Blockchain technology is still in the early days of creating full impact on the world that we live in. It is in the wake of showing potential across many industries and started to enter the public awareness. It is predicted that blockchain IoT Development technology is likely to grow as numerous uses cases are found for this exciting new technology that are unrelated to cryptocurrencies. Now all we can do is to wait and learn.
Blockchain IoT development is likely to face many challenges and obstacles but still provides many promising applications. In 2019 block chain will slowly and gradually affect every aspect of businesses. It is assume that conventional businesses will keep an eye on blockchain technology but will not plan any actions. The reason for this is that traditional businesses require more transformation for Block chain deployment than newly arrived companies. According to the estimation by Gartner, only 10% of established companies will achieve any liberal transformation with Blockchain technologies by 2023.
The start-ups are often able to apply block chain technologies in ways that are truly a part of their business model. Competing with big names like Facebook, Google, Amazon, Apple and Microsoft. Blockchain could be useful for content streaming companies like Netflix as data can be stored more securely. It provide something similar to an API that allows third-parties to read and write data to the block chain.
More practical use for block chain can be done in the streaming industry and other industries that require large amounts of processing power. Streaming companies could observe huge decline in their operation costs by spreading the load across unused machines via the blockchain.
Blockchain IOT security is playing a huge role with the growing occurrence of data breaches and the hugely interconnected world we live in, new ways to verify identity and protect privacy will be game dispenser. Block chain provide robust, incorruptible and encrypted record keeping that anyone can easily verify. The main aim of creating a block chain was to ensure the security of transactions. Block chain plays a huge role in cybersecurity, it can be used for shopping security whether online or in person. Block chain can create a universal shopper profile, it restricts the information collection and share to only those entities that the consumer grant it to share, unlike the other system where your purchase histories are stored, carefully scrutinized and shared by big names such as Google.
For a block chain system to go in through, the attacker must interfere into every system on the network to operate the data that is stored on the network. Domain editing rights are given to those who need them, so the hacker won’t get the right to edit and manipulate the data even after hacking a million of systems. Since such manipulation of data on the network has never taken place on the Blockchain it is not an easy task for any attacker.
While we store our data on a block chain system, the threat of a possible hack gets completely remove. A new block is created every time our data is stored or inserted into block chain ledgers. This block stores a key that is cryptographically created. This key becomes the unlocking key for the next record that is to be stored on to the ledger. In this manner, the data is extremely secure.
The hashing feature of Blockchain technology is one of its fundamental qualities that make it such a prominent technology. Using cryptography and the hashing algorithm, Block chain technology converts the data stored in our ledgers. Hash encrypts the data and stores it in a language that the data can only be decrypted using keys stored in the systems. Apart from cybersecurity, Block chain has many applications in several fields that help in maintaining and securing data. The fields where this technology is already showing its ability are finance, supply chain management and block chain enabled smart contracts.
Internet of Things (IoT) meets Blockchain
IoT technology makes it easier to create and store data about ourselves than ever before. It applies to everything from wearable devices to connected fridges, home hubs and any other type of internet connected device.
These IoT devices need some sort of security system that ties them together and make their data secure. Block chain make it possible. Many IoT companies are considering the implementation of Blockchain technology in their solutions as it provide a secure and scalable framework for communication. Blockchain gives high resistance to cyber-attacks and allow smart devices make automated micro transactions. Blockchain will conduct transactions faster and cheaper due to its distributive nature. To enable transferring money or data, IoT devices will leverage smart contracts as the agreement between the two parties.
Blockchain could potentially address IoT challenges of security as well as data integrity. It can stabilize complex IoT systems. It also completely remove the risk of single points of failure for an IoT network as a result of malicious attacks.
Use of smart contracts is one of the most interesting aspects of Blockchain technology as they have the potential to bypass third parties and to create agreements. It has plenty of blockchain app development in all sorts of industries from real estate to finance to logistics and recruitment. The idea of these contracts are they offer increased transparency, security and speed up the whole process. Supply chain, finance, trade finance industry accept block chain into their everyday practices and shape its progression through usage and regulation. Industries like aviation, logistics and others have started exploring the potential of block chain for use cases like payments, traceability, and remittance. Blockchain can bring to supply chain transparency, ownership tracking and others.
More companies are likely to enter the block chain domain in 2019 as companies are experimenting with new functions of the technology on a daily basis and wide range of application for block chain is beginning to be visible. It is expected that number of traditional companies are absorbing blockchain IoT Development technology to provide solutions for everyday business problems, using block chain to either supplement existing systems or create entirely new business models.
As blockchain IoT Development technology is going to be non-bitcoin linked technology, companies are expected to finally get over their fears and start applying it. This will result in increase in demand for block chain experts, architects as well as people with specific block chain skills. Finding people with the skills to design, deploy and maintain block chain technology is going to be a key challenge for companies in near future. Blockchain IoT Development engineers are few as the technology is new.Blockchain technology is expected to receive more attention from regulators and lawmakers in the near future.
SSTech System is one of fastest emergingblockchain IoT development company that can add a whole new dimension to the application by introducing new standards of data, transparency and peer to peer communication.