Real-life Implementation of Blockchain
for IoT and its Applications
Blockchain technology has developed tremendously in the last few years. We have already witnessed many of its practical implementations, especially in the form of cryptocurrency. Being immutable and decentralized, it can bring security to different industries and sectors. One of these industries is the Internet of Things (IoT).
IDC prediction — ‘By 2019, Blockchain will be integrated into 20% of IoT deployments’.
The need for Blockchain for IoT solutions
Now the question arises ‘Why Blockchain should be implemented for IoT?’ To answer this, we will be looking at some of the features of Blockchain that will fill the loopholes in the IoT solutions and can be beneficiary for it.
One of the major features of Blockchain application development technology which distinguish it from other technologies is its immutability. Being hack-proof, Blockchain can provide the stability as well as the 100% data security that IoT solutions still lack. Another feature of Blockchain will be decentralization which gives the IoT solutions the robust, reliable and transparent environment for all the processes within its ecosystem.
Let us observe some of the real-life implementations of Blockchain in IoT solutions for a better understanding of what can be achieved with IoT and Blockchain combined.
Practical case studies of Blockchain for IoT and its applications
· NetObjex (Automotive industry)
Digitization is one of the modern trends in the automotive industry and it is currently utilizing IoT sensors to bring a new era of fully automated vehicles. Introducing Blockchain into these IoT enabled vehicles will lead to a variety of new features.
One of these features can be to share any type of information like destinations, photos, etc. with multiple users with the decentralized network. Blockchain would also enable automation of payments, for example:- smart parking, automated fuel payments, and much more.
‘NetObjex’ will be the best case study for this. Together with a parking sensor company ‘PNI’ NetObjex has achieved the smart parking solution. With the combination of Blockchain and IoT, they have reduced the process of finding a vacant spot for car parking. Not only this, the IoT sensors calculate the duration of the parking and the payment is done directly through the crypto wallet.
· Telstra (Smart Homes)
We are stepping into the world of IoT enabled home security systems where it lets the user manually control the security via their smartphones. But IoT devices lack the security of exchanging information and proving its origination. Blockchain can solve this issue by introducing its security and decentralization feature.
The Australian media and telecommunication company — Telstra has introduced a new smart home solution. They store the biometric security information collected from the smart devices on a Blockchain network. Once the data is registered on the Blockchain, it is immune to any manipulation and the access of this data is given only to authorized individuals.
· Commonwealth Bank of Australia (Banking)
We all agree on the fact that Blockchain is perfect for finance and banking. It can provide the security and privacy for the transactions and processes by the banks. The e-transactions and cross-border transactions are more vulnerable to cyber attacks. Any e-transaction done on IoT devices will be more secure with the integration of decentralized technology.
‘Commonwealth Bank of Australia’ just did the thing and experimented with IoT and Blockchain in a cross-border transaction. By utilizing Ethereum Blockchain’s smart contracts and IoT, they were able to pull off the first interbank trade transaction with US-based bank, Wells Fargo and Brighann Cotton.
· MediLedger (Pharmacy Industry)
Today, the biggest challenge the pharmacy companies are facing is counterfeiting of medicines. The healthcare industry is witnessing an increasing number of counterfeiting cases daily. It needs a solution that can track the prescription drugs from the manufacturer to the customer without any tampering.
Blockchain and IoT can be the solution to this, as IoT devices can help in traceability of the drugs while Blockchain can store and share the important information securely with access only to authorized individuals.
‘MediLedger’ is the game changer for the pharmacy industry, as it combines IoT and Blockchain to give a platform that is both secure and automated. The platform offers its users the option of smart contracts which helps them to automatically order their medicines on a periodic base. It also offers features like financial management and tracing of the prescription drugs from the manufacturer to the customer’s doorstep. All of this happens with everything being stored and time-stamped on a Blockchain network.
· Slock.it (Sharing Economy)
Today, sharing economy is the rapidly adopted concept around the globe. The decentralized ledger can help in developing shared economy applications for sharing of goods without any interruption.
‘Slock.it’ is exploring the same by utilizing Blockchain for sharing IoT devices and objects. What’s more is that they have planned to develop a Universal Sharing Network (USN) where all the IoT objects or devices can be shared, sold, or rented without the need of any intermediaries.
· TradeLens (Supply chain and Logistics)
In a supply chain, there are many layers of stakeholder from raw material providers to transporters to brokers. The fact that supply chains have so many stages and so many payments involved, it is difficult to keep an eye on everything from end-to-end. Blockchain together with IoT sensors can simplify this long and complex process. IoT sensors can send the data from the shipments to the right person for tracing purposes, for any kind of issues or hindrances alerts, or for payment notifications.
‘TradeLens’ by IBM is bringing this idea into life. It combines Blockchain and IoT to reduce the cost of global shipping, reduce the paperwork, and increase the visibility across the supply chain. The data on the platform remains confidential and is shared only with the authorized individuals. TradeLens has already registered more than 230 million shipping events.
End Notes
Blockchain technology is secure, reliable, and when integrated with IoT, can give rise to some effective and efficient real-life solutions. In this article, we have discussed some of the practical case-studies of Blockchain and IoT combined. These are just a glimpse of what can be achieved together with both of these technologies. In the coming time, we can expect more development of real-life solutions of Blockchain and IoT.
