14:08 08 October 2017
Blockchain is still a fringe technology but many believe that it is the missing link for the success of Internet of Things (IoT).
As early as now, there have already been unique concepts produced from a melding of blockchain with voting systems, commodities trading and even real estate. However, the one thing that is expected to benefit from it the most is IOT.
IOT is a trend that has become immensely popular in the last decades. It refers to the trend of connecting devices using WiFi or Bluetooth. IOT creates massive amount of data that companies can use to discover consumer behaviour patterns. For example, products like Samsung Smart Fridge can be used to collect geographic and demographic information, usage patterns and other finer data points. Companies that can access and use such information can eventually profit from these insights.
Big data as an industry has grown exponentially. But Blockchain can still take it to the next level. Aside from improving on some of IoT’s greatest flaws, it also employs and empowers IoT platforms for greater adoption.