Block chain and Internet of Things are two of the biggest buzzwords in the technology industry today. Each in its own sphere is set to revolutionize their respective industries with path-breaking applications and ease of use. According to Gartner, block chain technology will add $3.1 trillion in business value by 2030, and in another analysis the world IoT market is expected to grow from 2016 figure of $157B to $457B by 2020. Thus, the rapid advance in these technologies and their effect on our daily lives cannot be ignored.
Block chain essentially means an encrypted ledger system which will allow formation of tamper proof and real-time records. Whereas, IoT is a term used to describe the constant spread of always-online, data-gathering devices into our professional and personal lives. According to many experts, their combination was inevitable and will further help escalate the value of each service individually and jointly. Let’s understand how…
However, a major concern with IoT devices has been the security paradigm related to it. The devices, if produced by MNCs, come with a suite of safety certifications that guarantee data leaks. However, many devices are produced locally in some countries with minimal adherence to authentication standards that keeps the data safe. Insecure IoT devices have already led to several cyber goof-ups like what happened with internet-routing organization Dyn in 2016. Thus, experts across the world are proposing the use of Block chain’s reliable and secure node-based architecture to make IoT more practical and trust-worthy.
A distributed ledge also removes the probability of system failure in IoT paradigm because its distributed nature eliminates single source issues. Moreover, block chain based IoT solutions can simplify business processes, are cost-efficient and can also enhance customer engagement. These solutions are totally secure and can be utilized by various industries.
Companies all over the world are working on such path-breaking solutions. ESDS is one such company based out of India, US & UK that is contemplating on a great Smart City and other related solutions involving these two technological breakaways.