Blockchain Use Cases: Internet of Things
Blockchain is a cutting-edge technology that can be implemented in a variety of different fields and make our life better in many ways. Our Blockchain Use Cases heading is meant to study the ways blockchain can be applied and overview the projects implementing it in different fields.
The Internet of Things (IoT) industry is rapidly growing. According to statista.com, the market size of IoT is expected to be worth $520 billion by 2021. Today’s IoT infrastructures are centralized, cloud-based and shared, while in the near future we expect to deal with more decentralized p2p IoT infrastructures. Blockchain technology can be used as an essential component of IoT projects providing higher level of security, reliability and decentralization opportunities. Some applications of blockchain in Internet of Things systems are:
- guaranteeing the data safety and reliability;
- providing higher level of decentralization and privacy;
- facilitating infrastructure management;
- improving workflow and real-time visibility.
Now let’s have a look at the most disruptive use cases of blockchain technology implementation in IoT-based projects.
Supply chain
Global supply chain networks involve many stages and consist of multiple payments and invoices, besides they can extend for months, so that they have complicated end-to-end visibility and are rather difficult to manage. A combination of blockchain and IoT technologies can allow improving the speed, reliability and traceability of such networks. Different types of IoT sensors and devices can be implemented in order to track the movement throughout the shipment process. This data can be securely saved on the blockchain so that all the parties involved in the process could get access to the information in real-time.
Smart homes
There are amazing smart homes IoT solutions available to use in our daily lives nowadays. One of such solutions is improvement of security systems with the use of blockchain and biometric security so that the data could be saved securely in smart devices. IoT sensors can provide sensitive user data such as biometrics, voice and facial recognition. Blockchain can be implemented for user authentication. Besides, once this data is saved on the blockchain it cannot be modified or stolen.
Automotive industry
There is a number of ways to implement Internet of Things and blockchain for the automotive industry. For example, these technologies can be used for parking solutions enabling automatic finding of parking area availability. IoT sensors can calculate parking charges for the parking duration and make automatic billing. While blockchain can be used for parking data record and authenticity. Besides combination of blockchain and Internet of Things can be implemented for vehicle sharing or taxi services, and more.
There are some startups that have already begun to employ blockchain and IoT to build the robust business solutions. Some of them are:
✔ IOTA — an open-source distributed ledger meant to power the future of the IoT with feeless microtransactions and data integrity for machines. IOTA uses its own Tangle software protocol instead of traditional blockchain.
✔ Waltonchain — a blockchain and IoT ecosystem meant to realize consensus, co-governance, co-sharing and co-integration of IoT data and services in the information era.
✔ Blocksafe — a blockchain-as-a-service network for IoT data security, storage and management. StreamIot Platform features 2 versions — enterprise for business and a DIY sandbox version providing tools and services to support IoT projects.
✔ netObjex — IoT-blockchain platform helping enterprises to derive maximum benefit from leveraging blockchain, IoT, machine learning and big data in the most optimal manner.
✔ Stock.it — a blockchain-based platform for sharing of IoT-enabled devices. Its IoT Layer allows for efficient connection of devices to the blockchain. It is highly interoperable with other devices and completely decentralized.
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