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What Is Internet of Things, Blockchain and Its Business Benefits?
The concept of Internet of Things is growing rapidly and is becoming increasingly important for professionals to understand. Many people are not aware of what IoT (Internet of Things) is, what IoT platform is, how it can be used to improve business strategies. So what exactlyIs there an internet of things?
The Internet of Things is an ecosystem of connected hardware devices that are easily accessed using the Internet. A ‘thing’ in IoT can be a person wearing a smartwatch or a machine with built-in sensors, i.e. interlinked computing devices that have the ability to collect and move data over a network without manual assistance or intervention. Technology integrated into devices helps them communicate with internal conditions or the external environment, thereby influencing decisions made. Let’s take a look How does IoT work?
An Internet of Things system integrates four components: sensors/devices, connectivity, data processing, user interface.
- Sensors: Collects external data from devices and forwards the data to the cloud.
- Connectivity: All devices must be connected to the cloud using various methods like Wi-Fi, Bluetooth, Internet, Ethernet etc. Which method to connect depends on the specific application.
- Data Processing: After receiving data on the cloud from certain devices, the software processes the data and automatically takes actions to adjust the device without the need for sending notifications and the user.
- User Interface: An alert sent by the device will help users take a look at the system and make any adjustments to the information sent to the cloud and back to the device.
The IoT platform enables cloud-based applications and services to:
The IoT platform is a multifaceted technology that facilitates the seamless delivery, implementation, and automation of linked devices in the Internet of Things universe. It typically connects your hardware, however isolated, to the cloud using flexible connectivity options, enterprise-grade security methods, and massive data processing power. An IoT platform can also be referred to as middleware that connects remote devices to user applications and handles all interactions between the hardware and application layers. The IoT platform recognizes its core business value, enabling standard devices with cloud-based applications and services.
As the number of smart and wearable devices around the world is gradually increasing, the IoT is expanding. Although it is stimulating progress and promises change that will impact the world in many ways, it is not without its flaws and has raised some doubts about its safety. The answer to these security concerns may be another upcoming technology, blockchain.
Blockchain is nothing but a distributed ledger technology, which can be seen as a solution to security challenges. Blockchain technology enables direct transactions by cutting out middlemen; It records those transactions cryptographically, so once recorded they cannot be altered or altered. Blockchain technology has spread its wings in every industry and has an infinite number of applications. With security breaches occurring in the IoT, blockchain could be the solution to many pain areas. But, why does IoT need blockchain technology to secure its data flow?
- IoT can be secured using Blockchain:
All devices in IoT are connected to the internet making them vulnerable to hacks or cyber attacks. Devices such as smart watches, smart appliances, smart light bulbs, thermostats etc. are regularly developed and updated making them highly sensitive. With advancements in technology, the risk of attack will continue to grow but without blockchain. Blockchain integrated IoT can be secured and able to avoid any cyber attacks. Because blockchain records transactions, stores information in a decentralized location and cannot be altered or deleted, it is a viable solution for secure devices.
- Blockchain is Cost effective:
Security makes the perfect architecture for IoT. This reduces single points of failure, creating a more sustainable ecosystem for devices. Blockchain can keep a definitive, completely secure record of messages sent between IoT smart devices, enabling autonomous operation of smart devices without the need for centralized authority. Blockchain automates the process. It is decentralized, there is no middleman. This means blockchain technology can reduce costs by directly managing operations. There is no need for third-parties to participate and the money saved can be used for other important business matters.
But this is just the beginning, and the Internet of Things is a means of hyper-connectivity in the business world. With the Internet of Things, you can monitor, evaluate, and automate processes in ways that will dramatically improve processes and create new business models. You have seen why blockchain is essential for IoT, now let’s understand the benefits of IoT for an organization:
- data driven by Verdict: The more data, the easier it is to make the right decision. Understanding which component is needed and which parts are out of stock, without having to check, not only saves time, but also benefits.
- Saving time and money: Maintenance saves time wasted in number of trips. It is cost-effective, as the technology can easily replace the humans responsible for monitoring and maintaining supplies.
- Increase business opportunities: IoT creates new business prospects and helps companies profit from new revenue streams developed by sophisticated business models and services. IoT helps innovate, reduce time to market and increase ROI.
- Increases organizational productivity: Productive results play an important role in the success of any business. IoT provides just-in-time employee training, enhances worker skills and reduces skills mismatch while increasing organizational productivity.
- Improve customer experience: Detailed customer insights can help you make informed decisions about who to target and what budget to send. IoT technologies replace quantitative data with qualitative data, helping you better understand the customer at the end of your buyer’s cycle.
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