Of all the major industry trends today, the Internet-of-Things (IoT) is making the most visible impact. From connected devices to automobiles and homes, IoT technology is just around the corner. As anyone with exposure to the technology industry knows, this new trend reflects a lot of second-order complexity. With the entry of advanced IoT solutions, economies, platforms, and payment systems will have to be integrated. The ability to seamlessly track as well as distribute security software updates will secure IoT devices to a better extent.
Harnessing the potential of blockchain for IoT enabled applications and data open up new ways of automating business processes among various partners without setting up centralized IT infrastructures, which are expensive and complex. Moreover, the data protection provided by blockchain is capable of ensuring faster resolution of breached contracts, and stronger working relationship. Advanced solutions can offer greater efficiency, as partners learn they can rely on the information provided for a better business outcome.
The IoT enables various devices to send data to private blockchain ledgers for inclusion in shared transactions with tamper-resistant records, thus further enhancing the safety of data. The circulated replications of Blockchain with IoT devices enable businesses to directly access as well as seamlessly supplying IoT data without the need for a central control and management solution. All business partners can verify each transaction individually, further preventing disputes. This also ensures that each partner is held accountable for his/her individual role in the overall transaction.