Blockchain with Internet of Things
Internet of thing is a medium of sharing data between the devices connected with internet. It is used to establish the communication between these devices. Blockchain plays a vital role in IOT. It is used to enhancing the security of these devices. The main function of blockchain is builds the trust with transparency. Blockchain is a smart ledger which records the information of distributed system.
Security is the main concern for IOT. Blockchain is a way of encryption. Which is used to secure our things. Things may be our record of information, and transaction of data. Blockchain with IOT provide the different form of transaction for businesses. Here we use a term distributed system. What is the mean of it or why it is used in blockchain? Blockchain is peer-to-peer network based system. Which have a property of decentralized environment. That means it cannot be transferred data between centralized systems. So that blockchain used distributed system. Which can communicate by message passing.
Benefits of Blockchain with IOT
Blockchain with IOT provide trust between the people who transact together. Establish trust is the main factor for a business. Because if people trust on our products, and services in that case our value is increased in market. So thing is that how we can provide better services and products to people. How they can trust on us, our services?
Answer of all these question is blockchain with IOT. Because blockchain technology is improve your privacy and security. If you give the assurance of security, and privacy for your products, it becomes in result of trust. Means people can more trust on your product and services. This technique also helps to increase the speed of transaction. As well as it improve transaction by conduct it globally basis. Globally basis because of internet of things.
Another benefits of blockchain with IOT is helpful to reduce the cost. How it is helpful to reduce the cost? Blockchain is decentralized network system. It remove the middle man from process. It is a peer-to-peer based transaction system. This helps to reduce the time and cost. Reducing time and cost because it does not follow the complete procedure. Means it directly send the data to the recipient.