Blockchain, shape Distributed Ledger Technology, has gained
tremendous attention in areas outside the root cryptocurrency since at least
2014: blockchain and IoT (Internet of Things), blockchain and security,
blockchain and finance, blockchain and logistics, you name it. In this article,
we look at the IoT blockchain opportunities, evolution, and challenges.
Blockchain empowers the IoT devices to enhance security and bring
transparency in IoT ecosystems. According to IDC, 20% of all IoT deployments
will enable blockchain-based solutions by 2019.
Blockchain offers a scalable and decentralized environment to IoT
devices, platforms, and applications.
Banks and Financial institutes like ING, Deutsche Bank, and HSBC
are doing PoC to validate the blockchain technology. Apart from financial
institutes, a wide range of companies have planned to experience the potential
of the blockchain.
On the other hand, the Internet of Things (IoT) opens up countless
opportunities for businesses to run smart operations. Every device around us is
now equipped with sensors, sending data to the cloud. Therefore, combining
these two technologies can make the systems efficient.
Here is a few Blockchain IoT use cases on how combining IoT with
Blockchain can have a significant impact across multiple industries:
Supply Chain and Logistics
Automotive Industry
Smart Homes
Sharing Economy
Pharmacy Industry
Agriculture
1.
Supply Chain and Logistics
A global network of supply chain involves many stakeholders such
as brokers, providers of raw materials, and so on, complicated visibility of
end-to-end.
Also, the supply chain can extend over months of time and consists
of many payments and invoicing.
Because of the involvement of various stakeholders, delays in the
delivery becomes the biggest challenge.
Therefore, companies are working to create IoT-enabled vehicles to
track the movement during the delivery process.
Because of the lack of transparency and complications in the
current supply chain and logistics, combined IoT Blockchain and can help
improve the reliability and traceability of tissues.
IoT sensors such as motion sensors, GPS, temperature sensors,
vehicle information or connected devices provide crisp details about the
delivery status. This sensor information is then stored in the blockchain.
Once the data is stored on Blockchain, stakeholders of the
Contract Intelligent gain access to information in real-time. appropriate
supply chain participants can prepare for transshipment and run cross-border
transactions.
Golden State Foods (GSF) is a diversified supplier, famous for the
manufacture and distribution of food products. Serving more than 125,000
restaurants, GSF aims to produce and deliver high-quality products.
GSF working with IBM to optimize business processes using
Blockchain and IoT. Sensor data collected on the blockchain that ensure issues
are handled and reported automatically before they create serious problems.
With the help of blockchain, GSF can create secure, change, and
look books, which can be accessed by various stakeholders to improve
accountability and transparency.
2.
Automotive Industry
Digitization experienced at this time as a competitive request.
automotive industry is using IoT-enabled sensors to develop fully automated
vehicles.
Connecting IoT switched vehicles with a decentralized network
allows multiple users to exchange important information easily and quickly.
The automotive industry is one of the interesting blockchain IoT
use cases where technology combined can interfere with the automatic payment of
fuel, autonomous cars, smart parking, and traffic control automatically.
3.
Smart Home
IoT-enabled smart devices play an important role in our daily
lives. Blockchain IOT allows the home security system to be managed remotely
from a smartphone.
But the traditional centralized approach for the exchange of the information generated by the IoT does not have security standards and
proprietary information.
Blockchain can lift the smart house to the next level by solving
the security problem and remove the centralized infrastructure.
4.
Sharing Economy
Sharing the economy has become a concept that is widely adopted
throughout the world. Blockchain can help create a decentralized, economic the application together to obtain a substantial income by sharing the goods
smoothly.
They had planned to develop a Universal Sharing Network (USN) to
create a secure online market of things that are connected. With USN, each
object can be rented, sold or shared safely without the need for
intermediaries.
It could be possible for third parties such as manufacturers to
onboard any object to USN without asking permission. intelligent contracts
ensure data privacy and transparency by controlling access to information.
5.
Pharmaceutical Industry
The problem of counterfeit drugs in the pharmaceutical sector is
increasing day by day. The pharmaceutical industry is responsible for
developing, producing and distributing drugs; Therefore, complete travel
tracking hard drugs.
The transparent and traceable nature of blockchain technologies
can help to monitor the drug delivery from the origin to the destination of the
supply chain.
Let's discuss the potential application of the IoT blockchain by
the healthcare industry.
Data stored in the large distributed books are eternal,
timestamped and can be accessed by manufacturers, wholesalers, dispensers, and
end-customers who are involved in the supply chain. Mediledger is a
blockchain-based platform, offers a simplified payment process, controlled user
access and stop counterfeit drugs from attacking the supply chain.
6.
Agriculture
Growing more food for increasing populations and minimize the
environmental footprint and ensuring transparency throughout the supply chain
is essential for maximum customer satisfaction.
Blockchain coupled with the IOT has the potential to reshape the
food production industry from the farm to the grocery for home. By installing
sensors IOT at the ranch and send the data directly to the blockchain can help
improve the food supply chain to a greater extent.
Conclusion:
Blockchain technology provides fast, secure and transparent
transfer of peer-to-peer digital goods that includes money and intellectual
property. In crypto coin mining and investment, blockchain technology is an important topic to understand.
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