We are currently in a preemptive phase of the integration of blockchain and IoT. Thousands of experts from all over the world are working round-the-clock to figure out the most suitable language that will allow everyday objects to be aware of each other, and interact. At the same time, by the looks of all progress registered so far in the field, the difference between blockchain and IoT is not as big as one might have thought initially… to the contrary, actually!
Blockchain is a new type of technology designed for transactions. It facilitates interaction in the network, which makes it perfect for monitoring the processes in IoT. Out of all the huge web development companies nowadays, IBM, in particular, has been focusing on the similarities between the two, trying to show that when you combine them, blockchain and IoT are best friends!
3 of the major goals for combining blockchain and IoT:
- Tracking and recording all network changes
- Creating special storages that contain the whole history of changes
- Defining a smart data transfer contact system
Thus, the main benefit of blockchain for IoT would be that of uniting multiple devices into one single infrastructure. Naturally, this will allow devices to exchange either data or currency, in addition to which, the blockchain could also keep track of the exact time of any transactions at all times.