Blockchain Consultants

Blockchain Transformations Done Here

iot

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

Codezeros

We are residing in a highly competitive world. And it is becoming difficult for the businesses out there to take a stand. And thus, they should look for continuous enhancement to meet consumer needs. To do it successfully, supply chain optimization can be undertaken.

It improves both performance and network efficiency to fulfill the needs of the customers. This article will describe to you why supply chain optimization is vital for your business.

What is supply chain optimization?

Like blockchain, supply chain optimization uses resources and technologies like AI (Artificial Intelligence) and IoT (Internet of Things) to enhance both performance and efficiency in a supply network. A supply chain of an organization offers an efficacious customer experience.

Business efficacy and responsiveness are enabled by a high-performing and powerful supply chain to give the customers what they want. And ultimately, it brings profit to the organization and also enhances the sustainability of the supply chain.

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

Supply chain optimization process:

A successful supply chain optimization process undertakes three phases. The phases are:

Supply chain design:

This phase includes a description of network design processes such as the location of warehouse facilities and how the product flows between them. It also showcases strategic objectives like establishing supplies, demand forecasting, and the scheduling and planning of operations associated with manufacturing.

Supply chain planning:

It includes the making of a strategic supply chain development plan, planning for inventory, and assets coordination for optimizing goods delivery, information, and services from supplier to consumers, ultimately balancing supply and demand.

Supply chain execution:

This phase focuses on execution-oriented systems and applications, inventory and warehouse management, management of transportation, management of global trade, and other execution applications like supply chain visibility, real-time decision support, and order management systems.

Importance of supply chain optimization:

The complexity of supply chains cannot be ignored, but the complexity pays technological benefits, especially when AI and IoT are integrated with blockchain.

A successfully designed supply chain management and optimization processes describe the given below issues:

Silos:

As the data is siloed, supply chains are unable to get the needed insight, and they lack end-to-end visibility. All these together pull them from meeting the needs of their consumers. For informational silos, a supply chain optimized through connected technology is considered to be the best solution.

Client needs:

The expectations of the customers are rising. And this means that the supply chains must keep up with innovating and optimizing each step to meet the needs of their customers. The organizations must prioritize the supply chain not only to meet but exceed the customer expectations as well.

Competitive advantage:

Earlier, supply chains used to focus on the design of the network like distribution fleet and warehouse placement. But currently, optimization on real-time decision support and execution-oriented applications is the indispensable process for protecting the brand and building competitive advantage.

Agility:

The supply chain must respond fast to the changes like- customer demands, supply distributions, and competitions. To stay competitive, the modern supply chains must be active and quick.

Sustainability:

There are several social and environmental impacts caused by supply chains. Modern customers crave to know whether the goods are manufactured or produced in an ethical and sustainable method by using low-impact extraction or renewable methods.

Features of an effective supply chain optimization:

Blockchain development for supply chain itself is a powerful technology. And when it is further integrated with AI or IoT, the power rises dramatically. Firstly, blockchain migrates from a traditional business network and brings good quality data together across the partners.

When AI is added, it extracts a meaningful context and produces strong insights resulting in several potential benefits.

Some of the vital features of an effective supply chain are given below:

  • Inventory tracking:

It looks through the entire blockchain in supply chain and knows exactly where the inventory is.

  • Intelligence:

For real-time intelligence, it leverages composable data and AI services.

  • Reporting and analytics:

For forecasting future sales and demands, it evaluates patterns in processes.

  • Order management:

It tracks orders, manages returns, sends quotes, and contributes to customized pricing.

  • Visibility:

It offers up-to-date inventory tracking and available-to-promise data.

What is the future of supply chain optimization?

Automation will be delivering significant scaling advantages, contributing to blockchain for supply chain management. Some of the technologies that will continue to develop are:

IoT sensor data will offer insight into inventory status and location.

AI will make monitoring of inventory more accurate.

  • Blockchain:

It will improve traceability, visibility, transactional trust, and will verify the authenticity as well.

