Will Blockchain Revolutionize The IOT In The Near Future?
Will Blockchain Revolutionize the IOT In The Near Future?
Blockchain, a distributed database that maintains an endlessly growing list of records protected from unauthorized alterations, has been the spark behind the rise of cryptocurrencies like Dogecoin and Bitcoin, but could it also revolutionize the Internet of Things in the near future? Let’s shed some light on it.
When we talk about data security, storing, sharing and distributing data is always a risk without Blockchain today. Every interaction that you do online completely relies on some trusted centralized authorities; you are putting your whole trust on some other sources to be reliable. Until the arrival of Blockchain, whole interactions depended on the trusted hub to have processes in one place to prevent data theft, manipulation and infringement. In simple terms, you receive your bank account statement online or do things like money transactions. But the question is who is going to stop your bank from making mistakes or simply not providing the level of security needed to protect your personal data from being hacked.
At present, the most disruptive technologies in computer science is not a smartwatch or a high-res screen or Google’s driverless car – It’s only one distributed public database, dubbed Blockchain that keeps an important and growing list of transactional records under wraps. Blockchain has already kick started a revolution in the field of banking by building a decentralized record book that permits legions of internationally networked computers to operate as a chronological database of transactions. Cryptocurrencies should thank Blockchain for their rise in reputation.
Just as Blockchain has revolutionized the field of banking, it could also be used to maintain the growing masses of data being produced by internet-connected devices. American multinational technology company (IBM) has already initiated to develop ADEPT (Autonomous Decentralized Peer-To-Peer Telemetry) in partnership with South Korean multinational conglomerate company (Samsung). These two giant companies have used three protocols to underpin the concept of ADEPT i.e File sharing, Smart Contracts, and peer-to-peer messaging. By using an implementation of the Bitcoin protocol, ADEPT could provide an impeccable connection between many devices at a competitive price. At present, the primary goal of IBM and Samsung is to have Blockchain as a record bin for billions of transactions that the IOT will generate. Other digital marketing company in India is also trying to indulge themselves into Blockchain field.
It seems that Blockchain will be the ultimate solution to many issues that we confront in the IOT in the near future. This new distributed database offers a remarkable opportunity to build a reliable system, which enables highly encrypted, secured distributed data sharing and a perfect way to put in order all devices that allow them to validate every online transaction. You can see all the aforementioned illustration is pointing to the bright future of the Internet of Things and digital marketing domain.