Technology is not less than any miracle in the present situation. Advancement of the technology platforms have been seen from decades. From the invention of the Smartphone and the development of mobile apps and even more, making lives of people simpler and easier.
The year 2018, being the year of new technology invention which has created a storm on the internet. The best technological innovations of this year are Blockchain, Artificial Intelligence, Cryptocurrencies, Virtual Reality, Internet of Things, DApps and more.
Well here we will summarize and discuss the Blockchain technology and this can be related with IoT. These two technologies are the most talked technologies in today's world. These are the initial stage and have huge potential and there are a lot of activities going to take place in the development of them and exploring the interesting uses and features of the technologies.
What is “BLOCKCHAIN”?
Talking about Blockchain, this is a huge database which is continuously growing set of records. This is distributed and decentralized - ie there is no master holding the records of the entire chain. Rather every node is a master in the blockchain. The participating nodes have a copy of data which are added.
Keeping it secure and transparent, this technology eliminates the power of middlemen as per the traditional trading and transactional system. When someone wants to add a transaction to the chain, then, all participants ie the nodes validate it. Then these set of approves transactions forms a block, which is then sent to all the nodes in the network. Each successive block contains a hash, which is unique from the previous code.
Internet of Things
Now coming to the introduction of the Internet of Things (IoT), this is the smartest technology that connects devices via the internet. This ever-increasing ecosystem is the next wave of innovation that will humanize the physical devices in our life. The IoT solutions are the next level of automation for every object. The complete IoT matters with data. It touches everything ie how, when, where and why we need to collect the data and not only changing the internet but also the devices connected to it. This is a complete service gateway where actions take place without human intervention. The rapid evolution of the IoT market has caused an explosion in the number and variety of IoT solutions creating real challenges for the industries.
Whatever may be the IoT model that perform certain functions like sensing, communicating or storing all the main concern is with the “security”.
Challenges of a Secured IoT Model
But IoT is all about connectivity. The centralized IoT model is known as a server/client model where devices are identified, authenticated through cloud servers that have huge storage capabilities.
Cost is another important factor when it comes to building an infrastructure and the cost of maintenance associated with cloud storage and network equipment. Addition to this the new security technologies that will be required to protect these devices and to address various new challenges in the development of these sophisticated devices is not easier.
The major solution to overcome with this is offered by the Blockchain Technology. As always this was known for its security, transparency and distributed features this can help a lot in facing the challenges coming with the implementation and development of IoT devices.
What blockchain brings the Decentralized IoT Networks
Adopting the standard Peer-to-Peer communication model to process more than some hundred of the transaction between the devices will help in reducing the cost associated with installation and maintenance of the data centres and distributes the storage needs across the no of devices that forms IoT networks. Not just this, the proposed decentralised solution will also offer validation for the transaction to prevent fraud and theft.
The fundamental decentralised solution needs to support the three major functions-
- Autonomous device coordination
- Distributed file sharing
- Peer-to-peer messaging
Some Advantages of Blockchain in IoT?
Many experts have believed that this Blockchain tech will be silver bullet needed to IoT industry. Using the decentralised approach will eliminate the point of single failure in the IoT industry. With the cryptographic algorithms used by blockchains makes data more private. This autonomous and trustless capability is ideal for IoT solution. So in a brief, we can sum up in three points ie builds trust, reduces cost and accelerate transactions.
The Blockchain and IoT
With a lot of advantages and even some flaws, the blockchain technology and solution will be going long way with IoT network and is believed to create the best automation and smart device by the year 2020. The ledger is tamper - proof and immutable and avoids the middle-man attacks because there won't be single stage communication.
As concern with IoT, the centralization and security issues are minimized and making possible of the creation of smart automated devices.
Usage of smart devices requires trust and this is possible when blockchain and Iot come together. Individuals, as well as a business all around the globe, stand to benefit from more secure smart and IoT networks. This will save ample time of people and they will build a trust for technology and will feel safer that their data is safe.
Knowing that using a smart lock is more beneficial than a physical lock people will overcome people apprehension to using the smart device with security environment that blockchain will facilitate.
This amazing and trending technologies are there to transform the worlds into more smarter and safer and will speed up the transition we all make and will surely improve the living standards and as well as the business economy for hardware as well as software in coming future years.
The technology we once used to fantasize about and that used to star in sci-fi movies is our reality now.
Using a smart security lock you can now provide remote access, regardless of your whereabouts, you can regulate the heater in your home through your smartphone regardless of wherever you are sitting, and if you want to listen to music, you just have to say the word and it starts to blare in every corner of your homeInternet of Things (IoT) is becoming Ubiquitous Internet of Things (IoT) has been welcomed with warm open hands by individuals and enterprises alike since high-speed internet has become accessible and affordable to everyone, courtesy of providers like AT Internet Service.
Internet of Things (IoT) is vulnerable to attack Your smartphone usually manages all smart appliances in your house, including your security locks and camera.
And it’s especially likely as IoT devices are managed by a central hub, and if that’s compromised, all other devices are compromised.IoT is a centralized system, in which one focal point enables the connection and interaction of other devices.
Each of these devices can be a potential portal of a security breach.
Biometric verification is one such security measure that can solve most security issues in the IoT system.
Blockchain Firm is a leading Ethereum Dapp Development Services Company and can help your business have its very own Decentralised application.
DApps can take your business to new horizons and enable your patrons to have an enhanced experience.
