What's IoT?
The Internet of things describes devices with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. The Internet of things encompasses electronics, communication, and computer science engineering.
Device Authentication and Identity Management
IoT devices in a smart home can have their identities and ownership records securely stored on a blockchain. This establishes a tamper-proof method of verifying the authenticity and ownership of each device. When a device connects to the network, its identity can be cross-verified against the blockchain, ensuring it is a trusted device.
Data Security and Privacy
IoT devices generate copious amounts of data, ranging from sensor readings to user interactions. Blockchain can be effectively utilized to create data logs that record data access and usage. Users can grant specific devices or applications access to their data through blockchain-based smart contracts, thus ensuring data privacy and user control.
Device Communication and Interoperability
Blockchain can serve as a decentralized platform that facilitates secure communication and transactions among devices. Smart contracts on the blockchain can streamline interactions and automate processes between devices, thereby enhancing interoperability among devices from different manufacturers.
Energy Management and Trading
In smart homes equipped with renewable energy sources like solar panels, blockchain can facilitate peer-to-peer energy trading. Homeowners can leverage blockchain to securely sell excess energy to neighbors or the grid, thereby fostering a more efficient energy ecosystem.
Access Control and Permissions
Blockchain-based access control systems can effectively manage permissions and access rights for IoT devices and users. Homeowners can grant temporary access to guests or service providers through smart contracts.
Features of IoT
According to major reports, it is projected that the global IoT future market will grow to $3352.97 billion by 2030, at a CAGR of 26.1%. In 2020 alone, the IoT market was valued at $742 billion. The adoption of IoT is expected to increase across various industries, such as manufacturing, healthcare & transportation.
IoT USES
