Blockchain for the IoT in Business

A New Horizon in Data Sharing Framework

Blockchain is a shared distributed database for peer-to-peer transaction. The core of this technology is bitcoin – a digitally encrypted wallet for controlling transaction and payment system which was introduced in 2009. This transaction management system is decentralized and generally runs without any intermediary. These transactions are endorsed by a set of network nodes and documented in a communal ledger known as blockchain.
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The Internet of Things (IoT) is a cyber-physical network of interconnected computing devices, digital objects, and individual with unique system IDs. The objective of the IoT space is to serve a single point of integration and transfer data online without the need for human or computer interference.

There is an intricate relationship between blockchain and IoT. IoT providing business entities may find solutions using blockchain technology. The joint system can develop and record a cryptographically secured dataset. Such database and records are protected against alteration and theft, provided that it is highly secured and malware protected. The duo can build transparency and accountability while moderating business development mechanisms. Blockchain itself can help reduce workplace mismanagement, overhead expense and business unpredictability through its interconnected servers. The digital ledger can develop a cost-effective business and management system where anything can be effectively exchanged, properly monitored and tracked. This process eliminates the need for central management system, which essentially eliminates many bureaucratic red tapes and streamlines business processes. The commercial adoption of this innovation is offering immersive platform in IoT domain and within business enterprises.

Blockchain essentially empowers the interconnected IoT devices to partake in secured data exchanges. Companies and business entities can use blockchain to manage and process data from edge devices, such as RFID-based assets (Radio-frequency identification), machine readable barcode and QR code, infrared bluster (IR Bluster) or device information. If integrated to business setup, the IoT edge devices will be able to transfer the blockchain-based records to update contracts or validate communication network. For example, if an IoT enabled and RFID tagged asset with sensitive geographic location and confidential information moves to another undesignated point, the information will be automatically stored and updated on a blockchain ledger and necessary actions will be taken if the system is assigned. As the product advances to different locations, the system allows the stakeholders to get status of the package’s whereabouts.

To enjoy the fruit of the blockchain enabled IoT framework, business organizations need to bear four basic principles:

1. Cost Reduction

The edge devices need to decrease operation processing time and eliminate the IoT gateways or internet intermediaries within the system. Since data sharing, and information are communicated within the system, eliminating additional protocol, program, hardware, channel, node or communication cuts the overhead costs.

2. Accelerating Data Exchange

Blockchain enabled IoT can eliminate the IoT gateway or any filtering device required to establish network among cloud, administrator, sensors and devices. Expelling such ‘middle man’ can enable peer-to-peer contracts and data sharing. In this process, the digital ledger eliminates the additional time required for synchronizing device and processing and harvesting information. However, eliminating the IoT gateway provides conduits for malicious malware and security breach. The blockchain enabled IoT network can tackle it by installing features such as, malware detection, and encryption engines.

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