Blockchain and Internet of Things (IoT) are two emerging technology which has taken the world by storm. The common man is now feeling the rapid progress of these two technologies in their day to day lives.
IoT can be defined as the network of physical devices and appliances embedded with electronics, software, and connectivity to enable an exchange of data.
The Internet of Things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enable these objects to connect and exchange data.
When these two complex technologies come together, it makes a great outcome which has several business benefits. These are highlighted below-
Internet of Things has helped a lot in car companies such as Uber. All related information and data are stored on the servers of the service provider in a centralized manner. If Blockchain is integrated into this, it will help in making the centralization become more corporative and result in digitization for better solutions.
So if for example two people want to buy a car jointly, and provide it to a company like Uber with the help of Blockchain they can divide the expenses required with the information collected. Efficiency will be increased as resources will be shared with a trust factor coming in.
Machinery in production houses and factory can be individually enabled to be used by individual people. Devices such as laser cutters and 3D printers can now be used under restrictive guidelines. It will be with the help of smart contracts which will validate reputation of the user before he or she is allowed to use it.
With electricity proving to be a significant issue in the future, renewable energy has started to play a part in helping the world. However renewable energy needs to be handled well, and thus Blockchain and IoT technology helps on this significant issue.
There is an example of an already ongoing project in Brooklyn, New York which determines the generation of solar energy. With the help of energy credits, the community in a specific society is allowed to get access to solar energy for their usage. It will not only limit solar power usage so that it is shared efficiently but also record the production automatically so that maintenance can be planned well in advance.
As a whole, these concepts are complicated to implement, but it will help in the seamless flow of data which will help get rid of unnecessary inefficiencies. It will make the ecosystem more trustworthy and competent. Overall contributions will be fair and balanced with no absolute power to a single person or entity.