The blockchain technology has long been changing the overall concept of the IoT.more and more people start to realize the strong links between the blockchain and the IoT. Both technologies have such perks which can be mutually beneficial when they are combined.
The word IoT is relevant to our daily lives when we use our mobile devices with decent internet connection for certain activities from browsing, playing games, tracking, and so on.
The IoT users are going to take the impeccable access from their smartphones or tablet without any hassle. With the commencing of the blockchain technology, this activity seems to be improved well. It improves the effectivity and efficiency of the IoT. As the time goes by, the blockchain will transform the whole life, as long as there’s always the demand.
There are around twenty billion connected devices around the world. It is an incredible number. That means the existence of the blockchain in relation to the IoT is inevitable.
So, how the blockchain enters and what is its role? All I can say is that blockchain is going to be the major influencing aspect. The most pivotal point about blockchain that people need to know is its nature of decentralization. decentralization can lead to the minimized point of network failures. For instance, there’s still possibility of mistakes when you are transferring cash to your recipient in another country because the one process it is the bank. The human error does still exist.
Meanwhile, the automation process offered by the blockchain can overcome this problem.The decentralized characteristic of the blockchain can help minimize the losses of valuable data.
The smart contract in the network allows the devices to act according the strict security protocols. the agreements will be conducted according to the requirements and bound between the two parties. No other parties can intervene with these contracts. the blockchain can minimize the chance that the network is breached by hackers or someone irresponsible. Therefore, it will give the peace of mind for the users to transact online with other users.
The blockchain with IoT holds such an important role in managing the architecture of the IoT networks. The biggest perk is the flexibility, security, as well as the scalability. Although we have seen the changes that the blockchain makes over the IoT, we can see the significant practices by 2022. it will transform the world to be better.