new ways to operate business processes with your clients without any complex and expensive centralized IT structure. Blockchain helps in maintaining good work relationship with your clients and provides them required information resulting in greater efficiency. Blockhain in IoT enables IoT devices to involve in blockchain transactions, transforms the way in which digital interactions are being held and reduces the cost and complexity in business operations.
Scenarios where IoT can benefit from Blockchain:
- To avoid the threats of device spoofing, Blockchain can be used to create a secured mesh network that allows IoT devices to connect securely.
- It eliminates the need of intermediary or any service for any authentication. In this case, every IoT device has to be registered in the blockchain which results in the generation of a unique id for every devices. To connect between the devices, one have to use this id as URL and connection request can be sent. Blockchain validates the digitally signed request using the public key thereby providing M2M authentication.
- Device that is confined with a resource can be connected to proxies where the wallet can be stored.
Implementation of both Blockchain and IoT is already used in many industries. In retail sector it simplifies and secures the process through supply chains. It also maintains integrity of clinical trials and medicines and drug in the healthcare industry. Hence the integration of these technologies maintains the quality of products and operations in every sector.
Blockchain and IoT technologies helps in maintaining security, privacy and reliability benefiting multiple industries. These two technologies improve the capabilities of devices that store and compile the data. Blockchain with IoT can be used to solve requests of any kind simultaneously and can also avoid major crashes and system failures. If you want to include Blockchain and IoT technologies in your mobile app development, reach FuGenX. FuGenX technologies, an award winning mobile app development companies Bangalore, India.