The Internet of Things is driving many aspects of digital transformation, but there is still one element missing for companies to fully accept this technology-trust. Is the thermometer working and calibrated, is it really in the position it says and is it practically limited? A simple example, but if we want to make automated key decisions or transactions based on IoT data, we need to ensure that it is accurate, true, and has not been tampered with or compromised.
As the growth of the Internet of Things accelerates, there will be too many devices and too many data requiring manual intervention. Although big data technology can process and analyze large amounts of data, it does not provide security and trust.
This is where the blockchain comes in. As a distributed database or ledger technology, blockchain stores and manages data in so-called blocks, encrypts and links them together to form a chain. Each block also contains an immutable record of the time it was created. This record will not be destroyed, lost or changed without the network knowing it.Use one Public blockchain, Anyone can download peer-to-peer client software, view the ledger and interact with the blockchain. This means that no one party can control the massive amounts of data generated by IoT devices, which makes it almost impossible for anyone to destroy or destroy data records. However, the public blockchain was developed for cryptocurrency, mainly related to cryptocurrency, and aims to protect the anonymity of individual users and treat all users equally. This means that when it comes to enterprise applications-including managing the IoT ecosystem-the advantages of public blockchains have also become a weakness and bring some challenges in terms of privacy and control.
For many companies, the idea of giving every participant full access to the entire contents of the database is not appropriate.As a result, the new generation Private blockchain A single authority or organization ultimately retains control, and no one can enter this type of network without proper authentication. Some private blockchains look more like centralized networks, but they provide many, if not all, distributed benefits. Any overall control they retain helps to improve privacy and eliminate many illegal activities usually associated with public blockchains and cryptocurrencies.
Private blockchains are “allowed” when participants are known or trusted, and can provide auditing, checking, and balancing to prove that the data is indeed data. Since fewer nodes are required to manage IoT data, decisions and transactions can be supported and processed at a higher rate, and less processing power and energy are required. For performance, accountability, and cost reasons, private blockchains are more suitable for enterprise IoT applications. In this application, the technology provides support and support for enterprises rather than individual users.
Become smart
A sort of Smart contract It is essentially an agreement between two entities (such as IoT devices) that occurs when certain prerequisites are met, and will play a basic role in the automatic authorization of transactions based on IoT data and a single version of truth between participants.
For example, if all IoT devices have signed a smart contract with the device manufacturer, you can use it to automatically update the device software as soon as it becomes available. You will also know that the update comes from a trusted source, not from someone or something posing as your device manufacturer.
Smart contracts can also be used in supply chains based on IoT technology. For example, perishable goods are usually affected by different environmental conditions as they pass through transportation and storage networks.go through Combine IoT and blockchainFor example, location, time, and temperature data can be collected and integrated into the blockchain to create an immutable historical record of products as they travel through the supply chain. IoT sensors can also be placed in trucks to record key events on the blockchain to help manage the whereabouts and returns of the fleet and support more meaningful billing practices.
Blockchain can also help verify user identity in smart homes or cities for verification on IoT devices. By using blockchain to create immutable records for people in your home or city, you will have a record to track authenticated users. This means there is no need to manually provide access to everyone every time a new device is added.
For example, by using connected sensors, lights, and meters, data can be easily collected and analyzed to ensure 24/7 functionality. Blockchain once again provides a perfect foundation for smart city IoT devices such as air, light, noise and quality sensors, ensuring the security, efficiency and effectiveness of data.
Work together to create a better future
The Internet of Things is booming, preparing for explosive growth in the next few years.By the end of this year, there will be 13.8 billion The number of connected IoT devices worldwide is expected to nearly triple by the end of 2025.At the same time, the adoption of blockchain technology is increasing, with 84% PricewaterhouseCoopers said that the major companies that have actively participated. Part of the reason for this trend is that there are more and more use cases for blockchain IoT, from manufacturing to retail, supply chain to mobility.
Gartner stated that although public blockchain platforms have driven most of the news headlines, mainly around cryptocurrency activities, private blockchains seem to be the main contributor to the growth of the blockchain market and will undoubtedly remain in 2021. The largest market size. Private blockchains provide more opportunities for the technology to be used in IoT use cases and provide greater efficiency, privacy, reliability, and transparency.large enterprise IoT blockchain Solutions will be customized and developed according to business needs, while SMEs will utilize cost-effective pre-packaged solutions. Gartner predicts that the commercial value generated by blockchain will reach US$176 billion by 2025 and US$3.1 trillion by 2030.
