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Blockchain in the Age of IoT
Gartner predicts that by 2020 there will be at least 21 billion IoT devices connected in the household and enterprises. In the new future, the devices will be utilized to optimize energy and minimize wastage. IoT devices will be used in the smart cities of the near future to determine intelligently the best process to create environment-friendly and sustainable designs to combat climate change as well as maximize the usage of the renewable and non-renewable resources.
However, today’s concern with any smart technological development is its attraction to hackers that follow suit to breach the firewall of such technology, sometimes for monetary gains and other times for superiority display. There is an easy solution to the predicament—blockchain. The blockchain technology provides encrypted data storage, decentralization ledger, and peer-to-peer distribution platform. The data stored in the blocks are tamper proof and distributed to various computers all over the globe, and data cannot be changed by unauthorized personnel. This method provides a trusted source of data for enterprises and businesses to leverage.
In fact, data transaction will become simple, swift, and decentralized with this technology and will effectively prevent cyber-attacks. Moreover, enterprises have the capability to encrypt data and create permission level with specific passkeys, and these keys are the only authentication password that can be used to view data by authorized members. Thus, preventing security breaches and bringing connectivity to scale. Blockchain also provides data auditing and processing capabilities due to the innate timestamp function for authoritative personnel to monitor progress over a period of time.