Blockchain and the Internet of Things (IoT) have the potential to greatly benefit one another. Blockchain provides a secure and permanent way to record data from IoT devices, while also increasing trust across supply chains through transparency and smart contracts. However, as more devices connect through centralized cloud storage, systems become bloated. Blockchain offers a distributed alternative to remedy this through its ability to duplicate records across numerous computers and devices. Combining blockchain and IoT could help ensure their promises are kept while minimizing security and business risks.

1. BLOCK CHAIN AND THE INTETNET OF THINGS
B E N E F I T S O F C O M B I N I N G T H E S E T W O M E G A T R E N D S :

2. BLOCK CHAIN
Blockchain offers the potential
of greatly improving the overall
security of the IoT environment.
INTERNET OF
THINGS
The verifiable, secure and permanent
method of recording data processed
by “smart” machines in the IoT.

3. WHY COMBINE BLOCKCHAIN AND IOT?
#01 Blockchain records are very nature transparent
#02
Increase trust in all parties involved in the supply
chain
#03
“smart contract” facilities provided by blockchain
networks, like Ethereum, allow the creation of
agreements

4. THE FACT
In principle, it makes a lot of
sense. IoT is a term used to
describe the ongoing
proliferation of always-online,
data-gathering devices into
our work and personal lives.
Blockchain is an encrypted,
distributed computer filing
system designed to allow the
creation of tamper-proof, real-
time records.

5. CENTRALIZED V/S DECENTRALIZED
IoT paradigm – devices connected
via a centralized cloud storage and
processing service – continues, then
systems are likely to become
increasingly bloated, as data
volumes, as well as the number of
connected devices, continue to
increase.
Blockchains can remedy this thanks
to their distributed nature. Rather
than an expensive, centralized data
center, a blockchain data storage
network is duplicated across the
hundreds (or potentially thousands,
or millions) of computers and
devices which make up the network

6. CONCLUSION
Blockchain and IoT are both technologies which
have big promises to keep. Both are already
being widely and enthusiastically adopted by
industry and the public sector,
Combining them could be the key to ensuring
those promises are kept while minimizing the
security and business risks that go hand-in-hand
with technological change.

7. THANKS
SOURCE:.forbes.com
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