The blockchain has a big role in the world of IoT, but the details of how it can help can be vague. Thankfully, there are some amazing ways that the blockchain can be combined with IoT that give a clearer idea of the benefits.
1. Stopping Counterfeit Goods
The industry has a big counterfeit problem. With mock-ups getting more and more convincing, companies find it hard to distinguish the real thing from a fake. But what if every good had its production logged and coulbe be checked at any time?
If the production and delivery chain had a blockchain implemented into it, every good has a secure, irrefutable history on where it came from. Suppliers can then scan the goods as they arrive and only purchase the ones with reputable production histories.
2. Stopping Scammers In Their Tracks
One of the major benefits of the blockchain is that authentication doesn’t occur on a single node. If someone wants to log something on the ledger, it has to receive the go-ahead from several nodes. This is what makes it both secure and resistant to tampered information.
This technology would only authorize tampering if it’s by an RFID-tagged engineer sent by a gas company. This confirmation is stored in the blockchain as a contract and is checked and confirmed when the engineer does their work.
If a scammer tries to tamper with the gas pump to implement a skimmer, the system checks the blockchain for a contract. If it can’t authorize the scammer, it alerts the owner of the gas station.
3. Removing the Need For Energy Suppliers
Sometimes, picking an energy supplier can be a chore, but what if you didn’t need to pick one at all? What if you could simply purchase the energy from the grid?
In reports on the topic, they claim an energy retailer’s main job is to process meter readings and manage transactions – both of which can be done by a blockchain instead. They report that energy bills could be cut to up to 40 percent by allowing consumers to purchase from the grid instead of going through suppliers.
4. Securing Healthcare Data
IoT has definitely shown how it can harvest data from patients and keep a close eye on their health. The problem is, where does all that data go, and who gets to look at it?
With the blockchain, you don’t need to worry anymore. Due to the blockchain’s design, no one gets control over all of your data. This means you can check your records, see how they’re being used, and ensure they’re being handled correctly.
5. Your Smartphone Becomes a Node
That’s right – soon our very phones will be a part of a greater blockchain. For now, the main use for this feature is the ability to trade cryptocurrency while offline, but who knows where else this technology may lead?
This goes to show how much closer we’ll be to the blockchain than we first thought. Our own smartphones can be used to store and confirm ledgers, acting as part of a larger system to usher in the new world of IoT.
How Blockchains Can Change the World
Blockchains can be complicated to “get,” but their implications will be felt far and wide. Now you know some large-scale uses for blockchain and how our future will be defined by them.
What is the biggest potential for blockchains? Let us know below.