  • Intelligent order management:

Inventory visibility will be mastered with automation and improved demand forecasting.

Conclusion:

Indeed, it is advantageous to opt for supply chain optimization in businesses. Technology, along with globalization and empowered customers, is changing the way how a business manages its supply chains. In the future, the supply chains are expected to take more accurate actions.

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

Source

What is Hyperledger fabric in Blockchain: A Complete Guide

Hyperledger Fabric is a customizable architecture-based framework for distributed ledger applications that provide high levels of privacy, robustness, customization, and scalability. It’s built to facilitate pluggable versions of various elements and manage the intricacy and subtleties’ financial ecosystem. 

To better understand how blockchains function and the unique characteristics and elements of Hyperledger Fabric, we suggest that first-time users read the rest of the explanation beneath. 

We’ll lead you through all that you require to understand about Hyperledger Fabric, like what it is? How to launch your first application on it? In this Hyperledger Fabric article. Let’s begin the report right away.

If you’re already acquainted with blockchain and Hyperledger Fabric, proceed with Getting Started and then move on to the demonstrations, technical requirements, APIs, and other resources.

Table to Contents:

  • What is Hyperledger in Blockchain?
  • What is the need for Hyperledger in Blockchain?
  • The Architecture of Hyperledger Fabric System-
    • Assets-
    • Chaincode-
    • Ledger-
    • Security-
    • Consensus-
    • Confidentiality-
  • What do you mean by a Blockchain?
    • Distributed Ledger –
    • Consensus-
    • Innovative contracts-
  • What are the advantages of Blockchain?
    • The Chain’s Accuracy
    • Transactions in Confidentiality
    • Reduced Costs
  • Now let’s see how to develop an application using HyperLedger Fabric System.
    • STEP 1
    • STEP 2
    • STEP 3
    • STEP 4
  • Conclusion

What is Hyperledger in Blockchain?

The Linux Foundation (the same corporation behind the Linux Operating System) launched the Hyperledger blockchain initiative in December 2015. This project was established as a core for both the collaborative production of fully accessible blockchain technology and distributed ledgers.

What is the need for Hyperledger in Blockchain?

Hyperledger was founded to advance the discovery as well as the adoption of cross-industry blockchain systems. It is backed by major corporations such as IBM and many others across a wide range of sectors, including finance, IoT, banking, industry, etc. 

One thing to keep in mind is that Hyperledger was designed to assist and stimulate the advancement of blockchain technology, not any particular cryptocurrency. 

Blockchains can transform online transactions by fostering faith, openness, and trustworthiness, as per the Hyperledger webpage. It was created solely to fulfill that ability. Around 100 companies, comprising industry titans like Nokia, IBM, and Samsung, are part of the Hyperledger blockchain, which meets every month to supervise the development of prospective blockchain frameworks. This Hyperledger neither has any nor will have its coin. It is a vital thing to keep in mind about Hyperledger.

This directly addresses Hyperledger’s purpose: developing robust industrial applications using blockchain technology while remaining apart from the digital currency creation process.

The Architecture of Hyperledger Fabric System-

In this part of the article, we will learn about the design of the Hyperledger Fabric System.

Assets can vary from the physical (property investment and equipment) to the immaterial (software and trade secrets). By using the chain code transaction process, Hyperledger Fabric allows users to alter assets. 

In the Hyperledger Fabric system, assets are portrayed as a series of key-value pairs, with state changes registered as exchanges on a ledger path. Binary and JSON representations are available for assets.

  • Chaincode-

Chaincode is the commercial concept software that defines one or multiple assets and the transaction methods for managing the purchase (s). The criteria for accessing or changing key-value pairs or any other dynamic database entries are enforced by Chaincode. Chaincode operations are started with a transaction idea and run against the ledger’s existing state information. The implementation of Chaincode generates a collection of key-value writes that can be sent to the system and implemented to the ledgers of all users.

