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How can Blockchain be Useful in IoT?

How can Blockchain be Useful in IoT?

Blockchain allows the IoT device to enhance security and bring transparency. This technology offers a scalable and decentralized environment to IoT devices, and applications. Meanwhile, banks and financial institutes are doing PoC to validate the blockchain technology. Apart from these, top software companies in Toronto are planning to experience the blockchain’s potential. On the other hand, the IoT offers huge opportunities for businesses to run smart operations. Every device around us is now equipped with sensors, sensing data to the cloud. Therefore, combining these technologies can make the systems efficient.

Blockchain Enterprise Use Cases in IoT

Here are a few blockchain enterprise use cases on how to combine IoT with blockchain. These have a significant impact across multiple industries.

  • Supply chain and Logistics

A global supply chain network involves many individuals such as

  • Brokers
  • Raw material providers

It complexes the end to end visibility. The supply chain extends over a time and consists of many payments and invoices. Therefore, companies are focusing on making the vehicles IoT enabled. This is useful to track the movement through the shipment process. Due to the absence of transparency in the current supply chain and logistics. However, the combination of IoT with Blockchain can enhance the network’s traceability.

Important details about shipment’s status by IoT sensors, like:

  • Motion sensors
  • GPS
  • Temperature sensors
  • Vehicle information etc

Moreover, sensor information is then stored in the blockchain. Once the data is saved, individuals listed in the smart contracts get access to the information in real-time. 

  • Automotive industry

Nowadays, digitization has a high demand. Automotive industries are using IoT sensors to develop fully automated vehicles. However, connecting industrial IoT solutions in the automotive sector enables multiple users to exchange crucial information easily. 

Meanwhile, the automotive industry is the best blockchain IoT use case. This is where the combination of technology can disrupt:

  • Automated fuel payment
  • Autonomous cars
  • Smart parking
  • Automated traffic control

How can Blockchain be Useful in IoT?

Other Enterprise Use Cases

  • Smart homes

Firstly, Smart IoT devices play an important role in day to day lives. IoT blockchain is useful in managing the home security system remotely from the smartphone.

But the traditional approach to exchange information generated by IoT devices. This lacks the security standards and ownership of data. However, Blockchain can reach the smart home to the next level by:

  • Solving security issues
  • Removing centralized infrastructure

For example, Telstra offers smart home solutions. The company is implementing  blockchain and biometric security. Moreover, this ensures that no one can manipulate the data captured from smart devices. 

  • Sharing Economy 

The sharing economy has become an important concept around the world. Blockchain helps in creating decentralized, shared economy applications. This focuses on earning revenue by sharing the goods seamlessly. For example:

Stock is using blockchain technology for sharing IoT enabled objects. 

Other Use Cases

  • Pharma Industry

The issue of counterfeit medicines in the pharma sector is increasing everyday. However, the pharma industry is responsible for 

  • developing drugs
  • Manufacturing drugs
  • Distributing drugs

Therefore, tracking drug journeys is complex. However, the blockchain’s transparent and traceable nature can help monitor the shipment of drugs from its origin to the supply chain destination.

Let’s explore one useful IoT blockchain application

Mediledger is a blockchain IoT use case. However, this is designed to track the legal chance of prescription medicines’ ownership. 

2nd Use Case
  • Agriculture

For maximum customer satisfaction, it’s essential to grow more food for the increased population while

  • Minimizing environmental footprints
  • Ensuring transparency across the supply chain

The blockchain with IoT has the potential to reshape the food production industry from farm to grocery to home. In addition, Installing IoT sensors in the farms and sending its data directly to the blockchain can help enhance the food supply to some extent. However, One application that is using IoT blockchain to improve the agricultural supply chain. 

Pavo is offering a smart farming approach to farmers. And it’s a blockchain IoT use case that brings more transparency. However, the information collected from IoT hardware devices installed on farms gets saved on the blockchain.

  • Water Management

Leaking water fixtures can result in one trillion gallons of wasted water in the USA. Meanwhile, Aquai has built a smart water sensor that

  • Tracks  how much water you use
  • Automate water shutdown if any leak is detected
Conclusion 

Meanwhile, Big software companies in Toronto have begun to explore the potential applications of IoT and blockchain. However, this focuses to improve efficiency and bring automation. In this article, we highlight some real-world products, employing this technology to build robust business solutions. 

Visit the Gyan Solutions to know more about usage of blockchain IoT 

 

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