“If we are most likely to understand the Internet of Things (IoT) by describing how it relates to objects we use every day, such as a toaster or bicycles, we miss the big picture: a futuristic global network of connected devices, transforming industrial and business processes in a way that we cannot yet comprehend.” – Rhian Lewis: Co-Founder of Count My Crypto.
This revolutionary concept of IoT is already well under way, and the multitude of smart devices connected to it could transform businesses, homes and cities. But without the right security strategy, the more devices we connect, the more problems we encounter.
“The intersection between IoT and Blockchain is a fascinating area. Gartner has predicted there will be 20.4 bln connected devices by 2020 with smaller, more efficient sensors and microprocessors offering the potential for use cases of which we can barely dream today. Decentralised architectures mitigate against single points of failure while providing standard protocols for devices to discover each other and communicate.” – The Cointelegraph.
With security concerns on the rise, blockchain technology is not only a safety measure, it’s a cost-saving and error-reducing opportunity.
“Blockchain’s potential to transform the way we think about IoT security is actually a side effect of an even greater opportunity: to rethink problems with online identity that have been festering for decades.” – The Wall Street Journal.
Blockchain, as a way to structure data, is allowing entities to share a digital ledger across a network of computers without the need for a central authority. No single party has the ability to tamper with records. Encryption enables the entities to share a common infrastructure for database retention. The blockchain database is not stored in one location, meaning that records are truly public and can be verified easily. With no centralised version of this information, a hacker can’t corrupt it.
“Although IoT devices are miracles of engineering, they are still underpowered compared to the hardware powering successful blockchains.” – Forbes.
IMPLEMENTING BLOCKCHAIN TECHNOLOGY INTO YOUR BUSINESS
“The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?” – strategy-business.com.
Blockchain is being used by businesses for a myriad of things like accepting payments, hiring and even paying wages with Bitwage.
“The clearest and easiest way to start using blockchain tech is to start accepting Bitcoin – or another cryptocurrency – for payments. These payments are fine for peer-to-peer transactions, but they work even better for small businesses.” – Capterra.
Bitcoin is a worldwide cryptocurrency and digital payment system. Units of currency are regulated using encryption techniques to verify the transfer of funds, operating independently of a central bank. Bitcoin is received, stored, and sent using software known as a Bitcoin Wallet. Getting started with bitcoin is relatively easy. By simply downloading the Bitcoin Wallet of your choice, you can send and receive bitcoin.
“This distributed ledger — the first blockchain ledger ever created was for bitcoin, and it set the pattern for others — represents the most innovative and potentially influential aspect of the technology. Participants interact with one another using pseudonyms, and their real identities are encrypted. The ledger uses public-key encryption, which is virtually impossible to break, because a message can be unlocked only when a public and a private element (the latter held only by the recipient) are linked.” – strategy-business.com.
Although controversial, businesses around the world are seeing the potential that this technology has to not only how we handle payments, but transform how we do business in every way, from how stock exchanges operate, to re-shaping capital markets, to smart contracts. But the global blockchain revolution won’t happen overnight.
“Today, you have to assemble a lot of pieces by hand if you want to develop a blockchain platform, just like how, in 1995 or 1996, if you wanted to publish a website, you had to work with html. You had a page editor where you would hand write the html page almost line by line. No one does that anymore. Now you can create a web page without touching a line of code with Squarespace, WordPress, Tumblr, etc. That’s where we need to go.” – Laura Shin: Senior Editor at Forbes.
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