All value changes in the fabric are recorded in a sequential, damage-resistant ledger. Chaincode abstractions (‘transactions’) supplied by interacting parties cause state shifts. Every transaction generates a collection of asset key-value pairs that have been created, updated, or deleted in the ledger. 

A blockchain is used to store permanent, sequential records in blocks, and a database file is used to keep track of the present fabric state. Each channel has only one ledger, which performs an error handling check is conducted before adding a block to guarantee that the conditions of assets that were fetched have not altered since chain code processing time.

  • Security- 

Hyperledger Fabric is the foundation of a transactional system in which all members are acknowledged. Cryptographic licenses are related to businesses, networking equipment, and application developers or client apps via Public Key Infrastructure. As an outcome, data access management on the system and channel stages can be regulated and managed. In this way, it makes it secure. 

  • Consensus-

Consensus has gradually been associated with a specific method within a particular target in distributed ledger architecture.  On the other hand, consensus entails more than just responding on transaction execution, and this distinction is underscored in Hyperledger Fabric by its central position in the whole transaction pipeline, from request and approval to ordering, verification, and pledge. In a word, the consensus is the total authentication of the accuracy of a group of transactions that make up a block.

  • Confidentiality-

Hyperledger Fabric uses an unchangeable ledger and a chain code that may edit and alter the present state of objects. A ledger can operate within the range of a channel — it could be broadcast throughout the existing system or privately run to include precisely a limited number of users. 

After all these situations, these parties will make a different channel, isolating and segregating their transactions and the database. A chain code can only be deployed on peers, which needs the information to the asset states to execute reads and updates to overcome situations that seek to fill the space between complete transparency and confidentiality.

When companies on a network want to maintain their transaction information secret, secret record keeping is being used to store it in a personal library that is logically independent of the channel record and available only to the allowed group of companies. 

In this way, the channels help keep away transaction process from other networks, and the collections maintain the secrecy of the information. 

What do you mean by a Blockchain?

The blockchain contains certain parts like – distributed ledger, consensus, and innovative contracts.

Now let’s see how these parts work.

  • Distributed Ledger – 

A distributed ledger has been at the core of a blockchain network, and it tracks all of the network’s transaction activities. Because it is repeated across multiple network users, each of those who collaborate in its upkeep, a blockchain ledger is generally defined as decentralized. We’ll learn how decentralization and partnership are essential characteristics that reflect how businesses transfer products and activities in everyday life.

Furthermore, to be decentralized and collaborative, the data collected to a blockchain is available only when using cryptographic methodologies that ensure that once a payment has been introduced to the ledger, it could not be altered. This feature of “immutability” makes it much easier to identify the authenticity of details because individuals can have the proper information that has not been modified after the transaction. It’s for this reason why blockchains are often referred to as “proof systems.” 

  • Consensus-

Consensus is the procedure of maintaining ledger transactions synchronized throughout the platform, ensuring that ledgers only refresh when the relevant users confirm transactions. That is when ledgers make changes in their information. They usually update with the actual transactions in the very same sequence. 

  • Innovative contracts-

A blockchain network includes intelligent agreements to offer regulated accessibility to the ledger to ensure the continuous updates of records and permit various ledger functions (transactions, queries, and so on). Smart contracts could be developed to allow users to perform some features of transactions mechanically and be a crucial method for encrypting data and preserving it clear across the system. 

For instance, a smart contract may be designed to specify the pricing of transporting goods, with the price changing based on how speedily the product delivers. When both clients accept the conditions and are documented down in the ledger, the relevant payments are sent immediately once the goods are received.

Afterward, you’ll know more about ledgers, smart contracts, as well as consensus. In the meantime, it’s OK to consider a blockchain as a standard, duplicated payment platform that is only updated via intelligent contracts and kept continually synced by a collaborative procedure known as consensus.

What are the advantages of Blockchain?

