Why is it important to explore the Blockchain IoT Use Cases, or why does the IoT ecosystem need Blockchain? The answer is simple! Although IoT is a revolutionary technology that converts data into actionable insights and helps businesses improve their processes, yet IoT faces two major challenges – security and scalability. Blockchain technology is a substantial solution that can help alleviate the security and scalability concerns related to IoT.
How the power of Blockchain benefits IoT?
Blockchain is a tamper-proof distributed ledger, so it builds trust in the IoT data. Then, Blockchain can provide an added layer of security to IOT data by providing a much more robust level of encryption. Transparency, fast processing of transactions, execution of smart contracts, reduction in cost by eliminating the processing overheads are some of the other benefits that Blockchain can offer to an IoT Ecosystem.
Blockchain IoT Use Cases
Different industries are leveraging the integrated power of Blockchain and IoT. Be it supply and Logistics industry or pharmacy domain or the smart home needs, blockchain coloration with IoT can improve processes like freight transportation, operational-data log maintenance, component tracking and compliance.
- Freight transportation
Freight transportation is an important process for many businesses across different industries. But it a complex process because different parties are involved in it, and all have different priorities. But with an IoT-enabled blockchain, while IoT ensures the real-time recording of data like shipping status, goods temperatures, position, arrival times, etc., the immutability of Blockchain ensures the credibility of the data. Also, it encourages everyone to trust the data, guaranteeing there can be no data forgery.
- Component tracking and compliance
As physical components like goods are transported through aircraft, automobiles, or any other way, businesses need to abide by safety and compliance mandates imposed by regulatory agencies. While IoT is the technology that can capture the asked data in the most authentic way, there a Blockchain ledger can be the most secured, trusted and cost-effective mode to share that IoT data with regulatory agencies, shippers, manufacturers or any concerned stakeholders.
- Log of maintenance operational data
One of the most common uses of IoT devices is to track the operational records and maintenance needs of critical machines. So, IoT devices maintain logs of operational data that can be monitored by third parties responsible for offering preventive maintenance. Blockchain can be the tamper-free ledger for keeping the desired logs. Also, to maintain the system’s transparency, the maintenance technicians can record their work back on the Blockchain.
Suppose your business also has requirements like freight transportation, operational-data log maintenance, component tracking and compliance, and you want to leverage the combined power of Blockchain and IoT. In that case, you must consult an experienced Blockchain development company that is also involved in IoT development.