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Internet of Things

Blockchain Technology is the silver bullet that can save the future of IoT

CURRENT PROBLEMS

High Cost associated with maintenance of heavy infrastructure, centralized clouds running on large server farms and labor charges of middlemen

Lack of Trust in the Internet – In an IoT network, trust is impossible to engineer and guarantee. Most solutions permit centralized authorities like manufacturers or service providers to gain unauthorized access to and control devices by collecting and analyzing user data

Lack of privacy and anonymity

BLOCKCHAIN SOLUTION

Blockchain is a public ledger that holds a record of every transaction which has ever been executed by a participant. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a chronological order and cryptography is used to verify transactions to keep information on the blockchain private. The decentralized consensus mechanism used to confirm transactions in a blockchain eliminates the need for trust and creates a revolutionary transaction processing tool.

Thus, blockchain can be used to create a decentralized IoT framework, facilitating transaction processing and coordination among interacting devices, where each device manages its own roles and behavior, thereby, decentralizing Internet of Things to create an autonomous system.

ADVANTAGES

 

Low Cost

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Increased Privacy

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Better Operational Life

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Autonomous

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Enhanced Functional Value

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Decentralized

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