Top 8 IoT Blockchain Use Cases To Know

The Internet of Things and Blockchain are two technologies that have grown in popularity since their inception. In the near future, IoT will have an impact on almost every item we use on a daily basis. As the use of this technology grows, so does the risk of it being abused. Existing technologies are insufficient to address this. As a result, Blockchain has emerged as an effective solution for addressing IoT security concerns.

 

Also Read | Top 10 Internet of Things (IoT) Examples

 

Blockchain and IoT

 

Blockchain is a decentralized distributed ledger technology that allows data to be exchanged between multiple parties without the use of a third-party intermediary. It has the potential to provide transparency, immutability, security, and privacy, and it is expected to bring about radical changes in a wide range of industries, including business models and operating processes like payment, accounting, and auditing.

 

The Internet of Things, on the other hand, is a mechanism or interconnection that allows ordinary computing devices and objects to receive and transmit data over the internet. IoT devices are known to provide businesses with limitless opportunities to run smart operations. Blockchain is an encrypted, distributed, and decentralized computer filing system that allows for the creation of tamper-proof, real-time records.

 

The Internet of Things (IoT) refers to the interconnection of computing devices embedded in everyday objects via the Internet, allowing them to send and receive data. Blockchain is one of the most significant technological innovations, and it has grown tremendously in recent years, giving you numerous reasons to master it.

 

When these two technologies are combined, a model for a dependable, secure, and permanent method of recording data processed by intelligent or "smart" devices is created. Blockchain technology has a bright future, according to experts, as its scope appears to be expanding.

 

While blockchain enables IoT devices by improving their security and bringing transparency to IoT ecosystems, IoT also allows smart devices to send data to private blockchain ledgers to be included in shared transactions alongside other tamper-resistant records.

 

The combination of Blockchain and IoT can allow businesses to securely access and share IoT data within their private network without the need for any centralized control and management system.

 

According to IDC, nearly 20% of all IoT deployments will support blockchain-based solutions by 2019. This is due to the fact that Blockchain contributes to the development of a scalable and decentralized ecosystem for IoT devices, platforms, and applications. Similarly, IoT provides numerous opportunities for businesses and organizations to run their operations in a "smart" manner. Naturally, the combination of these two emerging technologies has enormous industry potential.

 

Also Read | What is the role of IoT with blockchain?

 

Use Cases of IoT Blockchain:

 

Here are a few examples of how the combination of Blockchain and IoT can benefit multiple industries:

---

 

Use cases of IoT Blockchain 

---

 

1. Smart Appliances and Homes:

 

Smart devices, appliances, and buildings that connect via the internet are being built on a daily basis. Rather than storing all of the data collected by smart devices on centralized storage such as the cloud, it is possible to store it in a blockchain. 

 

The integrity and security of data are guaranteed by blockchain. The data can also be used for other purposes, such as lowering energy consumption, without being tied to a specific device or owner. The cryptographic keys are used to conceal the identity of the data while maintaining its authenticity.

 

2. Automobile Industry:

 

The automotive industry has embraced IoT and is now combining it with blockchain to maximize benefits. IoT and blockchain have been used to track vehicle parts and vehicles throughout the supply chain. 

 

Among the information gathered are the manufacturer's name, date of manufacture, and location. The data is collected using IoT sensors and stored in transparent and immutable blockchain-based ledgers. Parts information can be tracked and verified by stakeholders such as the manufacturer, service center, and customers.

 

3. Logistics and Supply Chain:

 

A supply chain network involves many stakeholders, which is why delivery delays are one of the most difficult challenges in the supply chain and logistics industry. This is where Blockchain and IoT come into play.

 

While IoT-enabled devices will allow businesses to track shipment movement at every stage, Blockchain will provide complete transparency to the transaction. IoT sensors (for example, motion sensors, GPS, temperature sensors, etc.) can offer details about the shipment status.

 

4. Insurance:

 

The implementation of IoT and blockchain in the insurance industry will be extremely transformative. Fitness wearables, for example, collect data on the user's diet, activity, heart rate, and blood pressure, among other vital signs. The information is stored in private blockchains, which are secure and cannot be altered. The data allows the health insurance company to assess their clients' health and determine which premiums to charge.

 

Monitoring systems, such as surveillance cameras and smart locks, are installed in smart homes to increase security and reduce the likelihood of break-ins. This reduces the number of claims resulting from burglaries. Furthermore, insurance companies can use blockchain data to verify claims and reduce the number of fraudulent claims.

