By 2020, the number of Internet of Things gadgets is expected to rise to more than 20 billion. Characteristically, the Internet of Things solutions can be classified under consumer and industrial categories.
For a considerable period, the focus was centered on Industrial Internet of Things Solutions, which are typically, High-Value Assets. Nonetheless, the Internet of Things can only realize its true potential by providing mass utility.
Mass adoption of the Internet of Things means that it can disrupt the world and offer both efficiency and transparency in various workplaces as well as in different aspects of life. However, for this to be realized, standardized infrastructure, open application programming interfaces (APIs), as well as partnerships among stakeholders are critical. Therefore, it is only natural when blockchain technology appears to be possibly the most appropriate and practical approach to create, oversee, and exchange the Internet of Things solutions. Why? Basically, blockchain comes with desirable features such as auditability, security, and immutability.
The Internet of Things stands to benefit from these attributes of blockchain technology because they permit the transfer of information and value of any form over the internet without control from intermediaries. Furthermore, these features mean that the exchange of data happens with a high level of transparency.
As of now, I cannot say there is a device being used that combines both the Internet of Things and blockchain technology. However, there are a couple of interesting projects seeking to leverage these two technologies. The ones I am paying close attention to are;
- Matrix AI Network
- IOT Chain