When you talk about blockchain, your mind immediately turns to bitcoin. But right now, we need you to focus on the dynamic duo, blockchain and the Internet of Things also known as IoT.
The use of blockchain technology to store and secure data, devices and other online resources in the IoT is growing rapidly every year.
There are so many reasons why blockchain technology and IoT is a match made in heaven.
One reason that might not be so visible right now, is if you ever decide to sell your business, whether you post it through a business broker or to a group like Small Business Investors, you would get a lot more value when you incorporate blockchain technology into your business.
The Business of Securing Data
IoT allowed people to better store, manage and secure data and data streams. Blockchain is also in the business of storing data, that are mostly monetary in value. Blockchain has strong encryption that protects important and confidential data against infiltrators.
Blockchain is run and alive because of data stored in it. Blockchain is a distributed ledger for a large network of people making use of this data. Another great asset making blockchain and IoT the perfect partner is decentralization.
Decentralization is the nature of a blockchain relying on numerous points of control. In short, if a hacker breaks through one of these points of control, he or she only scratched the surface.
IoT also allowed blockchain technology to organize and disseminate these points of control throughout the network.
Machine to Machine Communication Security
One of IoT’s biggest contributions to the disruptive innovation campaign is machine to machine communication. M2M exchanges data in many forms and most of them are payments and transactions.
Blockchain is a platform not only for cryptocurrency but for real currency as well. This is going to be a two-way street, with IoT better securing blockchain data and blockchain helping IoT protect M2M communication and transactions.
Mobile technology went through a lot of milestones and even gave IoT more mobility. More and more blockchain mobile applications are surfacing transforming society for the better.
IoT or mobile IoT gave people more control and access to their blockchain data. Think about it, blockchain has a wide range of functions and other potential features. All of these, you can access via your mobile device.
Make sure to keep an eye on these topics to stay informed about the blockchain industry.