What is Blockchain?
Blockchain gives a smart solution to the peer to peer communication platform problem. This technology allows the creation of a distributed digital ledger of transactions that is shared among the intersection of a network instead of being stored on a central server. Blockchain uses cryptography to identify nodes and allow a secure transaction, thus eliminating the need for central authority.
This combination is already gaining momentum and is being adopted by both start-ups and tech giants. IBM and Samsung are using blockchain to support next generation IoT systems that will generate billions of transactions every day. The tech giants say that block chain is initially assembled by the manufacturer, and then it is divided by dealers for customers, and they can interact with other devices in post period.
This combination is creating a circular economy in which resources can be reused and hence eliminating the cost of re purchase and hence increasing the capacity of the assets.
Hurdles that are to be overcome:
The application of blockchain to IoT isn’t without flaws and shortcomings, and there are a few hurdles that need to be overcome.
Power and energy consumption process is also a point of concern. The horse power required to carry out the encryption is lacking in many of IoT devices. The same goes for storage, as ledgers start to grow in size and need to be stored in network nodes which might be a storage waste.
It’s still too early to say whether blockchain will be an advanced solution to the problems of the fast-evolving IoT industry. It’s not yet perfect; nonetheless, it’s a very promising combination for the future of IoT, where decentralized, autonomous networks will have a decisive role.
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Motivity Labs is a U.S(Texas) based mobile, cloud, and Bigdata insights solution provider with a global presence. We look forward to creating applications using next generation technology.
Motivity Labs is started in 2010 and has quickly risen to 138 positions on the Inc. 5000 by successfully executing projects including development and testing efforts for some of the largest software companies in the world along with many startup companies.