It is an exciting time for technology and as it rushes ahead regulation and protection struggle to keep up. It is vital to be aware of where our data goes and how it is used, whether for good reasons or for exploitation. As we connect more and more devices online our data can flow freely and there is the potential of losing control of it.
Due to this blockchain is the ideal solution that many have already started to put in place. Avivah Litan, an IT industry analyst at Gartner said that a survey revealed that “75 [percent] of IoT technology adopters in the U.S. have already adopted blockchain or are planning to adopt it by the end of 2020 out of more than 500 U.S. companies.”
With the use of blockchain, it can create a trusted transparent environment between virtual networks and devices.
Products that require this environment will be IoT companies that integrate digital and mechanical machines together to avoid human to human or computer to human contact. For example, devices such as apple watch and amazon Alexa potentially could benefit from blockchain technology.
Other IoT devices that are used in industries such as healthcare and military sectors that contain confidential information will greatly benefit from the trust and transparency that blockchain provides making it the ideal partner in managing data that flows through devices.
Avivah Litan also revealed that 63% of survey respondents listed increased security and trust in shared multiparty transactions as the top benefits of combining blockchain with the IoT. A further 56% listed the main benefits as an increase in business efficiency and lower costs.
As the benefits of blockchain are now realised many companies and industries which to implement the technology. However, Litan cautioned that blockchain implementations related to protocol changes can potentially be difficult for long-lived IoT devices due to its relatively high volatility.
Some blockchain implementations struggle to scale to the transaction rates that can be generated by large numbers of connected things.
He expects the mass combining of the IoT and blockchain to mature in 5 to 10 years.
It is clear that together the technologies have a promising future that will soon reach the lives of all people in day to day devices. In fact, blockchain is already improving our lives.
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