What is IoT in Blockchain, and how is it Accelerating Innovation?

Blockchain technology has become a distributed digital ledger all across the IT sector. It has transformed many conventional perceptions regarding Innovation and technology. Since 2014, blockchain technology has earned good attention in numerous sectors for its excellent applications. This technology ensures a rapid and accelerating evolution across different sectors. The technology has recently been clubbed with the Internet of Things, and IoT in Blockchain is driving great results across multiple industries. 

With the arrival of smart cities and smart homes, the Internet of Things (IoT) has also gained immense popularity. It offers state-of-the-art opportunities to make the future more revolutionized, more intelligent, and more innovative. The global market size of IoT is expected to increase by 45.1% by 2026. 

IoT is transforming how enterprises work, but they need to protect their information at levels of the IoT ecosystem. The number of devices connected with IoT is growing every day, making data security more complex. IT experts focus on integrating IoT in blockchain to help combat security breaches. You might be interested to know what is IoT in blockchain and how it accelerates technology.

IoT in Blockchain

Before diving into the blockchain IoT use cases, it is vital to understand how blockchain and IoT can be integrated. Blockchain is a distributed ledger technology that makes digital transactions much easier and safer when combined with IoT. IoT in blockchain enables smart devices to work autonomously without demanding a centralized authority. It can help track how intelligent devices communicate with each other.

IoT in blockchain can help enterprises manage data on edge devices, reducing the cost associated with data transfer and device management. Integration of blockchain with IoT can provide enterprises with an array of benefits, some of which are;

•         Generate New Efficiencies
•         Greater Flexibility
•         Increased Security
•         Trust in IoT Data

The Working of Blockchain Technology for IoT Applications

The concept of IoT in blockchain mainly depends on three traits of blockchain, which are;

1. Distribution

Blockchain technology does not keep data in a single place; instead, it distributes it throughout different computers on the network. Integrating IoT in blockchain enables IoT users to submit and retrieve their data from other devices more effectively.

2. Immutability

Blockchain technology’s immutability helps detect changes in stored data.

3. Decentralization

When the immutability and distribution of blockchain technology protect the integrity of IoT device data on blockchain networks, decentralization can be a visible setback. It can reveal sensitive data of IoT users to third parties.

Use Cases of IoT in Blockchain

Blockchain can empower IoT devices with better transparency and security. Blockchain IoT examples are making names in all significant sectors, such as financial institutions and agriculture. Below we have proof of how IoT in blockchain can accelerate innovations and deliver prolific business values.

1. Supply Chain Management

Supply chain management is the most significant sector relying on IoT blockchain applications. The supply chain includes numerous stakeholders, such as raw material providers and brokers, introducing complications in visibility. It also includes various payment methods and invoices.

IT experts are working on IoT in blockchain to make IoT-enabled vehicles more responsible for tracking shipments. This combination will help enterprises improve the traceability and reliability of the network. IoT sensors integrated with blockchain can provide critical information about shipment status. Some standard IoT sensors include;

•         Vehicle Information
•         GPS
•         Connected Devices
•         Motion Sensor
•         Temperature Sensor

IoT blockchain examples in supply chain data management enable enterprises to store information on the blockchain. Once the data is stored on the blockchain, the stakeholders can access real-time information and prepare transactions across borders.

2. Pharmacy

The blockchain IoT applications in the pharma industry help in highlighting some critical information, such as identifying counterfeit medicines. A recent report by World Health Organization (WHO) highlights that 50% of the drugs available on the internet are fake.

Pharmaceutical companies have to deal with the manufacturing and distribution of the drugs, which can create difficulty in tracking the lifecycle of these drugs. IoT in blockchain helps the pharma industry monitor the shipment of drugs from the point of development to the end user.

Mediledger is a prolific example of IoT in the blockchain. This IoT blockchain example helps track the legal changes in ownership of prescription medicines. It offers a simple interface for using IoT and blockchain technology together. Mediledger is an immutable IoT blockchain use case that allows access only to;

•         Manufacturers
•         Wholesalers
•         Distributors
•         End Customers

Mediledger also offers a straightforward and easily navigable payment process with improved security.

3. Smart Homes

IoT and blockchain in smart homes show how IoT in the blockchain is accelerating innovations. With blockchain IoT security, smart homes can find excellent ways to remotely manage their home security systems. It ensures that the sensitive user data on the blockchain has better security. IoT in blockchain secures data with;

•         Voice recognition
•         Biometrics
•         Facial recognition

The immutability traits of blockchain ensure that data is accessible only to authorized individuals.

4. Automotive Sector

The automotive sector is another promising sector leveraging the power of IoT in blockchain technology. This sector has successfully used IoT sensors to develop completely automated vehicles. Experts connect blockchain with industrial IoT solutions to empower multiple users to exchange critical information faster.

The automotive sector has the most encouraging platform for blockchain IoT use cases. This combination can result in numerous beneficial applications, such as;

•         Autonomous Cars
•         Automated Fuel payments
•         Automated Traffic Control
•         Smart Parking

The automotive sector leverages the best of both IoT and blockchain technology.

5. Agriculture

The IoT in blockchain has also revolutionized the agriculture sector. IoT blockchain applications help track the impact of weather and other external conditions on the quality of the yield. It supports the agriculture sector produces more food to fulfill the needs of a growing population. IoT blockchain applications in agriculture help farmers review the collected data for improving their farming techniques.

The Bottom Line

IoT in blockchain has revolutionized an array of sectors. The promising capabilities of blockchain, such as immutability, transparency, and distribution, can empower IoT-enabled devices. Integrating blockchain with IoT can help the future become more imaginative, innovative, and revolutionized. All the most significant sectors, including agriculture, automotive, pharmacy, and supply chain, are leveraging the best IoT blockchain use cases.