  • The Chain’s Accuracy 

A network of hundreds of computer devices approves payments on the blockchain system.  This virtually eliminates human intervention in the authentication process, providing in lower human mistakes and a more reliable collection of data. Even if any of the computers on the system makes a technical fault, it would only affect one blockchain record.  To transmit to the remainder of the blockchain, that mistake would have to be committed by a minimum of 51 percent of the network’s machines, which is nearly impossible in a vast and developing network like Bitcoin’s.

  • Transactions in Confidentiality 

Numerous blockchain networks function as open databases, allowing anybody with internet service to access the network’s recent transactions. Because users have accessibility to transaction details, they do not have access to personal information about the people conducting the payments. It’s a frequent misconception that blockchain networks such as bitcoin are private, but they’re not.

  • Reduced Costs 

Clients typically charge a bank to authenticate a trade, a registrar to endorse paperwork, or a preacher to marry them. The blockchain removes the requirement for third-party authentication, as well as the fees that come with it. Once businesses receive credit card transactions, they must charge a small price to banks and payment service providers to handle the operations. On the other side, Blockchain has no centralized power and only has a small number of transaction costs.

In a nutshell, blockchain networks help decrease the time, expense, and danger involved with confidential data and operations by coordinating the corporate network via a shared ledger while also boosting trust and transparency. You now have a better understanding of what blockchain is as well as why it is helpful. There are numerous other variables to consider, but they all connect to the basic principles of data and process exchange.

Now let’s see how to develop an application using HyperLedger Fabric System.

The first step is to construct and deploy the network. Your application will be useless without a functioning network. For installation, you can follow an online guide. To go to the repository containing the prototype network, run the below command when everything is done. 

cd fabric-samples/first-network

Then, to execute the network, apply the byfn.sh script. Running this system will improve network connection and deploy critical components such as containers, peers, chain code, and other tools that will aid the other processes. 

Now it’s time for creating artifacts for creating this run the given command. After that, hit “Y” when prompted for verification. 

.byfn.sh generate

In this step, we will power up the network. To enable additional peers to connect to the network, this will start all of the parts, including chain code and containers. To activate the network, enter the following command: 

./byfn.sh up

The next step will be launching the network. To start the network, run the following code :

./startFabric.sh javascript

Now you will have everything you need to construct your application once the network is launched, from orderers to peers to certificate authorities.

Conclusion 

Our Hyperledger Fabric post has finally come to an end. The Hyperledger Fabric framework and blockchain technology possess the potential to transform a  variety of sectors throughout the globe.

This article showed you how to get started with the Hyperledger Fabric framework and how to develop the application. Apart from this, this article also clarifies Blockchain and its advantages. If you want to learn more about building an actual business software or application, go for a complete online or offline course. If you’re going to open a Hyberledger, always choose a reputed, well-established website that offers handy features. One such website is Blockchain Council which we recommend to all the users.

What is Hyperledger fabric in Blockchain: A Complete Guide

Source

Blockchain in Action — 16 Inspirational Examples

Codezeros

If you want to have a decentralized record of digital data accessible by all, then better fix your gaze towards blockchain technology. To break a single word into two, Blockchain has information in which the data (i.e., the block) is deposited inside a communal database (i.e., the chain).

This digital technology is primarily made to rave up banking security, as unsecured parties fail to hack it. However, Blockchain has various applications; you might have heard of them, so below are their names.

1. Bitcoin

Bitcoin is known to be the most prominent application of Blockchain, which is also termed as a cryptocurrency because it is a virtual currency. Things get completely simplified here, as money transferring gets easier because of the absence of intermediaries like banks or administrators.

Similar to Bitcoin, Bitcoin Atom is also a part of it, used for transferring funds in a simplified way with no trading charges and no possibilities of hacks during exchanges.

Blockchain in Action — 16 Inspirational Examples

2. MediLedger

With Blockchain, MediLedger, a pharmaceutical company, has a decentralized network that can record transactions and data to establish worth and improve security.

3. Spotify

A popular name in the music world, Spotify, opted for the procurement of Mediachain Labs and took help from a blockchain development service provider to switch to blockchain technology. This helps them to associate with an artist who has licensed tracks and agreements.

