Blockchain has a wide range of apps for IoT and smart systems. When it comes to the Internet of Things, a Blockchain Technology paves the way for great innovation. This technology helps IoT device to be independent by recording the ledger of data exchanges between devices, services as well as human users and by allowing them to conduct transactions. It might be used for transactions as well as coordination among involved devices.

By offering a safe network, the blockchain can provide a platform for IoT to interlink accurately and avoid the malware that affects central models. There are plenty of companies already utilising the blockchain technology to empower IoT system, particularly in the agriculture as well as manufacturing verticals where there is a demand for remote sensors as well as automation. IoT, powered by the blockchain, allows a low power, a secured network which can remotely handle operations without centralised servers on a cloud.

A study of Gartner expects blockchain technology will add $3.1 trillion in business value by the end of 2030, and in another analysis, the worldwide IoT market is predicted to increase from $157B in 2016 to $457B by the end of 2020. We can expect more changes than we could imagine with blockchain and Internet of Things.

IoT devices often lack the authentication standards required to secure user data. Critical infrastructure would be blemished if hackers get into through the wide range of IoT devices. To assure trust, validation and standardisation across all elements of IoT are important for wide-spread acceptance.

Take a look on some ways how distributed ledger technology can aid in solving plenty of the security challenges:

• Blockchain empowers device independence (smart contract), an identity of individuals, data integrity and supports peer to peer contact by eliminating technical blockage and inefficiencies.
• Rather than trusting a middle authority, IoT sensors can transfer information via the blockchain technology.
• IoT devices are addressable with blockchain and offer a history of linked devices for troubleshooting reasons.
• Deployments of IoT devices can be difficult, and a distributed ledger is a perfect structure to deliver IoT device authentication and safe data transfer.
• Decentralization decreases a failure of a single source within a system and protects an IoT device’s data from being corrupted.
• The Blockchain can be utilized for tracking the sensor data measurements as well as avoid duplication.
• As there is no intermediary in the blockchain technology, deployment as well as operational costs of IoT can be reduced.

Smart Cities

Integrating the blockchain technology in smart cities development would make it possible to have a platform that interconnects cities’ multiple services, by adding high transparency and safety to each single procedure. This technology can enhance,

• Government Management
• Sustainable Transportation
• Urban planning
• Smart building
• Safety of Individual

The government data such as properties, contracts, expenses, income, etc. are related to other areas of service also. With the blockchain, records are interconnected without any duplication issues. Now onward you do not need to trust any third party; so it avoids the issue of corruption also with great transparency in every deal.

Home Automation

When it comes to home security, the blockchain allows your home security system to be fully managed from your smartphone, while the camera system streams live footage right to your browser.

The blockchain will make home smarter by offering,

• Intelligent thermostats
• Smart lighting
• Smart Refrigerator
• Smart Washing Machine
• Smart bed

Another initiative known as ADEPT (Automated Decentralized P2P Telemetry) utilises a decentralised system to manage transactions and self-maintenance on smart home’s items. They have tested the platform with a smart washing machine, allowing it to make use of bitcoins to order detergents when supplies are running out. It seems that the blockchain will advance home automation with high security to a completely new level by making even the small things more accessible and enjoyable in life.

Community Solar

In Brooklyn, NY there is a research going on for a particular community to utilize a blockchain to record the production of solar energy and allow the purchase of extra renewable energy credits. The device generates a reputation via its records history and exchange. An individual can collect purchasing power smoothly, share the load of maintenance, and trust those devices which are recording real solar production.

Shared Machinery

A distributed technology empowers the cooperative control and machinery usage like 3D printers, laser cutters, etc. that inhabit maker spaces globally. Smart contracts can find whether an individual has a decent reputation to utilize the laser cutter machine to draw their patterns or not.

A shared maple sugar processing machine can be managed by smart contracts which count an individual’s ability to utilize the machine based on their community credit balance. They can earn credits by letting others in the community using other shared resources such as a tractor.

Shared Space

From co-working spaces to apartment rentals and spare bedrooms, smart contracts controls the ability to access the rental. i.e., a vacation sharing service provider need that a person must rent space at least 3 times with successful reviews if they want to borrow another space on the network. The service provider has a reputation protocol that equalizes every stay in a bedroom at 1 credit.

Wastewater Catchment System

Smart contract records the identity of individual performing maintenance on a shared system. i.e., A person must fulfil minimum six maintenance assignment per year, and a machine gives notification to maintenance engineers whenever a checkup is needed. If a person has not fulfilled maintenance of the system, they will get a notification about their earlier water cut off or initiate a remediation function.

Blockchain and Distributed Future

The blockchain technology, along with all its controversies, has hardly worn the surface of its potential usage. As blockchain being utilized in plenty of new verticals, we anticipate a huge development in how IoT networks correspond at present.

We can say it’s still early days in the blockchain to IoT, but there is definitely some promise, and if it works, it would be a disruptive power that ultimately cracks the security hurdles that are obstructing the growth of IoT.