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The Industrial Internet of Things FEATURE NEWS

How Blockchain Will Revolutionize IoT

By Special Guest
Donna Howard, Correspondent
January 31, 2018

Blockchain is an incredible software innovation that allows for transparent record-keeping and infinite possibilities in the world of financial transfer and record management. If you have read the news at all in the last two years, you will have undoubtedly seen a reference to Blockchain. It is the main proponent behind Bitcoin, the skyrocketing cryptocurrency, and has a profound effect and influence over the modern tech market.

There is no one involved in the industry that is not excited about Blockchain since it affects everything from banks to hospitals. The platform itself is based on the idea of inexpensive record-keeping and accounting. Almost everyone involved in the tech industry is excited for whatever innovation can be birthed from this new peer-to-peer system.

For most individuals, the specifics of the Blockchain are still confusing and granted since it is new to the world. However, one does not need to be an expert to be excited for this innovative technology that will allow companies and individuals to create crypto currencies and accounting programs that will revolutionize their respective Industries. Delayed programming of payments has the potential to upend the current transportation industry and allow for a safer and more reliable alternative to shipping and receiving goods.

What is not talked about often is how it will affect the Internet of Things. In this upcoming age we will see an entirely new world comprised of products that are all interconnected and sustained by one another. Everybody's car will be a WiFi hotspot and everybody's bike will have a GPS in it. When every part of your life is connected to the internet it can be quite the bog down on the system.

Blockchain seeks to fix this inevitable issue by creating programmable software and easy to access records that will make the entire process faster and safer than it ever was. Instead of an individual having to keep track of everything they have ever done or had, through Blockchain technology, they can keep their records safe and easy to access. In The Internet of Things age Blockchain has become an even more prominent figure as everyone seemingly hopes to get involved.

Because it is open source there is no entry point too low or too high for the service. Programmers from all over the world are absolutely enraptured by the potential of Blockchain in the new age. More and more high-profile businesses are beginning to keep their records easier to maintain and safer with Blockchain like Sony and JPMorgan Chase.

Even though some have skepticism, Blockchain has proven to be safe and accurate. In The Internet of Things this will help products and services retain your information so that it can be used across multiple devices and services. This will keep your identity secure as well as providing ease of access and use to all of the products in your life. This has sparked interest in technological development for programmers and tech industry heads.

The Internet of Things will see a large impact due to Blockchain. Blockchain would allow for companies to keep your records across multiple devices and out of criminal hands. It would also allow supply change to operate more efficiently and with better trust as they can delay payment until delivery and track where their goods have gone. While the individuals involved in the transaction stay anonymous, the goods that are transacted are not. In Internet of Things this will allow for an individual to keep track of what they have spent and where they have spent it. This will also keep an individual's credentials safe and grant them a peace of mind that is not afforded by analog systems.

Blockchain will in time usher in a future only dreamed about in movies or seen in the stars. If you want to get involved there are number ways to do so but make sure that you have a powerful computer. Even though it is open source does not mean it is easy to use. However, it is an exciting innovation that can completely change the way we interact with the world around us.

About the author: Donna Howard is a business consultant working with high growth companies for their business development. She has worked with companies in scaling their business operations from Europe, Asia and Africa. 




Edited by Ken Briodagh
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