Home Automation, Smart City, Smart Office, Connected Cars, Energy Management and much more, are the things comes to mind when we think about IoT. And why should it not, as the buzz word impacts all aspects of life.
The next big thing after the Internet is connecting physical objects to the Internet and to each other, which would define the the next century in the human civilisation. From communicating with objects to controlling them, IoT is raising the modern living standard in numerous ways.
Security has always been a major concern with the IoT Enabled Devices. But now with blockchain gaining popularity more than ever, it now promises a solution with the security aspect, and that to in a Decentralized manner.
Blockchain is the decentralized, distributed and public digital ledger database to record transactions. Smart contracts, Cryptocurrency, Digital voting, Decentralised Notary are some applications of blockchain. And blockchain can secure the IoT networks in a decentralised way and that to without compromising the scalability that IoT has to offer. Blockchain essentially provides tracking and record keeping of any kind, and with features like smart contract, it can help execute some actions when some conditions are satisfied.
For example, if a sensor detects or senses a fire or smoke, a contract can be programmed such that, in such detection, the system can send a report, activate an alert and/or take any immediate first response to prevent fire from spreading.
IoT basically involves capturing data and do some actuations as per the data, self executing contract makes sense for this technology. Blockchain can help IoT operate without intermediaries, making it a peer-to-peer activity, which is way faster and less expensive, and not the least trustworthy.
Trust Building, cost reduction, Accelerated data exchanges, and scaled security are the advantages when blockchain meets IoT. This is the conclusion which a White paper published by TCS concludes.