The growing innovation has brought a number of cutting edge technologies today with potential to revolutionize the future. From Blockchain Technology to Internet of Things (IoT), these top notch tech seems to promise development for sure. Individually these innovations are capable enough to resolve multiple current issues, while their collaboration expectedly brings the unprecedented advantages as well.
IoT Amassing the Use Cases and Users
The Internet of Things in layman’s terms enables the machines to set up connections and talk and communicate with each other. IoT devices get installed within the machines and form an internal ecosystem making the process way more smooth and frictionless. From apparatuses making day to day life easier to big industrial machines requiring lesser human involvement, the technology clearly eases the lives.
IoT devices are connected to each other in an ecosystem where the data is stored in a centralized server. These servers facilitate services like processing power and storage. The dependency on these centralized servers worries IoT proponents given the expansion of technology would ask for more and the existing system might not handle the burden.
From machines working in the factories to traffic lights installed on roads to household equipment, all of them are either Wi-Fi enabled or soon to get it. Sooner or later it is going to and that will lead to some major issues. These devices require collecting, receiving, sending and processing the data in order to talk to each other. With the growing number of devices, the existing networks will start facing congestion issues leading to increased cost for computing and storage purposes.
Blockchain Would be Saviour for Issues
Blockchain technology, however, seems to be the potential solution to this major problem. It holds a whole lot of advancements over the traditional centralized servers including decentralization, fast speed, better security and many more.
| Existing Centralized Servers | Blockchain Technology |
| Cost of operation would be high Processing and storage issue due to limited resourcesPossibility of outage pose thread on data lossTracking is not simple and easy taskSecurity concerns remain high | Operational cost will be relatively cheaperHolds better chances for both the operationsDecentralization ensures no loss of data due to outageLot more easier and simpler than othersCryptography guarantees the security |
According to International Data Corp, about 20% of overall IoT device deployments in 2019 were powered by blockchain.
Statista estimated by 2025, the number of IoT devices likely to reach up to 75 billion. This shows that the blockchain tech has a lot of opportunity ahead given the current system is unable to take the load.
From the energy sector to logistics to transportations to smart parking, the technology holds a lot of potential and peer-to-peer technology is only going to give it an extra edge.
Source: https://www.thecoinrepublic.com/2023/01/03/internet-of-things-iot-leveraging-blockchain-could-do-wonders/