Blockchain IoT

9 Ways Blockchain IoT can Grow Your Business

Blockchains and the Internet of Things (IoT) are emerging technologies. Blockchain notes transactions in an online ledger. A single authority does not control the block chain, unlike currency managed by the Federal authorities. Blockchain provides security, immutability, transparency, and efficiency. Industries such as decentralized finance, cryptocurrency, oil and gas, agriculture, finance, and media use blockchains.

IoT is about linking smart devices to exchange data. These are found in sensors and software used in cars, smart homes and appliances, retail, security, and domestic appliances, and machines and equipment in factories. IoT can provide a single control to increase the efficiency and knowledge of a system. This sharing leads to reductions in costs and power, better monitoring and diagnostics, and prevention of breakdowns.

When IoT and blockchain are linked, then linked devices send transaction details to secure blockchains. Some benefits are automation, smart shared contracts for, efficiency and speed is increased and higher security. Blockchains will manage a value of USD 176 billion by 2025. The IoT market is expected to reach USD 1.6 trillion by 2029.

9 Ways Blockchain IoT Can Grow Your Business

The 9 methods of how blockchain + IoT can help the business to grow:

1. Business transformation: 

The number of IoT devices by 2024 was 18.8 billion. Connected devices generate tremendous data that can be used to examine and improve services. This data remains in the IoT network. Blockchain helps to get this data out.

With IoT and blockchain, transaction data packets are stored in successive secure ledgers with peer-to-peer or P2P sharing. The data is analyzed to study patterns, behaviors, input and output, find issues, and resolve them. Services can be redesigned and transformed.

2. Securing data: 

Transactions and activities are stored in a blockchain database or platform such as Ethereum. This database is not centrally controlled. Other entities can access this data, and add to the records, but the previous data remains secure.

This data is shared with verified users. The actions they perform are recorded and tracked. They can only make changes as per their transaction. The risk of a data breach is overcome, and secure cryptocurrency can be exchanged.

3. Higher efficiency: 

Many sectors such as mining, agriculture, banking, auto, and logistics have linked their IoT devices to blockchain. The result is faster transaction processing since new entries are made in the ledger.

As an example, smart cars relay location through GPS along with car performance diagnostics. These are analyzed and posted in the ledger. The data is exchanged quickly across all network nodes. Delays and cross-checks are avoided, and cost reductions are possible.

4. Smart contracts: 

This is a software code that automates several tasks when specified parameters are met. The advantage is that smart contracts are enforced quickly reducing delays. They are not in a central database but distributed.

Parties can use the smart contracts without additional checks for trust and secrecy. Third-party verification is not needed. Results and conclusions are available immediately. The contracts are immutable and once approved, they cannot be changed.

5. Decentralization: 

With IoT and blockchain, data from devices is sent to multiple networks. Interactions are not controlled by central resources but shared and owned by players. The advantage is partners are free from corrupted data; they do not have to rely on specific controllers.

It avoids systemic failures, and the load on central servers is avoided. Only required data and transactions are shared and actions done by actors are recorded in the ledger. The network may slow, but security increases.

6. Traceability:

Actions such as order tracking, accounts, production, and payments are traced. All reported activities are recorded and available. Network members can instantly view all actions and prepare for their activities. The result is transparency and increased trust.

Traceability assures product origins, quality, quantity, costs, location, and delivery time. These are important for supply chains, and auditing is efficient. Players know exactly what they are procuring, and the lead time.

7. Flexibility: 

Flexibility helps to modify processes as per changes in external and internal factors. Supply chains and manufacturing can increase or reduce their production as per demand and supply. Optimal and acceptable schedules can be formulated that avoid congestion.

Flexibility ensures that when changes such as demand, raw material costs occur, supply chains react quickly. The bullwhip effect is reduced and a lean process is possible. Thus, supply chains become economical, and costs, and idle stocks are controlled. Lead time for productions is also considered, especially for continuous processes.

8. Operations: 

The above factors improve efficiency, reduce costs, ensure faster reaction time, and allow quick data exchange. When data transfer and actions taken are immutably recorded, feedback and operations become fast. Delay, redundancy, and waste are avoided.

When IoT sends data to the blockchain, it is processed and recorded in ledgers. Uncertainty and risks are avoided and businesses are assured that they have verified information. They can choose to proceed with their next processes.

9. Finance and costs: 

Initial costs of implementing IoT and blockchain can go up to several million. However, blockchain platforms such as Oracle Cloud, and Google Cloud offer membership at very low costs. These costs are recovered quickly when implementations are done.

As discussed above, gains are seen with faster data sharing, reduced lead and waste, and trust. Intermediaries are removed and smart contracts between only buyer and seller further reduce costs.

Conclusions

The discussions examined 9 ways in which blockchain IoT can help businesses grow. The immense number of IoT devices sends data of processes and their environment to data silos. When this silo is linked with blockchain, then business networks can use the data to improve and transform their business. Data can be studied to understand how the device performs against specifications, and the process or device can be improved.

This data is secured and shared in the blockchain network among verified members. Actions by members such as changes in production, status, movement, value addition, and location are tracked and recorded. So, the future of IoT will be shiner and brighter by integrating it with blockchain Technology. Changes on records are not possible, and updates are new ledger entries. Thus data security and transaction immutability are assured.

Smart contracts between network players further ensure trust and privacy. Since data sharing and actions are not controlled by a central authority, transactions are faster, efficient, with reduced costs, delays, and waste. Traceability allows for transparent tracking of orders and processes.

These features make the process flexible to changes in demand and other conditions. As a result, operations are faster, and costs and process time are minimized. Businesses may incur some initial costs but they are recovered quickly.

Many small and large firms such as HSBC, Wal-Mart, Ford, Unilever, DHL, AIG, Barclays, MetLife, and others are using IoT and blockchain. You should also consider investing and becoming a part of this technology.

About the Author:

Mr. Harikrishna Kundariya
CEO & Founder,
eSparkBiz Technologies Pvt. Ltd.

Mr. Harikrishna Kundariya is a Passionate Leader, Visionary Entrepreneur & Technology Evangelist.

Mr. Harikrishna Kundariya is on a mission to empower businesses and individuals through innovative technology solutions. With over a decade of experience in the digital space, Mr. Harikrishna Kundariya has the privilege of leading eSparkBiz, a dynamic technology company that specializes in creating digital experiences that matter.

As a relentless entrepreneur, Mr. Harikrishna Kundariya started his career with a dream to revolutionize the tech industry. Over the years, Mr. Harikrishna Kundariya has been fortunate to work with a talented team at eSparkBiz , where eSparkBiz has transformed countless ideas into digital realities. From startups to Fortune 500 companies, eSparkBiz has left no stone unturned in delivering cutting-edge software and digital solutions.

As the CEO of eSparkBiz , Mr. Harikrishna Kundariya focus is on driving innovation and fostering a culture of excellence.Mr. Harikrishna Kundariya is deeply passionate about helping businesses leverage technology to achieve their goals. Whether it’s mobile app development, web design, or digital marketing, his team and Mr. Harikrishna Kundariya are committed to delivering solutions that exceed expectations.

Mr. Harikrishna Kundariya Key Achievements :

Spearheading eSparkBiz to become a globally recognized technology partner

Building a team of highly skilled professionals dedicated to client success.

Pioneering projects that have disrupted industries and set new benchmarks.

A strong advocate for ethical business practices and community engagement.

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