Blockchain for IoT
Forward-thinking businesses are gaining a competitive edge by using Blockchain technology combined with the power of IoT. This new technology uses data collected from your IoT devices to create an indisputable record of transactions which streamlines business processes and enhances security.
Blockchain for IoT is a powerful technology which creates an immutable record of transactions that can be used to optimize business processes, enhance security, and maintain trust between stakeholders. It reduces costs by removing middlemen and ensuring that transactions are quickly and accurately fulfilled.
7.5 billion connected things will be used in the business world by 2020. This means an extraordinary amount of IoT data will be aggregated and analyzed, but that doesn’t mean it’s tamper-proof. That’s where Blockchain can help. Your IoT devices send data to a private Blockchain ledger to be included in an immutable, 100% secure record.
Stakeholders can then verify transactions and hold partners accountable for their part in the transaction. For example, it can establish the quality and condition of goods, improve visibility across the supply chain, or verify the working order of industrial machines.
This cutting-edge tech cuts out middlemen, minimizes disputes and ensures the quality of goods and assets. By being an early adopter, you’ll be recognized by customers and partners as an innovative brand willing to go that extra mile to ensure quality and transparency.
- Enhances Security
- Streamlines Operational Processes
- Ensures the highest quality of goods
- Simplifies Communications B2B
- Creates immutable records of transactions
Blockchain for IoT addresses three core business challenges:
Security: security for IoT devices is heightened by recording aggregated data in a tamper-proof Blockchain ledger. The use of encryption, automation means that data can be trusted by all stakeholders. It’s the perfect solution for industries where 100% secure ledgers are paramount.
Streamlines Operational Processes: data transactions across complex networks are recorded in an immutable Blockchain ledger. This can occur across a supply chain where data frequently changes hands between countless stakeholders
Automation: Smart contracts allow stakeholders to define agreements which will be fulfilled when certain conditions are met. For example, in a supply chain which deals with perishable goods, you can have an IoT sensor on the goods to track temperature and send this data to the Blockchain ledger throughout the shipping process. A smart contract can be drawn up which says “If there was at a continuous temperature of 4 degrees Celsius throughout the entire shipping process then the delivery will be accepted. If the temperature goes above or below, then the delivery will be accepted with penalties.” This smart contract will automatically accept, add penalties, or reject the delivery based on the data the IoT sensors have fed to the Blockchain. In this way the quality of goods is ensured and the process it automated — cutting out intermediaries.
With over 18 years of experience, Codit is a leader in all things integration. We focus on pragmatic approaches and solutions for using Blockchain for IoT in B2B ecosystems. We believe in a holistic approach where we guide you from ideation to realization of your Blockchain for IoT project.