Blockchain as a Perfect Solution for the Internet of Things
Internet becomes widely available and penetrates in all spheres of our life. If few years ago it was difficult to find Wi-Fi spot, now every cafe offers clients the pleasure of reading favourite blog or checking Facebook account over a cup of coffee. Smartphone fits into a pocket, but gives its owner an instant access to world wide web anywhere. More and more devices have Wi-Fi capabilities and can be interconnected. It’s not only computers, laptops and tablets any more — washing machines, microwave ovens and vacuum cleaners are involved in the network too. We are witnessing the beginning of the concept called “Internet of Things” — next logical step in the evolution of the Internet.
Internet of Things (IoT) is an umbrella term, that describes a web of connected devices that communicate with each other and produce data. Explaining simply, it is when you open your wardrobe — and it informs you about temperature and weather outside and offers the most suitable cloth for today. It is when smart outlets in your house let you instantly turn on and off any plugged in device from anywhere in the world — so you don’t have to worry no more whether you have turned off the iron or not and return in rush home to check. It is when hydroponic system waters your plants and keeps them fed while you are away. Sounds good, doesn’t it? It makes life easier, as you place part of your responsibilities on devices.
One of the brightest examples — a smart refrigerator Family Hub, created by Samsung. It is connected to the Internet, equipped with a huge touch-screen on the door, where you can order products from supermarket, doodle notes, set your family calendar and many more. You can set different sections to perform functions of cooler, ice-maker or a wine fridge. One of the most interesting features is that it makes a photo of the inside of the fridge 10 seconds after you close a door and reflects it on the screen — so you don’t have to open a refrigerator to see what’s inside.
And here comes the most important question — what about security? All those connected devices not only help in daily life, but are also constantly gathering information. Above mentioned Samsung fridge is capable of sending statistics of your eating habits. In the IoT concept, even your toothbrush can transmit your personal information (no joke, there is a smart toothbrush that is able to detect the average time of brushing and gives manufacturers an opportunity to adjust the size of a battery). Now it doesn’t sound very scary, but who knows to what extent may increase the amount of gathered information. When all your devices are connected and store your personal data, hackers can get access to sensible and valuable private information by finding vulnerabilities in just one device. In IoT the hacking of your toaster can lead to data leak.
Problem of privacy and security vulnerability can be solved by the implementation of a blockchain technology into IoT. Some experts say that blockchain is the missing part of IoT, that finally has been discovered. Blockchain, built for decentralized control, seems to be a perfect solution for providing more reliability and scalability.
Blockchain provides secure way to transact and record all information, making the regulation of IoT devices safe and protected. Private blockchain not only perform user recognition but also guarantees the authentication between interconnected devices. Usage of blockchain in IoT will eliminate the need of third party verifications as transactions are unchangeable and already verified just by their existence. It saves money and resources. Blockchain can be used in IoT for organizing, storing and sharing data without centralized storage or authority.
Many companies are already working on implementation of blockchain technology to the IoT system. For example, IBM and Samsung have been developing a concept called ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry) that is based on blockchain-type technology to form a foundation for a decentralized network of IoT devices. In this system blockchain will be a public ledger, eliminating the need of a central hub to maintain communication between them.
Blockchain, initially used as a core component of Bitcoin and other cryptocurrencies, becomes widely used in all possible industries. Nowadays many entities are interested in using blockchain in a wide variety of services — from land registering to voting system. Possibilities of blockchain seem endless, and we only begin to explore this technology. We live in the age when everything that can be digital or virtual becomes so. That’s why, for example, more and more people begin to use cryptocurrency — traditional money, invented hundreds of years ago, are just too obsolete for the modern world. We have to keep up with the latest developments and be flexible enough to change along with the changing world. If you are ready to change — make a first step and join the whole new world of finance built on the blockchain with Bonpay.
