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Union of IoT and Blockchain: Here's What the Future Looks Like
The “Big Four” technologies of the future are beginning to emerge as technologies like Artificial Intelligence, blockchain, IoT, and big data are beginning to dabble. As these four originate from their embryonic stages, however, companies are concerned about how these technologies affect their growth.
Many companies are starting to wonder if the problems can be solved by combining the technologies. Big data can be useful as a cornerstone component in combination with both AI and blockchain, but perhaps the combination of IoT and blockchain can help these two technologies to advance again. Companies can benefit with smart things performing as a network under limited human supervision could benefit from an immutable book because a sound-established token system can shore up the security and security concerns of the interface with the help of an unhackable blockchain.
However, the hindsight deployment of Internet of Things networks has faced failure in implementation. Problems slowing the success in deployment include common issues such as the quality of the data, the internal expertise, and the increased time to completion. The actual threat lies in the thinking and implementation, which can be summarized as short term thinking compromises long-term security.
Blockchain can record every act which has the potential of disrupting the system. Both blockchain and IoT synthesis can help gauge companies potential risks on their cyber infrastructure. AI will provide algorithms for analyzing the data collected by IoT devices, identifying specific patterns, while blockchain will serve as a necessary layer for validating the data and guaranteeing its secure storage. Blockchain technology rebuilds on the foundation of the internet and can help solve vulnerability attached to the internet in its present form. The IoT applications are distributed by definition; it is only reasonable that the blockchain distributed ledger technology plays a role in how devices communicate directly with each other. Keeping a track record of not just tools, but also how they interact and potentially, in what condition they are and how they are “handled” in the case of tagged goods.
The blockchain is designed to be used for transactions and interactions. This may include original contracts or other creative applications that support specific Internet processes. This means that blockchain technology can improve not only IoT compliance but also IoT and cost-effectiveness. IBM, a significant blockchain user, have already begun to extend private blockchain to the cognitive IoT.
It is time for blockchain builders and implementers to stop worrying about disrupting current and past sectors by using a single blockchain and see how they can use blockchain in conjunction with IoT, big data, AI and others.