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Evolution of The Internet of Things By Utilizing Blockchain

By CIOReview | Tuesday, May 22, 2018

Internet of Things (IoT) and Blockchain are two words technology enthusiasts have been obsessed with during the recent years, apart from artificial intelligence. The sharp rise in the number of devices and their interconnectivity has amplified the advent of the IoT and paved opportunities for enterprises to gain value from the data generated by the devices. The popularity of IoT has prompted enterprises to employ analytic tools to derive insights from the information generated by devices to drive the leadership towards effective decision making. Blockchain, a popular extension of cryptocurrency, is another technology several enterprises around the world want to capitalize on to gain a competitive edge. Several enterprises are also effectively utilizing both the technologies to steer ahead of the competition and amplify their capabilities. The amalgamation of blockchain and IoT yields several benefits to enterprises. Using blockchain for IoT results in a drastic reduction of costs, most importantly elimination of intermediaries. An additional noteworthy advantage of bridging IoT with blockchain is an acceleration of transactions and settlement of payments within no time, as compared to before. Hence enterprises belonging to the finance sector, for instance, should leverage both the technologies to stay relevant and cater to client needs better.