The retail industry is today, one of the most vibrant industries pushing for innovation backed with considerable investment in e-commerce, mobile and supply chain technologies.
With the pace the society is evolving, it’s important to discuss the usuage of blockchain in connectivity and internet of things. The interaction within these smart gadgets among themselves and with the web can be established through blockchain technology. Different ledger technology permits certain index of interactions between the smart gadgets and the web. This is an efficient way by which it can keep track of all the devices interact among themselves and with the internet, and also the history of the processes that had been done through each interaction.
Blockchain and IoT
Blockchain technology resolves many issues when it comes to processing contractual behavior between peers without involving any third party to verify the IoT transaction. There are few major blockers comprises scalability, risk of any particular point failure, time stamping, and securing transactions. In this situation blockchain technology comes into the main picture, and easily solves the issues in a faster pace. Blockchain technology can be implemented to design a simple infrastructure for two devices to directly interconnect and transfer crucial information like money or data — between one another.
This property helps the autonomous functioning of smart gadgets without the involvement of any authentic centralized authority, which is what usually happens when blockchain is being implemented to system.In case of peer-to-peer transaction to human-to-human or human-to-objects, it results with a fully issued dependable digital infrastructure capable of connecting, transacting, and interacting with each other.
IoT devices can retain smart contracts to communicate among each other and connect to the web. This way, there’s no requirement for a centralized authority to validate each relationship or transaction between the two parties.
Applications in coming days
In near future blockchain can be used to improve and increase the stability of connection between IoT devices, some other use cases which could be investigate in the future. The first major use case of implementing blockchain into IoT devices is security. Security issues have been affecting the working of both the cryptocurrency and blockchain industries, since hackers usually search for gaps within a company’s infrastructure.
In addition, the current growth of data science has led to the involvement of IoT based on Blockchain devices in the analysis of the data which are received. There are lot of companies who are completely based on data. And they are finding ways to make it transparent and use it for immediate purposes.
In big MNCs IoT and Blockchain can be used to strengthening the security of the infrastructure. Also, they can be implement to extract followed by analysis of data.