What are the benefits of Internet of Things, blockchain and its business?

The concept of Internet of Things is growing rapidly and it is becoming more and more important for professionals to understand. Not many people know about IoT (Internet of Things), what IoT platform is, how it can be used to improve business strategies. So Exactly whatInternet of Things?

The Internet of Things is an ecosystem of connected hardware devices that can be easily accessed using the Internet. The ‘thing’ in IoT is a person wearing a machine with a smartwatch or built-in sensor, such as an interconnected computing device that has the ability to collect and transfer data across a network without manual assistance or intervention. The technology integrated between the devices helps them to communicate with the internal state or external environment, which in turn influences the decisions taken. Let’s take a look How does IoT work?

An Internet of Things system integrates four components: sensors / devices, connections, data processing, and a user interface.

  • Sensors: Collects external data from devices and forwards data to the cloud.
  • Connection: All devices need to be connected to the cloud using various methods such as Wi-Fi, Bluetooth, Internet, Ethernet, etc. Which method to connect depends on the specific application.
  • Data processing: After receiving data in the cloud from specific devices, the software processes the data and takes a step to automatically send alerts and adjust devices without the need of the user.
  • User interface: Device-sent alerts will allow users to monitor the system and make any adjustments to the data sent back to the cloud and to the device.

The IoT platform enables cloud-based applications and services:

An IoT platform is a versatile technology that facilitates the complex delivery, execution and automation of connected devices within the Internet of Things universe. It specifically connects your hardware, albeit to the cloud using different, flexible connection preferences, enterprise-grade security methods, and large data processing capabilities. The IoT platform can also be referred to as middleware, which connects remote devices to user applications and handles all interactions between hardware and application layers. The IoT platform recognizes its core business standards, enabling standard devices with cloud-based applications and services.

As the number of smart and wearable devices continues to grow worldwide, IoT is expanding. While its progress is exciting and guarantees a change that will affect the world in many ways, it is not without its flaws and has raised some doubts about its security. Another upcoming technology, blockchain, may be the answer to these security concerns.

Blockchain is nothing more than a distributed laser technology, which can be considered as a solution to the security challenge. Blockchain technology makes it possible for intermediaries to be cut off and transactions made directly; It records those transactions cryptographically, so once recorded they cannot be changed or modified. Blockchain technology has spread its wings in every industry and has a myriad of applications. In the event of a security breach on the IoT, the blockchain may resolve various pain areas. But, why blockchain technology is needed to secure IoT data flow?

  • IoT can be secured using blockchain:

All IoT devices are connected to the Internet which makes them vulnerable to hacking or cyber attacks. Devices like smart watches, smart devices, smart light bulbs, thermostats, etc. are regularly updated and updated which makes them highly sensitive. The risk of attack will continue to increase with the advancement of technology but without blockchain. Blockchain integrated IoT is secure and able to prevent any cyber attack. Because blockchain records transactions, stores data in a decentralized location and cannot be changed or deleted, it is an effective solution for secure devices.

  • Blockchain Is Cost effective:

Security makes it the perfect architecture for IoT. This reduces the single point of error, creating a more sustainable ecosystem for running devices. Blockchain IoT can keep a precise, completely secure record of messages sent between smart devices, enabling the autonomous functionality of smart devices without the need for centralized authority. Automates blockchain processes. It is decentralized, with no intermediaries. This means that blockchain technology can reduce costs by conducting operations directly. There is no need for third parties to get involved and the money saved can be used for other important business matters.

But that’s just the beginning, and the Internet of Things is a hyper-connection to the business world. With the Internet of Things, you can monitor, evaluate, and automate in ways that greatly improve processes and create new business models. As you can see why IoT requires a blockchain, now let’s take a look at the benefits of IoT for an organization:

  1. Data Powered by Blogger Decision: The more data, the easier it is to make the right decision. Understanding which components are needed and which parts you have run out of is not only time consuming but also effective.
  2. Save time and money: Due to monitoring, the number of trips is wasted. It is economical, because, this technology can easily replace people who are in charge of monitoring and maintaining the supply.
  3. Increase business potential: IoT creates new business opportunities and helps companies benefit from new revenue streams created by sophisticated business models and services. IoT helps to innovate, reduce marketing time and increase ROI.
  4. Increases organizational productivity: Productive results play a key role in the success of any business. Provides timely training for IoT workers, increases labor efficiency and reduces organizational productivity as well as reduces skill disparities.
  5. Improve customer experience: Consumer insights can help you make informed decisions about when to target someone and with what budget to back it up. IoT technologies replace quantitative data with qualitative data, which helps you better understand the customer at the end of your customer cycle.

Source by Sahana Kanjula