How Blockchain Empowers IoT in Assorted Sectors?
For a matter of fact, IoT is evolving to be the future of the digital industry. Likewise, blockchain technology is also prominently used across various industries. Blockchain's decentralized and tamper-proof feature makes it a most sought after technology especially for the IoT devices, as this technology creates a decentralized environment and scalability to IoT devices. Using blockchain, technology aids the IoT industry to track several other devices that are connected in the entire network. Furthermore, blockchain has the potential to cut down the installation and server management charges. Integrating blockchain and IoT devices would secure the network from cyberattacks and it uses cryptographic algorithms that assure data safety and privacy in the IoT network.
Currently, India's IoT market size is predicted to grow at a rate of 62 per cent of CAGR and would touch $9 billion by 2020. The growth rate indicates the prevailing use of IoT devices, and the emerging smart cities also play a vital role in widely expanding the use of IoT devices. Here is how blockchain integrated IoT devices could be utilized across various industries that prominently use of IoT devices.
Leveraging the decentralized network along with connected devices would enable customers to transmit the most crucial information at a snap of a finger. Alongside, this technology amalgamation in the automotive sector could bring in various changes in the autonomous cars, self traffic control, fuels payments, automated parking and more.
Like any other sector, IoT device usage has gained wider traction in the healthcare industry as well. The progression in medical technology brings in newer tools and improved responsive care. The technology advancement could enable the doctors to provide enhanced treatment. But on the contrary, the devices gather a lot of sensitive information. Thus, robust security to ensure data safety and confidentiality are very crucial in the healthcare sector. The blockchain IoT use cases would aid in securing these devices and ensure data protection enabling patients to track the data usage and its purpose. Moreover, this blockchain empowered IoT devices assists in improving remote patient monitoring which is a most alluring use case of these devices in the healthcare sector.
Smart Homes have extensive use of IoT devices amongst others. Hence, data security is still a major concern in smart homes, as the exchange of information doesn't guarantee data security. Blockchain technology-induced IoT devices could help in addressing data security distress by eliminating the centralized infrastructure.
Blockchain not only sorts out security issues but, it also helps in minimizing operating charges and adding new features. Blockchain technology basically works with transactions and enables communication in the network, and would be an ideal technology to track the processes in IoT. Alongside, blockchain and IoT integration would create a guarded environment, reduces process charges, surges transaction processes and not to forget their robust security. These technologies have been adopted and are already in use to develop smart devices. Blockchain and IoT together put an end to several issues such as scalability, reliability and more. Further, blockchain technology could aid in monitoring numerous devices that are connected to the network.