“Internet of Things (IoT) and Blockchain have the potential to create wonders throughout all the industry verticals worldwide”
Imagine, devices communicating with each other over the internet and the data being shared is highly secure , and stored in the form of distributed ledger. Yes, we agree too, that does sound a lot interesting. Integrating IoT with blockchain can resolve a lot of enterprise level issues be it any industry vertical.
When the embedded systems start to communicate with each other, they become highly powerful and this data exchange leads to a faster processing of functions as well as increases accuracy, a big time. There are a lot of real-time scenarios where IoT and Blockchain can bring about potential optimal change in the system.
Some of the examples of benefits from IoT combined with blockchain:
Supply chain and logistics is a huge industry and is a part of almost every other industry that deals in transporting goods from one source to another. However, tracing from where the resources are coming and are they kept secure during the transit, the time of shipment and loads of other factors , can be traced using IoT. This data is then stored on the distributed ledger using blockchain and can be available to the respective people.
Identifying crop quality:
Agriculture comprises a major part of vital industries. It’s highly important to have horizontal as well as vertical progress in this sector. Not just weather forecasting but the other important aspects such as identifying the crop quality, analysing the soil , generating risk management measures for protecting the crops and many other related functions are all important and can be achieved using IoT and the data generated can be safely stored using blockchain.
Smart Homes that generate more electricity than required in the form of solar energy can transact with others and share their electricity for value or money. This can be possible using IoT and blockchain. So not just big industries but general users can also benefit from this collaboration.
When the processes become traceable and fast and there is a very low risk of inaccuracy and corruption, the economy is sure to grow. IoT and blockchain can play a major role here.
Higher Trust factor:
As the data received from IoT is sensitive and is stored securely in blockchain, which ultimately becomes immutable, a trust factor between the transacting parties automatically increases.
Ease in automobile maintenance:
How about having a message in your smartphone stating your automobile needs and maintenance in next week or need refueling in the next 2 days. The sensors would also help in smart parking systems and remarkable traffic control, when IoT and blockchain are rightly implemented.
Progressive Identity Management:
A single KYC shared over multiple applications can save a huge time and cost for the user and the government as well. It definitely leads to a prgressive Identity management through IoT combined with blockchain.