Blockchain and Internet of Things: Will the love blossom?
The biggest mistake one can make is to underestimate the potential technology holds. Packed with constant disruptions and improvements, Technology never fails to amaze us. Flavor of the season, Internet of Things has opened the doors towards the unlooked-for future. When person-person, person-things or things-things are covered with the layer of internet by connecting them to mediums like computer or other technology, they get updated from normal things to Internet of Things (IoT). IoT has affected us in whole slew ways- from smart homes to seamless waste management. Devices and objects connected to Internet of Things platform assimilates Data from the different devices with the assistant of analytics to provide vital information to the applications deployed to address unmet needs. On the other corner stands a disruptive technology which hit the financial market by storm a year back. The ingenious invention, Blockchain allows digital information to be distributed but not copied. It was originally crafted for the digital currency Bitcoin, also known as the 'digital gold'. It's the solitary feature of Blockchain to let two parties execute a transaction without any intermediary. It also allows financial institutions to execute and verify transactions discretely without any human intervention. The electronic ledger of transactions is continuously maintained and verified in 'blocks' of records.
A new friendship: Blockchain and IoT
Combining Blockchain with IoT will definitely open the door to numerous advantages. At some point the combination will become a necessity. The decentralization capability of blockchain will clear the mounting data pumped by the centralized cloud storage platforms. The volume of data will accumulate with the increasing connected device. Complementing each other, the blockchain technology will smooth the IoT powered connection structure between boundless devices, thus taking down the cost associated with the installation and maintenance of centralized data centres. Blockchain will help to detect breakdown in any single knob, thus preventing the entire network from collapsing.
Harvesting the merger- bIoT