IOT World Congress on Blockchain And Internet of Things

Both Blockchain and Internet of Things are emerging trends and they have spurred revolution. On this note, the IOT Solutions congress has established the forum to network with business leaders on their augmentation.

Blockchain and Internet of Things are past their infancy stages. There is a trial to connect the two technologies. Though untested and unapplied there is a lot of excitement on what they will achieve together. Internet of Things promises communication with objects remotely while blockchain ensures a tamper-proof ledger.

On their own, both have their unique set of advantages. The union will then produce a future of possibilities that at this point are left to speculation. Besides, there are existing initiatives to have both trends running the show. A good instance of blockchain and internet of things initiative is Walmart tracking a mango package in about 2 seconds.

Everyone thinks this is a pipe dream. But it is not as IDC estimates 20% IOT deployments will include immutable ledgers in 2019.

Potential Benefits of Blockchain and Internet of Things

Here are the potential benefits that the IOT congress will seek to discuss on both emerging technologies.

Firstly, is the way of transaction. With IOT there are multiple networks by different organizations and thus intertwined multiple transactions. Therefore, an immutable and organized record provides custodianship of data about goods and services. Blockchain is by its very nature trustless with anyone tracking and analysing information within the network.

Secondly, is the means of storage. With both technologies, there is distributed storage and encryption. Data within the system is trusted by all parties and thus the secure records of transactions between machines. Additionally, there are private keys to hinder overwrite with wrong information.

Thirdly, are the digital agreements. In the blockchain world, there are smart contracts. They are like the traditional paper contracts. Only that they exist in digital form and executed when certain set conditions are met. This, for instance, is not only useful in making payments easy but also make routine checks on machines.

Fourthly, is cost reduction. This benefit is twofold. There is the reduction of the several IT systems that run operations. Another benefit is the removal of intermediaries and third parties who provide middle services. Thus, payment middlemen, for instance, are done away with overhead.

Fifthly, is the rate of transactions. The immutable ledger reduces settlement form days to seconds or near instantaneous. We would not wait to receive information about a bank transaction for days for instance. Since both technologies run on a network, this guarantees near real-time communication.

Even with the benefits, there are challenges that need not be ignored.

For more information visit https://iotsworldcongress.com

About IOT Solutions World Congress: This is an annual event famed for having exhibitions and topical discussions on technology. It focuses on manufacturing, energy, artificial intelligence, transport, infrastructure, blockchain, and healthcare.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes