Platform 1 – IBM Blockchain
Platform 2 – Ethereum
Platform 3 – Corda
Platform 4 – OpenLedger
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Blockchain in IoT: Benefits and use casesBlockchain and the Internet of Things (IoT) emerged with maximum public attention in recent years in addition to their implementation in the networks of global financial systems and industrial leaders.
This article will explain the concept of the Internet of things and give answers to some essential questions about the convergence of blockchain and IoT, its benefits and future challenges, its use cases of greater cooperation.What is the IoT in simple words?Iot, or the Internet of things, is a concept of connecting any possible device to the Internet by creating a network where they could save and exchange each other's data.
It should be noted that objects united in an interconnected system do not require human-to-human or human-to-computer interaction to obtain, receive and send data.
sensors);Those who receive information and act accordingly (for example, a printer receives a document and prints it, an electric kettle receives a signal and begins to heat the water, etc);Those who know how to do both (for example, an irrigation system collects information about the humidity level and automatically turns on if the level is not enough).
This system requires that third parties check and verify each transaction between the devices which entails limited scalability, high prices and many weaknesses in the network security system.
A single error would not deactivate the entire network because it works using millions of individual nodes.
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According to the advisory and research heavyweight Gartner, the revolution that is blockchain’s promise will unfold in approximately five to ten years.
Gartner’s Senior Director Analyst Fabio Chesini commented that the trend now being seen with blockchain is very similar to the proliferation and development of the internet.
There is an ongoing power shift, prompted by the utilization of blockchain.
This pattern of unbundling and reintermediation is also predicted to occur with value exchange, which ultimately unbundles reintermediation even further.The following timeline is projected in blockchain’s journey towards the mainstream:2019: Blockchain proponents face disillusionment, as implementations disappoint while experimentation is the “best” position of blockchain projects.
This disillusionment leads to reduced interest in the tech and in markets.
2021: The tech progress and practical use cases assisted by blockchain are consistent, this pushes the market in its way out of the trough witnessed in 20192023: Scalability and interoperability become a reality within blockchain platforms.
