Crypto Academy| Season 4 - Week 1 | Homework Post for [@yohan2on] : Blockchain Technology and the Internet of Things (IoT)

Hello Friends,

In today's post, I'll try to explain what the blockchain era brings in terms of defining the Internet of Things (IoT). To clarify, I will try to explain the essentials of blockchain, the Internet of Things (IoT), how blockchain functions inside the Internet of Things (IoT), and how the Internet of Things (IoT) is dependent on blockchain. We will evaluate the use cases of Filament, one of the organizations that operate in the Internet of Things (IoT) phase using Blockchain, to grasp the importance and readiness of Blockchain.

Blockchain

A blockchain is made up of a sequence of blocks that follow one after the other. In the blockchain, each block contains the number of recent transactions, and after the block is completed, it is added to the blockchain as permanent information that cannot be changed, deleted, or hacked. Once one block is completed, another block is created in the blockchain itself.

Transactions during this blockchain are performed by a peer-to-peer network, which implies no central authority to manipulate the network, rather, all nodes control the Blockchain network, ensuring the security of the knowledge entered into the block.

Internet of Things(IoT)

The Internet of Things is a kind of networking network in which we use devices such as smartphones, cars, refrigerators, and computers, etc to connect to the Internet to exchange information, communicate on the Internet, and shop. The Internet of Things is a collection of devices that operate on a global network. The Internet of Things, unlike the traditional Internet, includes intelligent sensors and other devices that collect data through remote sensing. Here we can connect to the "things" on the Internet that exchange more information, receive data, and forward it to other devices out there.

Working of Blockchain on Internet of Things(IoT)

The Internet of Things (IoT) connects devices beyond the Internet and communicates directly to private blockchain networks that establish records for shared transactions without a central authority and administration to develop trust. Each transaction is validated by all network participants to build confidence.

Question 1: Explain why the future Internet of Things(IoT) depends on Blockchain?

We all know that the internet has changed the world through its various applications. For the time being, the connection is our primary emphasis. The Internet has succeeded in reducing this seemingly limitless universe to a little well-defined piece of land where our peers sitting lakhs of miles to the west may connect with us in real-time.

The Internet of Things (IoT) therefore refers to physical things that may connect among each other via the internet or other communication channels. In the past, humans interacted with each other, but in the future, physical things engaged with one another and exchanged important data. It is important to emphasize that the internet is not the only technology involved, rather, IoT is a collection of technologies such as computer devices, sensors, trained machines, smart TVs, refrigerators, or artificial intelligence that interact to build a smart environment. IoT has several uses in our daily lives, ranging from smart homes to medicinal devices, Autonomous Vehicles, Logistics and Manufacturing.

Blockchain and the Internet of Things are major developments that are altering the digital scope of things. Blockchain is a decentralized distributed digital ledger in which all connected nodes receive a copy of all blockchain network transactions. Because of its cryptographic purpose, the Blockchain possesses properties such as security, immutability, scalability, decentralization, and so on.

Blockchain technology has been integrated into various life processes, not just to create cryptocurrencies. Blockchain is integrated into finance, cybersecurity, logistics, government, healthcare, etc. The combination of blockchain and IoT usually fixes some of the latter's shortcomings.

The following are some of the most major reasons why the future Internet of Things (IoT) may rely on Blockchain:

• Blockchain Encryption:

The Internet of Things is subject to internet attacks, and as a result, we have seen several incidents of hacking that result in the release of important information. Such hacking may be prevented by making the security of the Internet of Things function on cryptographic encryption, which is enabled by the blockchain's cryptography encryption.

• Decentralized Network:

A decentralized blockchain technology system will improve the performance of the Internet of Things as distributed nodes can easily communicate with each other to transfer data, resulting in improved IoT transaction processing.

• Robustness:

The IoT utilizes a centralized server, information and data saved on it are large and might cause a system overload, which may result in delay. The development of Blockchain aids in the distribution of this information and data among linked devices. This improves scalability in the IoT network since more information from the linked item can now be saved.

Question 2: Research & create content on the IoT Blockchain Filament use case.

The Internet of Things (IoT) has fundamentally expanded & linked different systems and organizations in homes, workplaces, transportation, and entire metropolitan regions. With blockchain, every system will have robust cryptography, further ensuring safe connection with different systems and carrying a lower cost in IoT usage cases when security is of the utmost importance.

The following are some instances of Internet-of-Things firms that are utilizing blockchain technology to make the world a more connected and better place:

• Grid+
• Helium
• NetObjex
• Arctouch
• Xage Security
• Filament

Filament

• Autonomous Vehicles (Self-driving):

This is one of the most prominent Filaments IoT use cases, in which cars are integrated with the Filament IoT Blocklet intended at smart cities, allowing cars to interact with the blockchain to manage and share data about their surroundings. As a result, autonomous vehicles engage with their environment via the blockchain for effective communication and data exchange. This is a fantastic addition to the car industry that improves transactions and data storage in a safe manner. As a result, this project has reaped the benefits of blockchain technology, such as smart contracts, security and privacy, and so on.

• Logistics and Manufacturing:

Companies may use the Filament microchip to connect shipping containers and industrial machines, allowing them to communicate and interact with one another. The shipping containers, with the help of the filament blocket chip, can record, share, and organize travel without the need for physical assistance, relying solely on previously established protocols. When linked to industrial devices, manufacturing organizations may utilize the chip to record and exchange data about its usage and supplies. A drilling machine, for example, may register and exchange information about its progress and how fast and efficiently it drills, as well as order new metal sheets to drill autonomously. Similarly, leverage information from the distributed ledger to look for lower prices from suppliers.

Conclusion

When Blockchain technology and the Internet of Things merged to provide a more secure and efficient link. Blockchain technology has demonstrated that it not only makes all aspects of human existence more secure but also more accessible and equitable. Filament, a blockchain company, has used the concept of merging Blockchain with IoT to deliver hardware and software IoT solutions to a wide range of industries.

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