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IoT, Big Data, and Blockchain: A Combination to Achieve Maximum Business Efficiency
Big data, Internet of Things (IoT) and blockchain are witnessing a radical growth in their functions and practices as technologies advance. Simultaneously, innovations in electronics and wireless communication technologies have contributed excessive benefits to these platforms.
These developments have resulted in various advancements in the number of suitable electronic devices in many industries as well as reduced costs in the manufacturing process of these devices.
The merging of big data, IoT, and blockchain into a single system provides effective and secure predictive analytics. On the other hand, this combination will provide more benefits in each of their functions and practices, by giving assistance and support to each other. IoT and big data are having much-interconnected behavior between them. In most of the organizations, IoT will be the major platform which creates the biggest data. Big data management arranges, analyzes, and processes fresh data created by the IoT systems, on a daily basis.
Blockchain technology or the Distributed Ledger Technology (DLT) well known for its cryptocurrency. Trust is a significant factor in blockchain. But the trust factor should not depend on a single organization or individual; rather, it should be lying under the network of people that are associated with the blockchain technology.
In blockchain, an individual is called as a unit, and this individual knows all the contents in the blockchain network. This can be considered as a distributed database. The security of data should be ensured by giving more importance and the process should be automated.
While the security factor in IoT is continuously getting imperative, the big data or a centralized data store becomes more momentous. The connected devices submit data to the database through the blockchain technology and create blocks of data for processing it by using specialized data algorithms with much security.
IoT, big data, and blockchain technologies are already being merged in various industries in public as well as private sectors. Combining them will be a more promising advantage for minimizing various security issues and risks that occur due to the drastic technological developments.