Blockchain technology and IoT have the potential to transform the way we use technology. Blockchain can revolutionise secure transactions and data storage.
In 2022, Statista estimated that 64% of Malaysians were familiar with blockchain technology. This represented a decline from the third quarter of 2022, wherein 61% of participants acknowledged their familiarity with it.
Besides, IoT improves communication and collaboration by connecting devices for real-time data sharing. Its network includes smartphones, laptops, tablets, smart home appliances, vehicles, and industrial equipment. IoT collects and shares real-time data to help companies make data-driven decisions.
One survey showed the combination of IoT and blockchain is called Blockchain for the Industrial Internet of Things (BIIoT).
BIIoT can create a secure, transparent, and efficient network. For instance, blockchain records IoT data to track goods in supply chains and verifies art authenticity.
Let's discuss what blockchain and IoT are and how these technologies can power a connected future.
Exploring the transformative potential between blockchain technology and IoT devices here. But first things first, learn about the overview of blockchain technology and IoT.
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In 1991, Stuart Haber and W. Scott Stornetta created what we now know as blockchain technology. Envision it as a series of digitally linked blocks that one cannot modify after creation, securely verifying the authenticity of digital documents to prevent fraudulent activities.
Blockchain represents an innovative approach for processing transactions, elevating security levels while reducing expenses in finance, healthcare, and supply chains. For instance, incorporating Ruby on Rails in blockchain algorithms and coding makes it difficult to hack and ensures reliability.
IoT is a network of connected devices, buildings, and other objects that can communicate with each other using sensors and software. It has the potential to revolutionise our daily lives.
Here are some examples of IoT applied in different industries:
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There are several potential benefits to combining blockchain and IoT. Here are a few examples:
Blockchain is a secure, decentralised technology that protects IoT devices from cyberattacks. It prevents unauthorised access and tampering with data.
Furthermore, blockchain can also secure communication and data sharing among IoT devices.
Blockchain is a transparent system that is not controlled by a single entity, meaning it is more secure, private, and accurate.
BIIoT ensures the data is reliable, precise, and cannot be changed, which makes sharing data more efficient and trustworthy.
The ability to track (traceability) the movement of goods and materials through a supply chain is essential to effective supply chain management. It helps businesses to gain visibility over the movement of goods and products, allowing them to identify inefficiencies and areas for improvement.
Blockchain technology can make tracking goods and products easier and clearer. It can lower the chance of fraud and make parties trust each other more.
Smart contracts can further streamline the supply chain process by automating certain tasks and reducing the need for intermediaries.
Blockchain can make IoT devices more interoperable, improving communication efficiency and effectiveness. It could benefit individuals and businesses by allowing devices to share data and create a personalised experience seamlessly.
For example, imagine your smartwatch, smartphone, and laptop communicating with each other to provide a more integrated experience.
Blockchain technology is the key to unlocking this potential, and its impact on the IoT industry cannot be overstated.
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The combination of blockchain and IoT has the potential to revolutionise the way we live, work, and interact with the world around us.
Here are a few examples of how blockchain and IoT could be used in the future:
Blockchain and IoT can create efficient and secure smart cities. They optimise traffic management, reduce energy waste, and improve public safety by collecting environmental and infrastructure data. Smart traffic lights reduce congestion and commute times for drivers.
Smart buildings with IoT devices monitor and regulate energy use to reduce waste and costs. Blockchain ensures data security and privacy. A smart city powered by blockchain and IoT improves residents' quality of life, reduces operating costs, and lowers the city's carbon footprint.
Blockchain and IoT can revolutionise the healthcare industry by creating a highly connected and efficient system. Blockchain can securely store patient records, ensuring accuracy, up-to-date information, and security.
IoT devices can collect patient health data and transmit it in real-time to healthcare providers, enabling more timely and accurate diagnoses and treatments. Wearable devices can monitor vital signs and provide valuable insights into a patient's health.
Blockchain and IoT can create a better logistics system that helps businesses and consumers. By using blockchain to track products in a supply chain, companies can check quality and reduce fraud.
IoT devices can monitor products during transport, ensuring they arrive in good condition. It reduces waste, improves customer satisfaction, and makes the logistics system more efficient.
Combining blockchain and IoT devices can create a secure network that shares data and transactions. It could transform industries and create new business models.
We should explore these technologies as we move towards a more connected future.
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