Blockchain is the future of IoT

  • Prof. Sangeeta M. Borde MIT, ARTS, COMMERCE AND SCIENCE COLLEGE
  • Prof. Kavita P. Shinde MIT, ARTS, COMMERCE AND SCIENCE COLLEGE
  • Prof. Bareen K. Shaikh MIT, ARTS, COMMERCE AND SCIENCE COLLEGE

Abstract

Blockchain is a technology that consists of a ledger, a consensus algorithm, and a means of performing transactions on that ledger. Ultimately, blockchain can enable companies to build trust, reduce costs and accelerate transactions.”Blockchain is a technology that consists of a ledger, a consensus algorithm, and a means of performing transactions on that ledger. Ultimately, blockchain can enable companies to build trust, reduce costs and accelerate transactions.”IoT security is a mainstay concern when adopting the technology. As technology changes the way we live our day-to-day lives, it is fascinating to imagine what the future will bring. We live in the age where we are soon going to be surrounded by disruptive technologies like Blockchain, IoT, Machine Learning, AR/VR, etc. You will unleash the power and potential of these technologies to see your lives changing by leap and bounds, but it will not happen in a fortnight. Though all these technologies have seen a few implementations, IoT has been the most prominent of them all to date. Considering the predictions from Gartner, there will be more than 20 billion connected things by 2020. This is a huge number. The Internet of Things is rapidly expanding its potential to transform everyday life with connected cars, smart homes, connected wearable’s, smart cities, farms, and manufacturing facilities. The possibilities are endless, and development is already taking place, however, the current internet infrastructure is unlikely to be able to support this IoT revolution. With so many devices connected to each other through the internet, management and security are a big concern. But if we can decentralize the data and improve the connectivity between the devices, we can overcome these problems. This is where Blockchain comes into play. One of the prime reasons blockchain is intriguing to businesses is that this technology is almost always open source. That means other users or developers have the opportunity to modify it as they see fit. Released as open source software, blockchain is basically a public ledger of all cryptocurrency transactions that have ever been executed. Transactions are added as blocks in a linear, chronological order by a “node” or computer connected to the Bitcoin network. It makes for a complete and accurate recording of transactional data from the very first block to the current. This paper explains the concept, Fundamentals of blockchain, benefits of Blockchain, need of blockchin and how Bitcoin works. It attempts to highlights role of Blockchain in shaping the future of various sectors and adoption of Internet of Things (IoT). Keywords: IoT, Blockchain, decentralized data, Open source, Bitcoin

Author Biographies

Prof. Sangeeta M. Borde, MIT, ARTS, COMMERCE AND SCIENCE COLLEGE
Professor
Prof. Kavita P. Shinde, MIT, ARTS, COMMERCE AND SCIENCE COLLEGE
Professor,
Prof. Bareen K. Shaikh, MIT, ARTS, COMMERCE AND SCIENCE COLLEGE
Professor,
Published
2018-03-22