Blockchain has a potential to accelerate the IoT projects and make them more efficient as well as easily integrated into the business operation. Blockchain introduces increased trust, security and ease of transactions into the business processes and thus is a perfect tool for IoT technology providers to achieve the speed, the accuracy and the transparency they need for efficient operation. IoT technologies are inherently decentralized and are relying on technology to transmit information from various sources. However, blockchain allows for the decision making to be decentralized as well with various trusted business entities authorized to facilitate transactions of information and funds. This creates a more frictionless system of operation. Many IoT systems are associated with the logistics industry, where transactions are notoriously slow and may take months to complete. Blockchain allows to streamline these processes and allow for a transaction to be nearly instantaneous.
Why IoT and Blockchain Work for Each Other
