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IoT integrated with the blockchain will bring together industries such as supply chain, logistics, and insurance in one place as these industries are dependent on each other.
Fremont, CA: The Internet of Things (IoT) is the interconnection between various devices to communicate with each other. IoT has transformed how efficiently the internet works. Another significant innovation is the collaboration between blockchain and IoT for more secure and efficient processes.
Currently, all the devices that communicate with each other have to be on the same blockchain. This is one issue faced in making a fully autonomous system for the IoT.
One solution under development is a Ledger Nano that would be integrated into the machines to interact with different blockchains, allowing any device to connect to any blockchain. Because scalability is a major hurdle in fully integrating IoT with the blockchain, this technology will enable it to scale without any limit.
Typically, when using the blockchain, there is a record of every transaction that no one can change once recorded on the ledger, making it virtually hack-proof. The IoT on the blockchain will also enable a more simplified process from the manufacturer to the recipient and everything in between. This allows users to sign-in securely and access every document quickly compared to the traditional system, which struggled with handling documentation promptly.
See Also :- Top Internet Of Things Solution Companies