In a business network blockchain is a way of tracking and sharing transactions. This also helps track assets owned by said business. It is an immutable ledger that can be used for almost all types of assets and transactions.
Whether it is tangible or intangible anything that has or can have monetary value is trackable through this system. Blockchain is a rapidly growing system that has the capability to reduce risks and costs across all platforms.
We have elected to put our money and faith in a mathematical framework that is free of politics and human error says Tyler Winkelvoss, Rower & Entrepreneur, Read more on cnbc.com
As to why this is true, blockchain runs on information, and the faster it is received the more accurate and error-free it is. As blockchain information transmission is immediate, transparent, and shared, it is reliable and there is little room for miscommunication. The immutable ledger can be accessed by permitted parties and the information will reach the right people on time without delays. These ledgers can track and record, production, inventory, accounts, and more.
In short, it can run complete businesses in an error-free environment. As all related activities are streamlined and communicated within similar time frames, room for misunderstanding and unreliable information is quite low. Cosmic Interstellar Public Chain is a resource that can help integrate the most in-use technologies across the globe to design platforms that offer security, access, and convenience in equal measure.
Understanding IoT and Its Place In Blockchain
What is IoT?
The Internet of things refers to the physical objects or things that are embedded with technologies that allow them to connect and be shared across the internet. This is also used to exchange data across platforms over the internet.
Over 7 billion devices are currently connected to IoT. from basic household appliances to major industrial tools, this is a network of connectivity that is expected to grow to 22 billion by 2025. Since systems and devices can be connected over this framework, the global internet network is gearing up to incorporate these processes into their regular use.
The significance of IoT
IoT is one of the most relevant technologies in the 21st century. Seamless, connectivity, communication, and mutual sharing have reduced the need for human intervention. From connecting computers to everyday objects like baby monitors, garage doors, and even your coffee machine, things have become convenient with this technology.
These appliances are embedded with devices that connect things without any physical devices. This has introduced low-cost computing, with frameworks such as big data, analytics, and cloud platforms.
Each interaction between these devices can be moderated, controlled, recorded, and adjusted by the concerned parties. IoT helps the physical world cooperate with the virtual world.
Relativity of IoT in Blockchain
Despite the virtual nature of the IoT the devices that establish these connections are embedded into physical devices. While this establishes secure connections and seamless communication, it also opens these frameworks to security concerns such as DDoS (Distributed Denial of Service).
This is a concern that has hindered the large-scale deployment of IoT. In a DDoS attack several systems attack a particular server with requests and this in turn causes the server to shut down denying valid requests from the targeted systems.
The acceleration of such attacks has interfered with the collaboration between blockchain and IoT. Devices that operate on the IoT mechanisms are often open to attacks unless specifically secured.
Relevance of BlockChain in IoT
As a distributed ledger technology (DLT), this has the potential to address the scalability and security issues faced by IoT systems. This ledger is integrated through the internet. The information flow through this system is streamlined and changes or modifications cannot be immediate or without permission.
In lieu of this verified users can modify the copy of the ledger they are using or allow additional information to be added to the ledger. For transactions, all relevant authorities consecutively validate transactions before any tangible actions are implemented.
The Application of Blockchain in IoT
IoT despite being one of the most rapidly integrated information systems across the globe has certain downfalls that may eventually be addressed by integrating blockchain into the mix. The concern with the internet of things is that there are multiple devices sending and receiving information.
As such the bulk of transactions makes it difficult to pinpoint the owner of the information or the originating device. In case of a cyber attack, it is highly possible that the source of the information leak may not be identifiable. Following are ways blockchain can alleviate the use of IoT and improve its application in the financial world:
- The ledger in a Blockchain is shared across parties and it is tamper-proof. Verified people are the only ones with access to the information present in these ledgers and no single organization holds ownership of the information present in said ledger. Since the information shared among IoT devices is often in bulk quantities, this is a system that will categorize the processes.
- Blockchain has the capability to add a layer of security to the data being transmitted across the internet of things devices. Blockchain offers robust encryption to the transactions carried across all platforms. For hackers and cyber attacks penetrating through these is far more challenging than it would be if it was just through IoT.
- Another benefit blockchain adds to the mix is the availability of information regarding the authorized parties allowed to add or subtract data being transmitted. This also helps identify the exact source of the information and the individual responsible for making any changes.
- Blockchain technology is embedded with a processing capacity that can cater to bulk transactions across various connected devices in various locations. In case the number of transmissions and transactions grows this technology can cater to these quite easily.
How To Get Started On a Blockchain and IoT Platform?
Cosmic Interstellar Public Chain offers a complete solution to businesses that are functioning with various facets of information across different platforms. You can get in touch with their service to build a secure blockchain framework for your business today.