This move has led to more transparent and clear ownership of records. This move also helped the small artist to get proper recognition, which they were denied before.

4. BitGive

BitGive, which also implemented Blockchain technology, has its sole mission to benefit charities worldwide. It has a project that provides transparent data and financial information to donors.

5. Maersk

Maersk and IDM combined to generate a new supportive Blockchain effort known as TradeLens, which is supported by blockchain software development companies and other leading brands.

TradeLens is exclusive for its customized smart-contract services that execute complicated shipping orders, which lowers the presence of mediators in the whole process.

6. Circle

The peer-to-peer payment technology of Circle, which is also termed Circle Pay, is primarily used for buying and selling bitcoins. Circle uses open, Blockchain-based protocols to build products.

7. Aeternity

Another example of Blockchain development can be found in Aeternity. It serves a great role in performing rapid transactions. The brand has adopted several new things like IoV, IoT, FinTech, Unbanked, Video gaming, Trust-free Exchanges, etc.

8. Matchpool

To stay in association and generate new connections, a platform named Matchpool utilizes cryptocurrencies. It provides bonuses on linking the associates of different communities such as Uber, Airbnb, or dating services.

Here the cryptocurrency comes in the form of Guppy tokens, which is better known as GUP. These are mainly used for making payments within the app.

9. Siemens

Blockchain development services have led Siemens Digital Grid and its start-up financier, named next47, to work in collaboration with LO3 for a new project. The project is related to Blockchain technology, which lets local people generate and use and buy power through it.

10. BASF

BASF Corporation took help from a blockchain development company to scrutinize the value of livestock. The information can be used to see full transparency about the food they eat.

11. Loyyal

Loyyal, which is a cross-sector rewards and loyalty platform, reinvented how customers will get incentives.

It makes use of smart contracts and Blockchain technology to manage travel and hospitality. It also correctly looks over the incentives of all employees and their corresponding credit card rewards.

12. SimplyVital Health

With the added cost of aligning different technologies and issues due to sharing of data for security and privacy issues, the health sector hasn’t yet upgraded a lot from the past.

However, with the help of blockchain app development, SimplyVital Health has granted the authority to patients to share and access their healthcare information.

13. Guts

Guts which also works on blockchain technology, reduces the opportunity of ticket fraud and overcharging. Its algorithm maintains similar ticket prices and locks the prices by linking them to the mobile number.

14. De Beers

By tying up with 5 various other diamond manufacturers, De Beers has developed Tracr. It is a first-level Blockchain platform, which aids in securely tracking a diamond. The platform is designed to deliver untampered data whenever there is any suspicion revolving around it.

15. Ubiquity

Ubiquity, also a part of the blockchain platform, provides records of property information with a clean record of ownership. The consumer can input their data and store it on a blockchain with its Patent Pending API and SaaS Platform.

16. AIA Insurance

The bancassurance network, i.e., AIA Insurance, has led its bank partners to share data in real-time, reducing the processing time. It perceives new starts to have insurance with the blockchain accelerator.

Conclusion

Thus, through this, we hope that it is clear to you that blockchain development is a vast system with a vast scope in every sector. So, align your brand with it to upgrade and earn better revenue.

Blockchain in Action — 16 Inspirational Examples

Source

Hyperledger Fabric and It’s Business Use-Cases

Hyperledger Fabric and It's Business Use-Cases

Want to learn and understand the various use-cases of Hyperledger Fabric? Well, we have got you covered.

Table of Contents 

  • Understanding Hyperledger Fabric and its Key Capabilities
  • Top Fabric Use-cases That You Can’t Overlook 
  • The Verdict 

Understanding Hyperledger Fabric and its Key Capabilities

Hyperledger Fabric is a permissioned distributed ledger that is intended for developing applications with its modular and versatile architecture. It focuses on the development of enterprise-grade applications and offers a unique approach to a consensus that enables performance without compromising privacy.

