Blockchain along with Internet of Things, Artificial Intelligence, Machine Learning and Big Data are changing various business landscape for the better. Blockchain is considered to be a platform that will help in integrating Artificial Intelligence, Internet of Things seamlessly and make the data exchange secure and transparent. Blockchain’s limitless possibilities on data and value exchange has paved way to solution that were non existent before. Solutions to problems in data security, traceability; areas where the new technologies were faltering.
Internet of Things(IoT) devices primarily collect personnel and private details which is shared to the cloud, where the data is analysed and suitable data action or info is provided to the other end. Currently Internet of Things uses centralised cloud for data exchange and is stored in a singular location. This makes it easy to tamper data and is also more prone to hacking. This one con makes it not favourable to use Internet of Things in high data security requirement segments of business like Health care devices, pharma industries etc.
But, Blockchain being a decentralised ledger system overcomes these issues by providing a secure, transparent and traceable network for the cloud, stored on many networks spread across locations.
This possibility has been studied and analysed to present various use cases that include a combination of Blockchain and IoT to counter problems rampant in certain industries. Some of them are supply chain and logistics, agriculture, pharma industries, automotive industry, real estate etc.
IoT helps in using technological intervention to make sure all the factors for a good harvest are being monitored and maintained. The sensors installed in the farm send crucial data needed to analyse the crop growth and affect suitable actions from the farmers for their best upkeep.
But placing these data exchange on a decentralised secure network helps to share this information with all party’s involved – farmers, distributors and retailers. This complete transparency with the stakeholder will allow the farmers to presell their harvest using Blockchain’s smart contracts. They need not wait until the actual harvest to do that.
2. Supply chain & logistics
The most important need in a supply chain system, is to keep track of all the purchases and sales as the product reaches its journey to the end retailer all the way starting from the manufacturer.
With IoT the shipment trucks will be fit with positioning sensors that give real time info of their position. By bringing this system of supply chain to blockchain, it is possible to put positioning info on a decentralised network, where all the stakeholders get the real time info of the shipment, making the whole thing traceable at anytime. The purchase invoices and sales receipt at each and every point will be time stamped and added to the trail of previous transactions. This creates an end-to-end audit trail of the product, making the whole system transparent.
3. Smart Homes
Smart homes are trending in the real estate market. Homes are installed with biometric security system – like face and voice recognition, all accessible through apps on the phone. Such devices are storing critical and private security details in a centralised cloud, which is prone to hacking and extraction of personal data.
Including this system on a Blockchain network lets the data be handled in a decentralised manner, making it secure and tamper proof, giving very little chances to external hacking. Making smart homes powered by IoT and Blockchain enticing and agreeable to homeowners.
Automation and automated vehicles are in big demand. IoT devices are being adopted much more quickly in the automotive industry than any other. IoT enabled devices coupled with blockchain could help in smart parking, automated fuel payment and autonomous cars
Smart parking could be something like this. An IoT enabled sensor will let the user know of a vacant spot and its location. Payments too could be automated with blockchain powered wallets.
These use cases are just an example of the kind of adoption afoot in various industries. Blockchain startups are being funded by major investment companies. All of these need people – developers armed with the blockchain skills to work on building such products.
EMURGO Academy strives to be that gateway for passionate developers to upskill and learn about blockchain, who will in turn contribute to the growth of Blockchain.
EMURGO Academy WorkPro is a self-paced weekend blockchain learning program for working professionals.
Batches commence on July 21st and July 28th, 2019. Sign up!