5 Ways Blockchain Will Transform the Life of a Common Man

The concept of Internet of Things is increasing rapidly, and is becoming more and more significant for professionals to understand. Many people are unaware of the fact what exactly is IoT (Internet of Things), what is IoT platform, how is can be used to improve business strategies. So what exactlyis Internet of things?

Internet of things is an ecosystem dogcoin of connected hardware devices that are easily accessed using the internet. The ‘thing’ in IoT could be an individual wearing a smartwatch or a machine with built-in-sensors, i.e. interlinked computing devices which have to ability to collect and move data across a network without manual assistance or intervention. The technology integrated into the devices helps them to interact with internal states or the external environment, which in turn affects the decisions taken. Let’s take a look at how IoT works?

A internet of things system integrates four components: sensors/devices, connectivity, data processing, a user interface.

Sensors: Collects external data from the devices and forwards the data to the cloud.

  • Connectivity: All the devices needs to be connected to cloud by using various methods like Wi-Fi, Bluetooth, internet, Ethernet etc. Selecting which method to connect depends on specific applications.
  • Data Processing: After receiving the data from the specific devices to the cloud, software processes the data and take an action to automatically send alerts and adjust the devices without the need for the user.
  • User Interface: The alert sent by the device will help users take a look at the system and make any adjustments the information is sent to cloud and back to the device.

IoT platform enables cloud-based application and services:

An IoT platform is a multifaceted technology that facilitates uncomplicated delivery, execution, and automation of linked devices within the Internet of Things universe. It specifically connects your hardware, however different, to the cloud by using supple connectivity choices, enterprise-grade security methodologies, and large data processing powers. IoT platform can also be referred as the middleware that connects the remote devices to user applications and handles all the interaction between hardware and the application layers. IoT platform recognize its main business value, that is enabling standard devices with cloud-based applications and services.

As the number of smart and wearable devices are progressively increasing across the globe, IoT are expanding. Even though it’s progress is excites and guarantees change that will influence the world in many ways but, it’s not without its flaws and has caused some suspicions regarding its security. The answer to this security concern could be another upcoming technology, Blockchain.

Blockchain is nothing but a distributed ledger technology, which can be touted as the solutions to security challenges. Blockchain technology makes it possible to cut out the middleman and make transactions directly; it records those transactions cryptographically, so they cannot be changed or altered once recorded. Blockchain technology has spread its wings across every industry and has an endless number of applications. With the security breach happening in IoT, blockchain could be the solution for several pain areas. But, why does IoT needs blockchain technology to secure its data flow?