Its key capabilities include a membership identity service that is used to authenticate and control IDs for participating people. Next is chain code functionality, useful for a special type of transaction. Moreover, it offers efficient processing. It ensures that the execution of the transaction is separate from the transaction assurance and ordering. Fabric shields the business interest by assuring that the transactions are confidential and remain within the permissioned network.

Top Fabric Use-cases That You Can’t Overlook 

In this section, let’s explore some of the top use-cases of Hyperledger Fabric across various industries.

  • Supply Chain 

One of the most exciting use cases of Hyperledger Fabric is in the supply chain domain. It helps organizations and businesses to track their product right from the pickup location to the time it reaches the end consumer. The final assemblers can utilize the Fabric platform to create a supply chain network that will help them in managing the demand and supply between suppliers and producers. Moreover, Fabric can help in the verifying process, indicating that a product has been dispatched and that it went through the supply chain in the best conditions.

Apart from food tracking, drugs can also be traced and tracked all the way through the supply chain, ensuring transparency and efficiency at all levels. Fabric engages stakeholders, lower the credit risk, reduce malpractices, and allow the transaction period to be short and quick.

  • Trade and Finance 

If we talk about payment systems, it is the first-ever use-case of Blockchain technology. Fabric can be applied to the finance domain, where all record-keeping transactions and operations can be recorded that helps prevent frauds and malpractices. The technology removes money transfer services from the transaction and thus reduces the cross-border challenges such as intermediary cost and settlement times as well. With the help of underlying technology, Fabric enables stakeholders to have direct access to all assets, allowing them to initiate trades and obtain information on an asset without going through intermediaries. 

From the moment the trade is captured by the front office before the trade is eventually concluded, all parties can build and use only one contract that defines the trade.

  • Government Sector 

Government institutions worldwide are leveraging blockchain technology to help address major public sector challenges and build a better future for public services. Fabric can be utilized to architect a paperless, secure, corruption-proof system and to experience transparent administration and reliably sharing data all across the globe.

Fabric can provide government institutions to create permissioned networks for their internal handling. Moreover, they can also create modules for digital identity and connect the people to the system accordingly.

  • Direct Communication and Separation of Asset Ownership 

Whether it is the supply chain, manufacturing, finance, or any other sector, Fabric can curb out all intermediaries and lengthy processes from the equation and enables direct communication between the participating parties in real-time. So, if an organization aims to crowdfund or sell a portion of their stocks to the other party, they can create the pipeline using Hyperledger Fabric and provide the right information when needed without worrying about the mediators.

Interoperability of assets is another application of Fabric that empowers all involved parties such as companies, stakeholders, and end-users to change one asset into another.

  • Improving IoT Infrastructure

IoT devices are vulnerable to various kinds of network attacks and lack privacy. The IoT infrastructure can be enhanced by utilizing Hyperledger Fabric. Fabric can act as a backbone by providing a robust protocol to manage millions of IoT devices and can offer a fast network to connect these devices with each other.

The Verdict 

I hope the article has detailed what you were looking for. Hyperledger Fabric goes far beyond just blockchain technology, covering businesses and industries at a global level. As more businesses are implementing blockchain, new ways to innovate will continue to rise. 

If you are looking to upskill yourself in this technology, we are here to help you learn and become an industry-ready Hyperledger Professional. The Hyperledger certifications provided by the globally renowned online platform, Blockchain Council, give an in-depth knowledge of all the frameworks of Hyperledger.

The platform is known to provide the two most in-demand certifications, such as Certified Hyperledger Developer and Certified Hyperlegder Expert.

So what are you waiting for? Get started today!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Hyperledger Fabric and It’s Business Use-Cases

Source

Blockchain and IoT: A Solid Technological Duo

Blockchain and IoT: A Solid Technological Duo

Wondering what can be the benefits of combining Blockchain with IoT? Well, we have got you covered. This article talks about how Blockchain can help IoT and talks about some of the popular use-cases of Blockchain and IoT. 

