Blockchain empowers the IoT devices to enhance the security and bring transparency in IoT ecosystems. According to IDC, 20% of all IoT deployments will enable blockchain-based solutions by 2019. Blockchain offers a scalable and decentralized environment to IoT devices, platforms, and applications.
Banks and Financial institutes like ING, Deutsche Bank, and HSBC are doing PoC to validate the blockchain technology. Apart from financial institutes, a wide range of companies have planned to experiment the potential of the blockchain.
The Internet of Things (IoT) opens up countless opportunities for businesses to run smart operations. Nowadays, every device around us is equipped with sensors, sending data to the cloud. So, when IoT gets combined with blockchain, it can bring more efficiency to the system. Here are some use cases on how smart devices can use blockchain.
Blockchain IoT disruptive use cases:
Supply Chain and Logistics
A global supply chain network involves several parties, complicating the end-to-end visibility. Also, the supply chain can extend over months of time and consist a multitude of payments and invoices. Because of the involvement of multiple stakeholders, delivery delays become the biggest challenge. Companies are working on making the vehicles IoT-enabled to track the movement throughout the shipment process.
Due to the lack of transparency and complications in the current supply chain and logistics, Blockchain and IoT combined can help enhance the reliability and traceability of the network.
IoT sensors like motion sensors, GPS, temperature sensors, vehicle information or connected devices provide crisp and accurate information about the status of shipments moving through the chain. Sensor information is then stored in the blockchain.
Once the data is saved on the Blockchain, stakeholders listed in the Smart Contracts get access to the information in the real-time. Supply chain participants can accordingly prepare for transshipment and run cross-border transactions.
How is “Golden State Foods” disrupting the Supply Chain and Logistics Industry?
Golden State Foods(GSF) is a diversified supplier well-known for manufacturing and distribution of food products. Serving more than 125,000 restaurants, GSF is aimed at producing and delivering high-quality products.
GSF is working with IBM to optimize the business processes using Blockchain and IoT. Sensors data collected on the blockchain ensure the issues are addressed and reported automatically before they create serious problems. With the help of blockchain, GSF can create secure, immutable, and visible ledger, that can be accessed by different stakeholders to improve accountability and transparency.
Digitization is widely experienced nowadays as a competitive demand. Automotive industries are using IoT enabled sensors to develop fully automated vehicles. Connecting IoT enabled vehicles with the decentralized network enables multiple users to exchange crucial information easily and quickly. Blockchain, a distributed ledger technology, can disrupt automated fuel payment, vehicle security, smart parking and automated traffic control.
How is NetObjex reshaping the automotive industry?
NetObjex has demonstrated the smart parking solution using blockchain and IoT. The integration eases the process of finding a vacant space in the parking lot and automates the payments using crypto wallets. The company has collaborated with a parking sensor company “PNI” for real-time vehicle detection and finding the availability of the parking area. The IoT sensors calculate the parking charges for the parking duration, and the billing happens directly through the crypto wallet.
Smart IoT-enabled devices play a crucial role in our day-to-day lives. IoT enables the home security system to be managed remotely from the smartphone. But the traditional centralized approach to exchange information generated by IoT devices is full of security holes. Blockchain could elevate the smart home to the next level by solving security issues.
How is Telstra trying to improve the security of smart homes?
Telstra, Australian telecommunication, and media company provides the smart home solutions. The company has implemented blockchain and biometric security to ensure no one can manipulate the data from the smart devices. The sensitive user data such as biometrics, voice recognition, and facial recognition are stored on the blockchain for improved security.
Once the data is saved on the blockchain, it cannot be modified, and the access is only provided to the right person.
Sharing economy has become one of the most adopted concepts all over the world. Blockchain could help create decentralized, shared economy applications to earn a considerable revenue by sharing the goods seamlessly. Can you imagine an Airbnb apartment which leases itself? Slock.it is doing it precisely by using Blockchain IoT.
How is Slock.it transforming the Sharing Economy business?
Slock.it is using blockchain technology for IoT. They have planned to develop a Universal Sharing Network (USN) to create a secure online market of connected things. People would give access to their things with the help of blockchain. With USN, any object can be rented, sold or shared securely without requiring intermediaries.
Several industries have begun to explore the potential applications of IoT and Blockchain to improve efficiency and bring automation. In this article, we discussed some real-world products, employing Blockchain IoT to build the robust business solutions.
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