What is IoT in Blockchain, and how it is Accelerating Innovation?

This is when two of the most advanced technology can combine to give an even more advanced technological era. The only thing that was lacking in IoT was its security. There were many cases in which hackers found a way to access IoT software and devices illegally. Now with the addition of blockchain technology, researchers can firmly find many ways to gain security. Let us see how IoT integrates with blockchain, and for that, we must have an understanding of Blockchain and how it works.

How does Blockchain Technology Work?

Blockchain, IoT, AI, ML, and cloud computing are the hottest topics today. They have the power to bring a new revolution. But what is Blockchain exactly? Blockchain is a decentralized network that brings down one single centralized organization and makes it accessible to every user. Although this change is complicated, once it is decentralized, it can prevent some of the massive vulnerabilities like DOS or DDOS attacks by the phishers. Blockchain technology will remove any third-party organization from your internet usage.

Blockchain is a link of nodes that holds distributed databases which are basically the blocks. Through a very secure connection, those blocks are encrypted and connected to each other. This makes it quite impossible to steal information from one single place like previous centralized databases and increases security to the next level. This is like all the data of a centralized organization is shifted to a web-like inter-connected organization that has no single origin. Let us see how this technology benefits when it integrates through the Internet of Things.

IoT and Blockchain Combined Together

IoT is great technology, and now it has become even better with Blockchain. The internet services required for IoT devices and software to run are now heavily secured with the help of Blockchain. This suddenly changes the whole business model in operation, and to cope up with this is quite challenging on a large scale. But slowly, Blockchain is entering the market. The decentralized bitcoins and NFTs are examples. Moreover, it solves the problem of certifying the third party in the IoT transition.

The combination of IoT and Blockchain also includes the scope to achieve faster transitions on a regular basis, legal applications, fraud management, more secure policies, etc. IoT combined with Artificial intelligence will boost automation technology while its security is managed by combining IoT with Blockchain. The below mentioned are the benefits that IoT and Blockchain can achieve.

Benefits and Application of IoT with Blockchain

Improved Supply Chain Management

This is the sector that will get the most benefits. Supply chain management is the process that includes different raw materials and how they are transported to their destination through a supply chain. The involvement of various stakeholders, brokers, dealers, companies, or organizations makes a supply chain and its management. Hence researchers are working on IoT-based smart vehicles which can deliver shipments with as much automation as possible. Smart GPS systems and smart sensors are given security using Blockchain technology.

• Smart GPS

• Secure Trackers

• Smart Vehicles for logistics

• Advanced motion and temperature sensors

• Smart grid technology

Advanced Agriculture

IoT has already impacted the agriculture sector to a great extent. Those smart IoT sensors are capable enough to measure soil consumption, crop requirements, weather prediction, soil erosion prevention, and fertilizer utilization. Increased security with the Blockchain gives it an image, and some of the advanced features are.

• Smart Farming and Nursery

• Secure weather sensors and grid linking

• Fertilizer and water requirement measuring

• Smart distribution of fertilizer

• Automated Irrigation

• Soil health management

Industrial Advancement

Due to the Immutability of databases in Blockchain technology, it is impossible to have a breach. That is why all industrial sectors are slowly shifting towards IoT with Blockchain technology. It provides secure connections with highly encrypted classified documents to maintain the confidentiality of each organization. Moreover, providing all other benefits without any third party due to the decentralized structure. Also, the distribution of goods is becoming more advanced due to Blockchain.

• Smart linking

• Advanced research sectors

• Availability of goods

• Secure credentials

Smart Healthcare

The healthcare sector has tons of benefits with the Internet of Things, and now when it is combined with Blockchain, it provides faster and more secure medical treatments to patients. The database and medical records which are stored in a particular sector’s database can become more secure with Blockchain. The pharma department will get the most benefits as Blockchain provides a decentralized network and no third-party user. The linking and distribution of medicines is the next step of advancement.

• Smart medical sensors

• Secure medical database

• Pharma distribution linking

• Uninterrupted medical treatment

Smart Homes

Smart home technology is one of the most vulnerable technology because all the applications and IoT devices integrated into a smart home are working on the same network. That network is either provided by fiber or broadband, generally in many cases. But illegal access to one network will give access to all the applications connected. Hence security is the most important factor which is well provided by the Blockchain. The decentralized network will be good enough to provide overall home security.

• Smart device linking

• Smart sensors

• Secure fiber connections

Automation Industry

The automation industry is slowly replacing old and slow-working machines and making production at full efficiency. Both AI and Blockchain have given a boost to IoT technology used in sensor devices, providing secure automation because you don’t want powerful machines to go out of control or inaccessible.

• Highly encrypted file transfer

• Unbreachable firewall

• Strong hardware linking

Conclusion

Blockchain has given IoT a new structure to work upon so that in the near future, no IoT device vulnerabilities will happen. Every organizational working sector wants mainly two things, one is smart devices or machines, and the other is security. In addition to this, the 5G technology will provide an even faster internet connection and accelerate innovation.