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While business applications are moving to a centralized-computing paradigm with the cloud, IoT is moving in a different direction, one that focuses on decentralized edge computing. Decentralized IoT alone has issues related to security and data privacy when many devices interact with each other on a network, but those issues can be addressed by combining IoT with Blockchain.
The combination of IoT with blockchain seems to be an ideal fit: blockchain is decentralized and it is designed to handle trust and safety issues when managing and sharing data. The cryptography of blockchain replaces the trust managed by a monolithic central server. Blockchain can form a framework that enables IoT devices to interact and coordinate transactions.
Farai Mazhandu, consultant at Frontline Contracting, wrote that “blockchain allows sharing of real-time data, the history of that data and any modifications to it. Blockchain aims to improve on data integrity by collecting data directly from the source through IoT devices and other digital systems and being able to come to a consensus on which version of it is the truth.”
Blockchain and IoT technologies are likely to be vital components of a next-generation computing stack. Siva Kannan, VP of Engineering at Gem, wrote that “building a new technology stack is vital: A combination of technologies is the only way to unlock the full potential of each component part.”