IoT (Internet Of Things) refers to the network of physical things like devices, vehicles, home appliances and other items that connect and communicate with each other to exchange data. This enables direct integration of the physical world into machines. Blockchain technology or Distributed Ledger Technology is described as “an incorruptible digital ledger of economic transactions that can record virtually everything of value,” by Don & Alex Tapscott, authors of the book Blockchain Revolution (2016).
Blockchain IoT or BIoT is thus a culmination of both these technologies.
Distributed IoT meets Distributed Ledger Technology
IoT applications are by definition distributed. Blockchain will play a key role in how devices will communicate directly with each other. (keeping a ledger and thus trail of not just devices but also how they interact and how they are ‘handled’)
Blockchain designed for applications involving transactions and interactions. These can include smart applications that support specific IoT processes. This way blockchain technology can improve compliance of IoT and make it cost-efficient.
How BIoT is beneficial
There has been a rapid advancement of both blockchain technology and IoT. Yet, security remains a top concern for the IoT ecosystem as it exposes multiple devices and huge amounts of data to security breaches. IoT devices often lack the authentication standards necessary to keep user data safe. Hackers can create a lot of damage by penetrating through the broad range of IoT devices. To prevent this, authentication and standardization of IoT elements are essential.
Read more@https://zo3.tech/blockchain-and-iot-the-perfect-match/