Table of Contents 

  • Overview of Blockchain and IoT 
  • How Blockchain can Help IoT
  • Applications of IoT and Blockchain
  • Concluding Lines 

Overview of Blockchain and IoT 

Blockchain is a peer-to-peer(P2P) decentralized distributed ledger technology that enables data to be exchanged among multiple parties without involving any third-party intermediary. It has the potential to offer transparency, immutability, security, and privacy and is expected to bring radical changes in a broad range of industries, including business models and operating processes such as payment, accounting, and auditing.

IoT, on the other hand, is a mechanism or interconnection between ordinary computing devices and objects that allow them to receive and transmit data over the internet. IoT devices are known to open up infinite opportunities for businesses to run smart operations. 

Now comes the question of why does the IoT ecosystem need a Blockchain? The answer to this is straightforward. IoT devices suffer from various shortcomings such as lack of compliance in the manufacturing stage, security holes in the device updates, vulnerability to DDoS attacks, etc. Thus, for transforming their operations in terms of accountability and security, enterprises and organizations can send their IoT data to an immutable blockchain ledger for added accountability and security. 

Are you looking for Blockchain Certifications? Your search ends here!

How Blockchain can Help IoT

Before discussing how Blockchain can help the IoT ecosystem, it is crucial to note that IoT devices are powered by centralized servers, which won’t be enough for long-term solutions. 

 Thus, if IoT devices want to reach their full potential, they must move away from the centralized servers and switch to the concept of decentralization. Unlike the internet alone, Blockchain is decentralized, distributed, open, inclusive, immutable, and secure, giving unprecedented capabilities to create and trade value worldwide.

Let’s delve deeper and explore how Blockchain can help IoT.

  • Brings Trust

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

  • Cost-Efficient 

Additional safety is one of the prime reasons for high costs. Since IoT devices are prone to vulnerabilities and DDOS attacks, they require additional security mechanisms, which of course, comes with high costs. But Blockchain and IoT can manage everything on their own without any issues, reducing the additional cost associated with security. 

  • Streamline Processes

Blockchain in IoT can streamline the entire process without involving any third-party intermediaries. Moreover, Blockchain’s smart contract functionalities help smart devices to monitor themselves and work independently.

  • Applications of IoT and Blockchain

Now, as we have understood how Blockchain can help the ecosystem of IoT, let’s explore some of the applications of IoT and Blockchain.

  • Blockchain in Agriculture

The combination of Blockchain and IoT has the ability to completely transform the food processing market, from farm to grocery store to home. By installing IoT sensors in the farming area and sending data directly to Blockchain can bring transparency and security and can overall transform the food supply chain. 

  • Tracking Components and Maintaining Compliance

The ability to track components that go into an aircraft or automobile is critical in terms of safety and regulatory compliance. IoT data stored in Blockchain enables all the involved parties to see component provenance throughout a product’s life. 

  • Healthcare 

Maintaining privacy is crucial, especially in the healthcare sector, as there are possibilities of counterfeit medicines. Thus transparency and traceable nature of Blockchain, along with the embedded IoT sensors, can help monitor and trace the shipment of drugs right from their origin to the supply chain destination.

Apart from these, the Department of Homeland Security is leveraging Blockchain and IoT to prove that the broader surveillances’ information is legit. Also, Maersk is working with IBM and utilizing Blockchain and IoT to change how the global supply chain works.

Want to know more about Blockchain and its use-cases in various domains? Get started today as a Certified Blockchain Expert!

Concluding Lines: Are there any Prerequisites?

From the above discussion, it is clear that undoubtedly Blockchain and IoT are good technological combos, but some of the prerequisites must be met. Like for instance, the willingness of companies to collaborate, despite their different interests, the integration of the Blockchain platform in business operations, the right choice of platform protocol, the technical re-alignment towards use cases, and, most important legal regulations that allow the facilitation of Blockchain platforms in the Internet of Things industry.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Blockchain and IoT: A Solid Technological Duo

Source

Verified by MonsterInsights