Steemit Crypto Academy | Season 4, Week 1 : Blockchain Technology and the Internet of Things (IoT)

Blockchain technology and The Internet of Things (IoT) are the new technological advancements steadily revolutionizing the day to day lifestyle of people. Blockchain technology involves encryption and distribution of data in a public ledger whereas the internet of things entails the interconnectivity of different products on a particular network. In the modern world, you find that you can control all your home appliances on a smartphone for example switching on and off lights in your house, using your phone as a remote controller for your TV.

Using your phone to view someone at the gate of your house because of the CCTV cameras connected to your phone for security purposes. All these possibilities can be termed the Internet of Things. (IoT) Simplifying life with smart solutions.

Background image:Pixabay

Both Blockchain Technology and the Internet of Things are still in their initial stages. In other words, they are not yet fully embraced in the present-day world. These are the future kind of Technologies. Blockchain technology has not only shown great applicability in the Crypto Space, but it’s also revolutionizing other sectors such as the Internet of Things by providing solutions to the IoT hence escalating its adoption.

The technology behind sensors and smart chips is evolving rapidly, making them increasingly portable and applicable for real-time interactions with blockchain ledgers. The combination of blockchain and IoT has broad potential for the creation of a marketplace of services between devices, and gives companies the opportunity to create value from collected data. The growing number of emerging blockchain protocols, partnerships and IoT device providers already indicates that there is a good fit for blockchain in the IoT sector. source

The Main Challenges in the Internet of Things

Insecurity
Since it involves the single central authority where data is stored, these are easily targeted by cybercriminals “Hackers.” Once they gain access to such private data, they can use it for any ill intentions towards particular individuals or organizations.

Scalability issues
The IoT is faced with a low ability to process high and ever-increasing volumes of information transmitted in a network. This, therefore, causes latencies in the network hence ineffectiveness that can imply losses for business organizations that rely on the IoT system in its day to day business operations.

Benefits of Blockchain Technology in IoT

Adds another layer of Security
Since Blockchain Technology involves encryption of data, it makes it unchangeable by any corrupted/compromised node in the network. The data is publicly distributed and requires community consensus in case of any need suggestions to change in the system operation. Blockchain, therefore, eliminates the single point of failure and allows easy identification and removal of any faulty area in the network.

• Transparency
  Since the data is publicly distributed and accessible by any authorized persons, this promotes transparency whereby all transactions can be tracked since there are all recorded on the chain.

• Quick processing of Transactions
  Blockchain technology helps in processing a large volume of information originating from the many interconnected devices. Even untrusted nodes can transact with any other nodes in the network.

• Reduced costs
  By eliminating the single processing point in the network, it reduces the costs that would be incurred in maintaining and repairing the central processing system.

Homework task

1 - Explain why the future Internet of Things depends on Blockchain.
2 - Research and create content on the following IoT Blockchain use case.

- Filament

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Rules and guidelines

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• Post your homework article in the steemit Crypto Academy
• Only steemexclusive articles will be curated
• Do not reproduce the information I have provided in my course article. Expand your knowledge "Be original and Creative"
• Your article should range between 800– 1000words. (Be straight to the point)
• Use an exclusive tag #yohan2on-s4week1 and also tag me @yohan2on so that I can easily find your article.
• Clearly reference your work in case you have directly borrowed any content from other sources. Otherwise, be original and as creative as possible.
• Plagiarism and spinning off other users’ articles will not be tolerated in the homework task. Otherwise repeat offenders will be blacklisted and banned from the Crypto Academy.
• Use only copy-right free images and showcase their source.
• To participate in this task, you should have a minimum of 600SP and your reputation score should not be less than 65.
• This homework task runs till 11th/09/2021, Time: 11:59 pm UTC.