Blockchain is a decentralized system comprising of the main concepts viz. cryptography and Proof-of-Work. These things are what make blockchain a very important resource to be implemented in all the sectors of the current industries. All are rushing in to have their piece of the blockchain eco-system, IoT is no different. Blockchain facilitates the use of information transport providing a safe path for the information flow without user interaction. This is what attracts the use of blockchain especially for IoT devices where the flow of information is huge and also a lot of it comprises of private data.
The flexible and independent nature of IoT makes it much more effective for implementing blockchain. IoT is already beginning to get implemented in our everyday lives, things such as smart thermostats, smart lights, etc are already a part of the network. Using blockchain these devices will also get the advantages that using blockchain offers such as decentralization, rock-solid security, and maximum user privacy.
The most notable uses of blockchain in IoT are in sectors like-
- Supply Chain & Logistics
- Automotive industry
- Smart Homes
- Pharmacy and Healthcare
- Supply Chain
In a global supply chain, there are thousands of people involved which complicate things. It’s hard to keep track of each and every transaction that occurs throughout the whole chain because of the number of parties involved. Implementing technologies such as GPS tracking of goods, vehicle trackers, and temperature sensors make it possible to obtain raw data for keeping a better track of activities. Implementation of blockchain architecture in this process makes it almost error-free, immutable and safe than just using regular IoT infrastructure.
- Automotive Industry
The Automotive industry is the most interesting and anticipated industry for the implementation of IoT and Blockchain infrastructure. Uses such as automated fuel payments, self-driving cars, smart parking facilities are just some examples of how IoT can be included in this sector. With the integration of Blockchain, digital crypto payments can also be facilitated through the system.
- Smart Homes
Smart homes have been the most ambitious creation of IoT devices which brought ease in our everyday life and doing the day-to-day tasks. Smart homes because of the large span of different devices which store very personal information of the users are a security concern. Fingerprint sensors, CCTV cameras, assistants like Google Assistant and Alexa are vulnerable to information exposure exploit which is scary to think about. By implementing Blockchain infrastructure, such private data can be stored in the blocks securely without the user having to worry about it getting hacked.
- Pharmacy and Healthcare
The pharmacy and healthcare industry is a very sensitive industry in which malpractices are rising significantly where the medicines are getting tampered. This is a serious problem with the addition of a large amount of patient’s medical records which also include their personal information. Blockchain implementation with IoT in these areas helps to store this sensitive data securely over a secure platform without the risk of tampering.
