Blockchain technology provides futuristic solutions for interconnectivity and usability

Greetings dear readers, since the advent of Blockchain technology, impressive advances have been recorded and of real utility, in this regard it is considered that, in the last two decades thanks to advances in technology and internet connection, conditions have arisen that begin to consolidate a more inter-connected world.

This is a very positive element as it has in part been greatly helped by the role played by the Internet of Things (IoT), where IoT is understood as a system that correlates the technical, socio-economic utility and relevance of the physical world through integration or connection to the internet.

In other words, the Internet of Things plays a very important role in the execution of activities because it combines the use of computer equipment, sensors and networks that serve as instruments to monitor, control and execute multiple actions through sophisticated technological devices, e.g. at the industrial level the Internet of Things is of vital importance.

Fundamentally, the Internet of Things enables the optimisation of production lines by interconnecting different elements of a factory into self-organising intelligent entities that facilitate the technical operation of machines or manufacturing tools.

It should be noted that, in recent years, the internet has improved significantly in terms of access, stability, and reach, largely due to the creation of new connection systems, as well as the origin of the blockchain, which has undoubtedly created invaluable conditions that favour the generation of useful features for the Internet of Things, mainly because blockchain technology offers security and greater transaction speed without the need to involve any third party.

In view of the above, it is worth mentioning that blockchain technology provides futuristic solutions to the different problems that the Internet of Things faces today, therefore, it is intuitive that the future of the Internet of Things depends significantly on the blockchain.

Additionally, when I mention that the future of the Internet of Things depends significantly on the blockchain, it is because, within the futuristic solutions that blockchain technology provides to the IoT, it is based on the fact that the majority of sectors, such as industry, health, education, transport, tourism, among others, are accelerating.

In other words, the emerging technologies of the Internet of Things are being adopted on a massive scale, and this in turn demands the massive flow of economic resources, an element that blockchain technology can simplify by executing transactions through decentralised applications (DApps).

Another key variable to ensure that the future Internet of Things relies on Blockchain is that IoT devices are generally used to share information with each other more, however, there are recurring issues related to the integrity, trust, security, and authenticity that consumers demand from IoT devices.

In fact, blockchain technology can triangulate and resolve, considering blockchain's own ability to ensure data integrity that, in the face of vulnerable security systems, the blockchain can make it easier for the Internet of Things to track billions of devices at once.

Now, from my perspective, the most important element to affirm that the future of the Internet of Things depends on Blockchain is that in the current context of modernity, financial transactions are leaning towards the use of cryptocurrencies, mainly Bitcoin and Ethereum, an element that will increase the financial performance of the Internet of Things.

This is if we consider that the transactions offered by Blockchain technology eliminates third parties, hence Peer to Peer payment transactions, and exchange between multiple users can be possible through the use of decentralised networks.

➊ Tanweer A Blockchain and its Role in the Internet of Things (IoT). Link

➋ Atlam H A Review of Blockchain in Internet of Things and AI. Link

The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Source / Author: TheDigitalArtist, 2020