The anticipation of the future of IoT where all the devices are connected and are smart enough to automate everything while keeping private data is still far-fetched. Unfortunately, the IoT industry is firm. A traditional cloud-based approach has provided full connectivity to the Internet, but has interoperability, automation, and data privacy issues. Blockchain technology it can provide a decentralized approach to these pitfalls.
The convergence of blockchain and IoT has turned into a vibrant business ecosystem. The intersection of these two sectors has allowed companies to develop blockchain components and solutions for smart cities, renewable energy, supply chains, transport and other IoT-enabled sectors. It is easy to classify all these companies together as "blockchain and IoT", but they differ in scope, approach and focus on the different levels of the IoT and blockchain technology stack.
IoT devices are interconnected and acquire and transmit data to the blockchain. IoT devices support one or more types of connectivity networks. A blockchain platform enables the creation and operation of decentralized applications (DApps), a user-oriented software based on blockchain infra that uses data, user input and smart contracts to perform specific tasks. DApps consists of infrastructure components such as calculation, storage, network resources. It includes protocols such as consent, permissions, other network rules and also includes services, tools and modules to facilitate DApps.
IoT devices bind the physical and digital world. It can increase the reach and impact of many applications. IoT-enabled applications can send and receive data from IoT devices operating as nodes in the network, unlike non-IoT applications that process only data from user-generated actions. Experts estimate 100 billion IoT devices on the market by 2023 that will digitally record the physical history of the world. Connectivity is the passage of information between devices, gateways and servers. To optimize performance and minimize costs, it is essential to understand the characteristics and compatibility of various types of connectivity because each case of IoT use is unique.
Significant innovation in blockchain is carried out at the level of the basic platform to support heavy future applications. All blockchain platforms are unique, but share the same vision of attracting developers on their platform by providing superior technology, governance and user experience. These platforms allow developers to create, deploy and manage software applications within the same technical environment. Blockchain-based DApps work on decentralized peer-to-peer (P2P) networks.
The intersection of blockchain, IoT and connectivity technologies are giving rise to new possibilities. Blockchain and IoT provide data privacy solutions and drive data ownership to consumers. On the other hand, they provide trust to the otherwise unreliable parties, new business opportunities and new patterns of business involvement. The blockchain industry is at the threshold of a technological breakthrough in terms of scalability, interoperability and privacy.
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