Steemit Crypto Academy Contest / S6W4 - Internet of Things and the Blockchain

Hello friends, greetings to all my professors and friends on this community. Hope we all are doing great? I am doing great over here too. I am in love with this week's challenge in steemit crypto academy about internet of things and really will be participating in it.

This topic has to do with the things we use and do everyday being connected to the Blockchain, making its usage or operations as smooth as possible. It is time for me to give attention to the contest tips questions to explain further on this topic.

Explain in your own words, what is IoT?

IoT can be defined as a system where objects or physical things including humans are equipped with sensors, softwares and/or other related technologies which gives them access or connectivity to the internet enabling them to interact and exchange data with other connected devices or networks.

These sensors can be referred to as unique identifiers enabling them to interact over the network without human or computer interference.

A lot of companies uses it to enhance customers experiences, serving them better in the process. It assist them to have a better understanding of the consumer needs, assisting them in quick and smart decision making and in the process bring more value to their businesses.

So this presents an opportunity for certain actions to be done remotely without being physically present.

For example, we have doorbells, smoke detectors, security alarms that can be controlled remotely since there is a connection center or hub shared by the user and the devices.

We also see its use in the health industry, where health providers are equipped with items that can better track the health issues of their patients and many more.

What impact does the blockchain have on the Internet of Things?

To help us understand this, we need to remind ourselves of what Blockchain technology is all about.

It is a means or system of recording data or information such that each recorded information remains immutable, cannot be hacked nor can any singular person take advantage of the system. The information in Blockchain is made accessible to all computer networks on the Blockchain.

Some of the problems experienced by IoTs are privacy and security of customers data, accessibility of patients or customers information without compromising it, easy connectivity between objects and humans, etc.

However, using Blockchain technology together with IoTs have solved some of the problems linked to internet of things.

Since Blockchain technology provides a safe and secure data processing and storage system, customers information are now secured and can be easily accessed only when the right person is allowed to have access to it. Additionally, there is no third party required for actions to take place.

An individual's identity is secured while sending data across the network, thus increasing privacy. Blockchain technology makes it possible to centralize data in a hub making it easier to be accessed by both the machines and the users. This is made possible with the use of Global Unique Identifiers on each item for unique identification.

So Blockchain technology have revolutionalized Internet of Things generally.

What benefits does blockchain offer to the Internet of Things?

There are so many benefits that Blockchain technology offers to Internet of Things. This can be listed a follows:

Data security

Blockchain offers security of data related to IoTs, because data on Blockchain ledger is immutable, thus almost impossible to be changed. With this, companies and their clients are more relaxed knowing that their information can not be altered.

Use of Smart contracts

This feature is only possible with Blockchain technology. This enables a defined way of executing transactions in the network within principles and guidelines of the network. This leads to effective automation of processes at the right place and at the right time within the network.

Non interference by third party during transactions

The use of Blockchain on IoT leads to decentralization. So no central authority have absolute control on data making it more secure and impossible to alter.

Improved Data privacy

The use of Blockchain on IoTs will ensure improved data privacy. Individuals can be confident that they own their data and can only give access to it to whomever they want to. By doing this, users data is secured and much reliable.

Explain two applications of IoT and blockchain

There are several areas in which IoT and Blockchain can be applied, but I will mention only two.

Freight Transportation and Logistics

Using Blockchain enabled IoT, the system will be able to store arrival time, destination points, the position the ship is at that point in time and how long it will take to reach its destination and the status of the wares or goods it is carrying.

Since the Blockchain data cannot be altered. All the parties involved in the transaction trust its data and make arrangements to immediately offload the goods or wares once they arrive. So it provides them with online-realtime information of their goods in transit.

Drug and pharmaceutical industry

The drug industry have the problem of counterfeit medicines which is growing at an alarming rate. But Blockchain enabled IoT can help resolve this problem to the barest minimum. All who are involved in the process of the production have access to the blockchain ledger which they update online real time.

This ensures transparency among all the parties involved since they have access and can monitor the various stages and quality of the drug produced down to its supply to their destination through their devices that is connected to the network.

This will help reduce fake drugs and save lives since the drugs will come in as at when needed for treatment.
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Explain a blockchain project that relates to IoT.

_Source

One of the Blockchain IoT projects is the VeChain . The VeChain is designed to improve supply chain management as well as other business processes.

The Vechain system combines Blockchain and Iot to deliver quality services to their customers by providing them with specially built chips having unique identity tags working as sensors which also records information of their environment and is directly uploaded to the Blockchain. Once the product is retagged by removing any of its smart chips, the device would stop working.

Using this helps minimize the rate of counterfeits or fakes in the fashion, luxury and food industries.

Conclusion

From the explanations above we can all see that Blockchain and IoTs cannot be separated as the work together to provided efficient and effective service to consumers and businesses alike.

As the relationship between both evolves, we will see more smartness in the way things are done around our environment and the world in general.

I invite @goodybest, @eliany and @xkool24 to join in this contest

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