BLOCKCHAIN: THE IOT COMPANION
Blockchain is a technology which records data or information which makes it very difficult or impossible to make a change in the data, hack or cheat the system. A Blockchain, In reality is a digital ledger of the transactions which is duplicated or copied and then distributed over the complete network of the computer systems in the blockchain.
Blockchain have many essential advantages in the business world such as to secure the information of the medical data, cross border payments, supply chain and logistics monitoring. Plays a major role in securing personal identity, used to secure voting mechanism works with the real-time IoT operating systems. On an all Blockchain provides a service platform where people can connect and share data with each other safely and directly.
Working of blockchain includes some important methods. Initially whenever a user creates or generates a transaction across the blockchain network, a block used to generate which represents that a transaction is created. Once this is done the requested transaction is broadcasted across the systems of computers, known as nodes. After which a verified transaction involves Cryptocurrency and the block is combines with the other blocks and develop s a new block of information for the ledger. Hence, whenever a new block generates it combines with the already existing blockchain, verifying that the data is secured.
For example in C++ language there are classes which have 2 data members private and public. Private is the one which cannot be changed or accessed by others without the permission of the owner. On the other side public database can be accessed by everyone. So, to prevent this we write constant after the public database with which no one will be able to change or modify the information. In the similar manner we secure our data with the help of blockchain.
IoT is also known as Internet of things which is defined as an interrelated, internet connected devices which can collect and share the data through a wireless network without the need of human intervention.
Blockchain technology which combines with the known IoT to develop system-to-system transactions possible. It works with the set of transactions which are documented in a database, verified with the multiple number of sources and then entered in a common ledger which is distributed over each and every node.
Blockchain with IoT have numerous advantages, one of the most important is that it tracks the data and prevents duplication of the information with the any other malicious data. Instead of sharing the data with the other, IoT exchanges the data with the blockchain to secure the data of the user. IoT devices are directly in contact with the blockchain for protecting the history of the connected devices for the future security of the data. Blockchain and IoT together works well by coordinating with each other for simplifying business processes and securing the information and providing better costumer service or experience also. The operation cost of IoT is also reduced with blockchain because there is no intermediary. Blockchain based approaches provides privacy, security and good costumer services and gains the trust of the peoples by providing better facility. Both of these enables new ways of organizing economic activities at the reduced cost and secure platform.
The future of both the systems together provides many opportunities to the private or business oriented companies. Many of them are already connected with these and growing and working together to make a progress. As we are aware of the fact when there is advantages of something there are disadvantages of the same too. To conclude we compare both and in this case advantages of these two together are much more than disadvantages. Hence, there is a lot in the future to explore and develop for the betterment or improving the existing facilities.