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Internet of Things (IoT) and BlockChain: Benefits Include Transparency, Decentralization, and Security
The Intenet of Things (IoT) is the connection of devices with sensors,software and electronics to the internet so that they can communicate and exchange information with other devices. McKinsey estimates that the intenet of things will generate up to $11.1 trillion by 2025.
Issues that are impeding rapid adoption of IoT include:
- IoT today is primarily controlled in a centralized way, and as the number of devices increase, this does not scale well.
- IoT devices and platforms are fragmented
- IoT devices don’t interoperate well and can creates silos of data
- Many IoT devices are not well secured
Some people see blockchain as a solution to some of these problems. The beauty of blockchain is that it provides transparency, making it easy to track and analyze data transactions. Blockchain is decentralized so that there is not a single master controller that can become a bottleneck. And, finally, the level of encryption that blockchain provides means that the data that it manages is secure and can be trusted by all parties.
Ahmed Banafa, IoT expert, said that “blockchain is promising for IoT security for the same reasons it works for cryptocurrency: It provides assurances that data is legitimate, and the process that introduces new data is well-defined.”
Dirk Slama, chief alliance officer at Bosch Software Innovations, said that “we are seeing tremendous potential for the application of Blockchain in industrial use cases. Being able to create a tamperproof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability. This must be supported by a shared Blockchain infrastructure and an integrated Internet of Things protocol.”
