IoT devices continue to increase, and the number of companies using IoT technology has increased from 13% in 2014 to approximately 25% in 2019. Obviously, IoT technology is becoming a key tool for enterprises. However, in order to ensure the mass adoption of IoT devices, some challenges need to be overcome. Currently, IoT devices still face issues such as vulnerability to hacker attacks, reliability issues, delays and bottlenecks, and limited ability to ensure supply chain transparency.
Fortunately, new technological developments mean that the industry can finally solve these problems. Since the "hype period" in 2017, blockchain technology has been steadily mature and has now reached the point where it can work with the Internet of Things, creating an incredibly safe, scalable and efficient network to support Internet of Things devices , In order to solve its many related challenges. In fact, when discussing which technologies will support society in the future, IoT and blockchain are more and more topics. Both involve a connected network and are therefore complementary in nature. The security and transparency provided by blockchain are the key to many of the problems currently facing the Internet of Things. Blockchain will accelerate the adoption of the Internet of Things and open up new opportunities for companies and consumers.
Ensure that there is no single point of failure and ensure the safety of smart cities
By 2030, there will be 125 billion Internet of Things devices, and this development is expected to have a significant impact on the development of smart cities. Smart cities use IoT devices such as connected sensors, lights, and meters to collect and analyze data. These data enable cities to improve infrastructure, public facilities and services. However, because IoT devices usually rely on Bluetooth or Wi-Fi, hackers may use this approach to maliciously access the network. With the number of connected devices, this could pose a major risk to consumer and company data and the future of smart cities.
This is where the blockchain in the Internet of Things comes in. The technology is basically a decentralized network, which means that the information on the blockchain is stored on each node in the network instead of being concentrated in one location. For the Internet of Things, this means that the risk of data leakage through a single point of failure (such as a cloud server) is eliminated. A malicious attack needs to simultaneously destroy the encrypted data stored by most nodes in the network, which is almost impossible. This means that in smart cities, IoT networks based on secure blockchain will be significantly safer and more resilient.
Create a better pay-as-you-go mobile system
Driven by the Internet of Things technology, the number of people using car sharing services is growing and is expected to reach 18 million by 2025, but people are still worried about the security and vulnerabilities of the systems supporting these services. For example, in the study of 13 car-sharing applications, it was found that each application has security issues. By providing a more reliable and secure network foundation for IoT-based vehicles, blockchain technology is used to ensure seamless and secure on-demand mobile services for customers. In addition to enhancing security, the mobile industry has also turned to blockchain technology to realize simple data exchange and automatic execution and settlement of contracts and billing, thereby bringing more advantages and better experience to customers.
Strengthen manufacturing maintenance and safety
The Internet of Things has become the main product of the manufacturing industry in recent years. Many manufacturers now use IoT sensors to monitor the status of machinery and manufacturing processes in real time to achieve preventive maintenance, so they can find and solve problems before they occur.
However, the safety and reliability issues that plague networked machinery and IoT devices are prompting manufacturers to adopt a more cautious and gradual approach when promoting IoT technology in their businesses. The inherent immutability, decentralized structure, secure encryption function, and consensus-based approach of blockchain seem to be the perfect solution to the challenges facing the IoT industry. Manufacturers are turning to blockchain to ensure the reliability of diagnostic data through immutable digital ledgers, while sharing tamper-proof records with maintenance partners, thereby eliminating unplanned downtime and attendant costs.
Improve supply chain transparency
Companies across industries use IoT sensors to "track and trace" cargo in real time to ensure that the cargo meets specific conditions (such as the right temperature) or arrives at a specific location at a specified time. As the scale and complexity of supply chains continue to grow, companies must learn to use more moving parts while maintaining a stable and acceptable level of efficiency. However, the combination of IoT sensors and blockchain technology enables information to be shared more securely in the entire ecosystem, providing accurate information to all parties in the supply chain through an immutable and hacker-proof ledger. This improves the ability to detect problems during transportation or take preventive measures. This will lead to greater efficiency and less delay, which is especially important if the supply chain involves things like medical equipment or even organ transplants, because in these areas, visibility is critical.
The Internet of Things is rapidly becoming an indispensable part of daily life, and the use of Internet of Things devices will only increase in the next few years. With this growth, we can see the integration of the Internet of Things and various fields from manufacturing to car sharing and shopping, making every experience more seamless. In this case, it is important for the IoT industry to ensure that all technical flaws are eliminated, whether it is slow networks, delays, bottlenecks, reliability or data leaks. The blockchain in the Internet of Things is the missing part of this puzzle. The decentralization of technology makes the Internet of Things more secure. With the development of smart cities and the popularization of technology in our daily lives, the Internet of Things will become more and more important.