 

5. Pharmaceutical Industry:

 

The increasing prevalence of counterfeit medicines is one of the pharmaceutical industry's most serious challenges. The pharmacy industry can now combat this issue thanks to Blockchain IoT. Blockchain IoT enables all stakeholders involved in the drug manufacturing process to be accountable and update the Blockchain network in real time with relevant information.

 

6. Energy:

 

IoT has already proven to be beneficial in the fields of energy and building management. When IoT and blockchain are combined, devices can upload real-time data and offer surplus energy to the grid, reducing waste.

 

The convergence of IoT and blockchain has been used to improve energy efficiency in Brooklyn. Microgrids connect neighbors, allowing them to buy and sell solar power to one another. To enable these transactions, the grids use smart meters that communicate with one another via a peer-to-peer network and form a blockchain.

 

7. Agriculture:

 

To ensure maximum customer satisfaction, more food must be grown to meet the increased population while:

 

• Environmental footprint reduction
• Transparency throughout the supply chain
• The combination of blockchain and IoT has the potential to reshape the food production industry from farm to the grocery to home.
•  Installing IoT sensors in farms and directly sending data to the blockchain can help to improve the food supply chain to a greater extent.

 

8. Water Management:

 

In the United States, leaking water fixtures can waste one trillion gallons of water per year. Puck, a smart water sensor created by Aqua, can:

 

• Keep track of how much water you use.
• If a leak is detected, automate the water shutdown.

 

Another project has been proposed to measure river contamination using blockchain and IoT. Libelium and Airalab have collaborated on a project called "Drone on the Volga." It collects water contamination levels autonomously using a drone outfitted with IoT sensors and blockchain technology. The drone collects data from the Kuybyshev Reservoir in the Volga River and publishes it on the Ethereum Blockchain.

 

Using IoT, the drone can determine where and when readings were taken, assisting scientists in determining the source of contamination.

 

How does Blockchain help IoT?

 

Before delving into how Blockchain can benefit the IoT ecosystem, it's important to note that IoT devices are powered by centralized servers, which will not suffice for long-term solutions.

 

As a result, if IoT devices are to reach their full potential, they must abandon centralized servers in favor of the concept of decentralization. Unlike the internet, Blockchain is decentralized, distributed, open, inclusive, immutable, and secure, providing unprecedented global value creation and trading capabilities.

 

Let's go deeper and look at how Blockchain can help IoT:

 

1. Provides Trust:

 

As we all know, there is no centralized server in control of your data with Blockchain; thus, technology maintains a complete level of trust. As a result, with the help of Blockchain in IoT, any party can achieve true trustless connectivity.

 

2. Cost-Efficient:

 

One of the primary reasons for the high costs is increased safety. Because IoT devices are vulnerable to vulnerabilities and DDOS attacks, they necessitate additional security mechanisms, which come at a high cost. However, Blockchain and IoT can manage everything on their own without any problems, reducing the extra cost associated with security.

 

3. Your information belongs to you:

 

Many of the world's most well-known AI technology companies, including Amazon, Apple, Facebook, Google, Alibaba, Baidu, and Tencent in China, are centralized. Nonetheless, they've all struggled to gain the trust of their eager but cautious customers. How can a business entice customers who haven't gone too far?

 

Imagine if these AI services could generate a "forensic report" that could show you, beyond a shadow of a doubt, how and when businesses use your data after it's been ingested. Consider whether your data could only be used with your permission.

 

4. AI Models That Can Be Relied On:

 

Consider the use of blockchain technology to provide trusted data and provenance for machine learning training models. In this case, we made up a system to determine whether the fruit is an apple or an orange.

 

This question-answering system that we develop is known as a model, and it is the result of a training process. The goal of training is to create an accurate model that, most of the time, correctly answers our questions. To train a model, we need data, which in this case could be the color of the fruit (as a wavelength of light) and the sugar content (as a percentage).

 

Conclusion:

 

The convergence of IoT and blockchain is bringing numerous advantages to industries and our lives. With the expected increase in IoT devices by 2024, the world's connectivity will be critical. 

 

Blockchain provides a distributed communication and storage model that addresses the majority of current IoT issues such as data security and high costs. These two technologies have been adopted in a variety of industries, though adoption is still low. We expect adoption rates to rise as industries continue to the benefits of IoT and blockchain. 

 

Several industries have begun to investigate the potential applications of IoT and Blockchain to increase efficiency and automate processes. We discussed some real-world products that use this technology to build strong business solutions in this blog.