The Internet of Things refers to the way interconnected devices interact with each other over a wireless network. This interaction involves data communication and transfers that exclude human intervention. In addition, the Internet of Things (IoT) has a lot to offer to businesses, people, and governments through its constant innovation. Therefore, businesses are motivated by the opportunities that IoT brings to increase revenue and reduce business costs.
As mentioned previously, the IoT undergoes constant innovation over time. Consequently, one of the ways the IoT can undergo innovation is blockchain integration. Blockchain technology offers a tamper-proof means to record and safeguard information. This is done by distributing information across multiple nodes so that each node has a copy of that information. This means that anyone looking to alter the information recorded would have to change all the copies distributed over a network, which would be an arduous task. Hence, there is a multitude of blockchain use cases in IoT that can be explored.
Blockchain Use Cases in IoT
The ease with which blockchains can verify the information is imperative to enhancing security mechanisms. This is because, through its immutability, devices connected can easily deduce weak links in networks. Furthermore, this would lower costs since it eliminates the need for extra security measures. However, costs are also reduced by automating transaction validation processes, as blockchains can accelerate such processes.
Also, the data that is captured and distributed through the IoT can benefit from the transparency that blockchain integration could bring. For instance, blockchains can be used to improve supply chains for retail products. This would not only reduce the time taken for tracing product origin but would also build consumer loyalty and trust. Thus, retail giants like Walmart, Unilever, and Carrefour already adopting blockchain technology to improve food provenance tracking should not come as a surprise to anyone. Nonetheless, other companies are using IoT and blockchain technologies to better connect the world.
Helium
Helium sets out to create an internet for the Internet of Things. It does this by using blockchain technology to connect low-power IoT machines to the Internet. Furthermore, Helium’s infrastructure lowers the power required for “smart” machines running by using radio technology to improve internet connection. In recent times, the team behind Helium plans to test their
decentralized networks by implementing their nodes across the US and UK.
Chronicled
Chronicled uses blockchain technology together with the IoT to provide an end-to-end supply chain solution. It focuses on the pharmaceutical and food supply industries and uses IoT to keep itself updated on shipping processes. Moreover, Chronicled uses the tamper-proof nature of blockchain technology to tackle any problems that could arise in supply chain processes.
Final Thoughts
Integrating blockchain technology with the IoT opens up new opportunities that could optimize infrastructures. It could increase security and transparency, alongside reducing inefficiencies that plague IoT devices. Therefore, blockchain integration offers a whole new range of possibilities that could change our world for the better.