Blockchain technology is commonly associated with Bitcoin, Ethereum, and other digital currencies. These digital currencies established the viability of distributed ledger as a means of conducting, verifying, and permanently recording transactions without the need for a trusted third party.
- There is strong potential to use blockchain in IoT for security, identification/authentication, verification, and record-keeping. We have seen particular interest in using blockchain to enable 'smart contracts' (also called self-executing contracts) created between machines as IoT-enabled machine-to-machine transactions take place.
- However, blockchain is not an appropriate solution for all IoT transactions. The question is whether the value of eliminating the friction point for a particular workflow in IoT is worth the investment in implementing a new technology and in dealing with new complexities.
Features and Benefits
- Evaluates the role of blockchain in IoT.
- Examines blockchain use cases in transport and logistics and agriculture verticals.
Key questions answered
- How does the distributed ledger technology of blockchain fit into IoT?
- What are the pitfalls to watch out for?
Table of contents
The role of blockchain technology in IoT
What is blockchain?
Blockchain use in IoT
Blockchain use caveats