Exploring the applications of blockchain and IoT at Genesis DevCon
What’s most exciting about the advent of emerging technologies is how they can join forces to provide hybrid solutions to real-world problems. This detail goes without saying for the blockchain technology and Internet of Things (IoT) combo.
Given the significance of these technologies, we put together a panel of accomplished individuals to highlight the applications of blockchain and IoT and the impact of the solutions that arise from them.
Why are Blockchain and IoT so significant?
Blockchain technology is a decentralised ledger that secures data that is added to it, makes it immutable, and provides transparency to all its users. Essentially, it works through a chain of blocks (as its name suggests) that consists of time-stamped digital records that are tamper-proof. The data input in the blockchain lies in a distributed network of nodes where each of these nodes has an updated copy of the ledger.
IoT, on the other hand, is a technology that leverages the Internet and (smart) devices to use data inputs to enable other functions to take place in an automated and intuitive manner. This could be something as simple as getting your music system to play your favourite podcast or playlist when you enter your house through set functions via your smart device, or it could be as complex as the government using IoT to monitor and analyze data to create efficient infrastructure management and maintenance.
What sets these emerging technologies apart from traditional tech infrastructures is the concept of decentralisation that protects data, reducing any chance of information theft of hacking. Given that data can be secured and its integrity remains uncompromised, blockchain can enable IoT infrastructures to keep data confidential and secure.
The Panel
At Genesis DevCon, a panel of four experts had an engaging conversation about Blockchain and IoT working together to accomplish several things. The panel: (Moderator) Munir Mohammed — Senior Programme Manager, IEEE; Archana Ramakrishnan — Director — Innovation, Conduent Labs; Sukriti Jalali — Head — IoT & Blockchain, TCS; Avinash Pitti — CTO, Nucleus Vision.
Let’s take a look at some important points discussed at Genesis DevCon.
Points of discussion that explore the applications of blockchain and IoT
The Dynamic Duo of Blockchain and IoT
By the looks of it, it seems that creating solutions based on IoT and Blockchain can change the way we work with data. It leverages data privacy and anonymity to more efficient and secure systems.
Sukriti Jalali added that in addition to the abovesaid, IoT can provide blockchains with realtime data and information, bringing visibility into what is happening outside of the blockchain. It also goes on to add a provenance layer to that blockchain to clarify and validate the information based on its source. This will improve traceability applications with blockchain and IoT.
Archana Ramakrishnan added that this is a very significant application for supply chain infrastructures. The journey of food items, for example, from farm to fork, can be traced to establish the quality of products.
This points out to the fact that blockchain and IoT will be revolutionising several industry verticals as we know it.
Watch the entire panel discussion on IoT and Blockchain here.
How Seamless is the Integration of blockchain and IoT?
The integration of these two technologies is not entirely seamless and it varies across various industries. Ms Jalali expressed that this is a very significant application and that is predicted to see over 30 million IoT devices in 2020. The panel discussed if blockchain technology will be able to manage the sheer scale of data that will be generated on these applications. Blockchain does have the capacity to build a network that can secure this information and make it transparent and tamper-proof.
With that said, Avinash Pitti added that the applications of IoT and Blockchain are not for everything and that you cannot force-fit use cases without relevant applications. He said that based on certain projections, by 2025, we will have over 75 billion connected devices that will be 10x the current population. The key lies in identifying use cases that are relevant. And on that note, he said that IoT devices need to be given unique identities, registration, and security, specifically where blockchain integrations are required.
With respect to configuring and onboarding IoT devices onto blockchains, Ms Ramakrishnan added that it is still an extensive process. There are several discrepancies in this process due to factors like:
- creating manual inputs to integrate devices on blockchain,
- identifying the IoT devices, and
- how a device can be registered on the blockchain.
With respect to the configuration of devices — certain aspects of the device configuration itself are stored on the blockchain that could essentially enable other functions within the device. Example: If a certain device needs a firmware upgrade, or needs to be reset, then the last known configuration stored on the blockchain can be downloaded and applied.
Furthermore, this in itself will provide security to the device. If the said device was tampered with, the last known configuration stored on the blockchain would serve as a reference point. Ms Jalali went on to add that this will also help isolate rogue devices given the implementation of a decentralised, consensus-based network, and further secure your network.
What are the reasons for blockchain not being accepted into the mainstream?
Mr Pitti posited this is going to take its time. Presently, only 6% of projects are live. In the eyes of the government and from a regulation standpoint, blockchain is getting a certain spotlight and there are research and inquiry going into how these blockchains can be used to implement better technology infrastructures in India.
In the commercial sector, real adoption is taking a lot more time. Given the prevalence of the scalability problem in blockchains, commercial sectors are investing in research and development before they get to implementing blockchain.
Ms Ramakrishnan added that the slow adoption rate is also due to the dearth of enterprises coming together and the lack of enterprises championing the applications of blockchain and IoT. She believes that blockchain and IoT are making their way to full adoption. Ms Jalali added that just as we saw a time gap between when the Internet was invented to when e-commerce started taking ground is a couple of decades, blockchain and IoT will take their time to reach mass adoption. However, the landscape is changing. There are production level deployments being done, there are significantly more MVPs, and the creation of consortia to progressively scale with emerging tech like Blockchain and IoT. She also stated that she was bullish on blockchain.
IoT and Blockchain will be significant game-changers in several industry verticals, bringing in accountability and transparency. We can surely expect many more advancements with the combination of blockchain and IoT, seeing more secure, transparent, and immutable applications.
Look out for more engaging conversations and insights from Genesis DevCon.
