Technology has left no domain untouched from its extensive reach. From agriculture to aviation, engineering, pharmacy, telecommunications, defense and the list goes on. In 21st century, we saw a new technology that took everyone and everything by storm. Blockchain came into existence with the advent of Bitcoin and propounded a new theory of decentralized ledger technology.
Transcending its own by-product, blockchain became a global phenomenon for industries and governments. Its infusion in different domains is now taking place and increasing with various projects that are being prepared or implemented. Blockchain’s fusion with other technologies is an evolving firmament which everyone is fascinated about.
Among all those different technologies, one substantial convergence of blockchain has come up with IOT or Internet of Things.
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What is IOT?
Internet of things (IOT) is an integrated network of physical devices, vehicles and home appliances. It forms a connectivity of all these apparatus with electronics, softwares, sensors and actuators, enabling them to collect and exchange data. This is indeed a groundbreaking concept which increases efficiency, economic benefits with reduced human efforts.
Internet of things is an evolving technology which is being adapted with an equal pace of blockchain. It is estimated that global market value of Internet of things will reach $7.1 trillion by 2020. The principal feature of Internet of things is, it connects even those devices which are not enabled by internet such as refrigerators, cars or air conditioners. This next-generation technology is not limited to only homes, but it can be adapted to industries as well just like blockchain.
Read More: How does blockchain blend with IOT?
IOT with Blockchain
Combining these two technologies can beget incredible results which would take the progress of mankind years ahead. And that is exactly what many blockchain development companies are trying to achieve. The concept of Internet of things involves large connectivity which ultimately demands a safer environment. No other technology than blockchain can achieve this with decentralized distributed ledger.
The implementation of blockchain in IOT can do wonders and it has already started. Just like blockchain, IOT has is also being introduced at various industrial levels. The development of IOT based on blockchain has started and it is taking a bigger shape as many industries are adopting it. This venturesome move is going to pave a way for a bigger revolution which would change the course of future.
Technoloader is a Blockchain Development Company which creates blockchains for IOT. We have been delivering private blockchains to various industries according to their requirements. Our services have earned us accolades and recognition across the globe. We try to achieve the highest degree of excellence in every project and have been able to do it every time successfully.
