The Digital Transformation has been advancing rapidly in the business world. It is bringing new technological solutions to business problems, deeply impacting management, security, innovation and operation in companies. This transformation aims to generate greater operational efficiency and a better experience.
Many of these emerging technologies are even more efficient when applied together, as in the case of Blockchain and Internet of Things technologies. It can offer great improvements in business performance. With the integration of IoT and Blockchain, we can get many unrivaled benefits. But first, lest understand the terms.
The Digital Transformation has been advancing rapidly in the business world. It is bringing new technological solutions to business problems, deeply impacting management, security, innovation and operation in companies. This transformation aims to generate greater operational efficiency and a better experience.
Many of these emerging technologies are even more efficient when applied together, as in the case of Blockchain and Internet of Things technologies. It can offer great improvements in business performance. With the integration of IoT and Blockchain, we can get many unrivaled benefits. But first lest understand the terms.
What is Blockchain?
Blockchain consists of a set of notes that are in a shared online database in which operations, quantities, dates and participants are registered using codes. By using cryptographic keys and being distributed by many computers (people), it has security advantages against manipulations and fraud. As an IoT development company, now let us explain why we are a big fan of IoT integration with blockchain technology.
What Exactly is IoT?
The IoT can be defined as the communication between machines and monitoring systems via the Internet. It allows different objects, from cars to industrial machines or consumer goods, to share data to perform certain tasks. The basis for the functioning of the IoT are sensors and data networks, which make communication between “things”. Furthermore, a computer system is necessary to analyze the received data and manage the actions of each object connected to that network.
Why Bring IoT and Blockchain Together
For its part, this chaotic IoT growth introduces several challenges, including:
- Identifying, connecting, protecting and managing so many devices.
- It will be very challenging for current infrastructure and existing architectures to support huge IoT ecosystems in the future.
This is something that can be solved with the use of the Blockchain, which allows for distributed inventory and automated audits. The Blockchain will allow IoT ecosystems to:
- Break the traditional paradigm of centralized connector-based networks
- IoT nodes expand into vast areas with few connectivity networks.
- IoT devices are interconnected reliably, avoiding threats such as device counterfeiting and impersonation.
IoT sensors can generate the necessary evidence that a certain event occurred, guaranteeing the veracity of each transaction registered on the Blockchain. Similarly, IoT devices need security and other salient features of blockchain technology. Blockchain developers and IoT programmers can work together to offer brilliant products.
Challenges of IoT and Blockchain Integration
Some solutions are already positioning the Blockchain to control IoT networks. However, there are challenges in this type of association, which need special care for perfect functioning. These are challenges to be overcome, such as:
- Low Adherence: The lack of standardization and regulatory vagueness create an unstable environment, hindering adoption by business ecosystems.
- Enterprise Culture: Blockchain represents a paradigm shift for a decentralized network that requires the participation of its participants and operators. It reduces the power asymmetry of the strongest links.
- Control, Security and Privacy: Even with the use of strong data encryption, whether in public or private Blockchain, there are still aspects of cyber security that need to be better targeted. So that the general public fully trusts their personal data in a Blockchain solution.
- Confidence in the adoption of new standards: Both technologies will implement new standards. These SOPs and standards could be totally new and never implemented. So it can cause the whole system to fall back.
That is Why You Need Us
The above-mentioned challenges are significant and cause serious damages. However, these are not the problems which can’t be resolved. AppStudio is working with the contemporary technologies like IoT. We have skilled Blockchain developers in our team. We are among the few companies that started to combine both technologies to provide amazing solutions for the enterprises.
Check Also: List of Enterprise Blockchain Development Companies
We are well aware of the challenges and the problems and we guarantee complete, flawless solutions. We are headquartered in Toronto but we have our regional offices in other big cities of Canada. Furthermore, we have our footprints in the whole of North America.
Advantages of Integrating IoT with Blockchain
Integrating blockchain technology becomes essential to guarantee the authenticity and integrity of the information when it is distributed by said devices. Through this unifying formula, some problems will be solved. Here are some of the highlights:
- Solves traceability problems: All the participants in the supply chain will be able to know the status of the products on the spot, and no one will be able to manipulate it.
- Avoid hacks: Thanks to the blockchain, you can keep track of the authorship of the records. In this way, we will be able to filter any attempt of invalid access to our system.
- Access to more data (Big Data): The immutability that blockchain technology provides to data will lead to a Big Data scenario. Thanks to this, we will be able to exploit all the information originated by these devices with the guarantee.
- Automatic Interactions: And of course, by exploiting smart contracts to the maximum, very important, safe and reliable automations can be achieved.
- Cost-effectiveness: We all know that blockchain offers decentralization. Peer to peer data transmission in IoT devices will lover the operational costs.
- Speed: IoT devices exchanges data and its time consuming to validate this data. With blockchain we can exceed the speed and performance of these devices.
World is moving towards smart cities. In the coming years, we will see more and more application of IoT technology. If we start integrating IoT with blockchain, obviously, we will be having a more secure and efficient system. We are an IoT development company and we have skilled blockchain developers in our arsenal. Indeed having such an amazing team with diversified talents and expertise allow us to deliver guaranteed results and amazing products. Contact us now!
