Industries That Blockchain Will Radically Transform Internet of Things
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money. Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Internet of Things
Along with blockchain and artificial intelligence,
the Internet of Things is another technological development that is up and coming, with radically transformative effects. Essentially an internet connecting all devices, we are soon to live in a world where our smartphones can “talk” to our fridges and cars. Naturally, such a system is fraught with potential security and transactional problems. The amount of processing that will take place is also unprecedented. Yet again, the brilliance of blockchain technology can answer these problems.
With no central system necessary, blockchain would make this heavy processing much easier to handle while also securing data in an encrypted format. Tokenized mechanisms can monetize transactions between different devices and seamlessly integrate different services. Waltonchain and IOTA (which utilizes Directed Acyclic Graphs, not blockchain) are two of the big names in this niche. Combining RFID technology with blockchain and the Internet of Things to form what they call the “Value Internet of Things”, Waltonchain believes that a new business system will evolve where logistics, manufacturing, retail and infrastructure can share data securely. Because of RFID technology, the system will also feature product traceability and asset ownership.
IOTA is shaping up to be a practical, feasible way for machines to communicate with each other. The best way to describe the project is through a potential scenario: imagine driving a car registered on the IOTA network through a toll booth. As you pass through the toll, the car communicates with the toll and automatically makes the transfer. We live in a world that is increasingly dependent on machines, so you can imagine the potential of a system that automatically executes those dependencies. Hurify is another project in the IoT space that aims to accelerate the growth of the industry. The platform allows developers to find IoT development jobs and improve their skill set more easily. Clients can find the right talent for their IoT projects and lower their overall costs. Samsung and IBM are also working together to this end, on a blockchain initiative called ADEPT.
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