Blockchain empowers the IoT devices to enhance 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 experience the potential of the blockchain.
On the other hand, the Internet of Things (IoT) opens up countless opportunities for businesses to run smart operations. Every device around us is now equipped with sensors, sending data to the cloud. Therefore, combining these two technologies can make the systems efficient.
Here are a few Blockchain Enterprise use cases on how combining IoT with Blockchain can have a significant impact across multiple industries:
1. Supply Chain and Logistics
A global supply chain network involves many stakeholders such as brokers, raw material providers, and so on, complicating the end-to-end visibility.
Also, the supply chain can extend over months of time and consist of a multitude of payments and invoices.
Due to the involvement of multiple stakeholders, delivery delays become the biggest challenge.
Therefore, 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 details about the status of shipments. 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 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, which is accessible by different stakeholders to improve accountability and transparency.
Connecting IoT enabled vehicles with the decentralized network enables multiple users to exchange crucial information easily and quickly.
The automotive industry is one of the interesting blockchain IoT use cases where the combined technology can disrupt automated fuel payment, autonomous cars, 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.
IoT sensors calculate the parking charges for the parking duration, and the billing takes place directly through the crypto wallet.
3. Smart Homes
But the traditional centralized approach to exchange information generated by IoT devices lacks the security standards and ownership of information.
Blockchain could elevate the smart home to the next level by solving security issues and removing centralized infrastructure.
How is Telstra trying to improve the security of smart homes?
Telstra, Australian telecommunication, and media company provide smart home solutions. The company has implemented blockchain and biometric security to ensure no one can manipulate the data captured from smart devices.
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.
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 sharing of IoT-enabled objects or devices.
They have planned to develop a Universal Sharing Network (USN) to create a secure online market of connected things. With USN, any object can be rented, sold or shared securely without requiring intermediaries.
It could be possible for third-parties like manufacturers to onboard any object to the USN without seeking permission. Smart contracts ensure data privacy and transparency by controlling access to information.
5. Pharmacy Industry
The transparent and traceable nature of the blockchain technology can help to monitor the shipment of drugs from its origin to the destination of the supply chain.
Let’s discuss one potential IoT blockchain application based on the healthcare industry.
The data stored on the distributed ledger is immutable, timestamped and accessible to manufacturers, wholesalers, dispensers and end-customers involved in the supply chain. Mediledger is the blockchain based platform, offering simplified payment process, controlled users access and stop counterfeiting drugs from invading the supply chain.
Blockchain coupled with IoT has the potential to reshape the food production industry- from farm to grocery to home. By installing IoT sensors in the farms and sending its data directly to the blockchain can help enhance the food supply chain to a greater extent.
Let us explore one application that is using IoT blockchain to improve the agricultural supply chain.
Also, Pavo marketplace allows farmers to presell crops through smart forward contracts that can prevent farmers from having to wait for payment after harvest.
To understand how IoT Blockchain combined can help your business or if you are looking for an IoT Application development company, our experts will guide you and walk you through more blockchain IoT use cases.
Talk to us to discuss your Blockchain IoT project idea.