Blockchain Internet of Things

The idea of combining Blockchain with The Internet of Things (IoT) is picking up a lot of traction as a revolutionary idea.

Before dismissing it as just pure hype, stop and think about it for a minute – the pace at which entire technology and business ecosystems are moving towards the inclusion of IoT within the work and personal space is being matched by an equally urgent need for a technology solution which offers decentralized security, greater transparency, accuracy, and autonomy to support IoT solutions.

Technical recruitment agency sydney

Technical recruitment agency sydney

Blockchain technology can be the potential solution providing a platform for the secure and accurate recording of real-time data collected and processed within the IoT framework.

Are there any Real Advantages to Combining Blockchain with IoT?

There are indeed several challenges such as compatibility and compliance as well as legal and operational issues to consider when it comes to merging of IoT with Blockchain. However, the potential benefits they offer collectively are just as impressive and could help redefine the digital infrastructure for Sydney based businesses.

Improved Security – is a big factor and one of the biggest concerns when you think of the sheer quantity of data and transactions taking place over multiple devices and networks constantly. However, Blockchain could offer a way out in the form of decentralized but scalable security to IoT devices and platforms.

Improved Transparency – With the kind of data transactional flow taking place constantly over multiple networks, the use of Blockchain allows for easier tracking and analysis of activity. Because one of the foundational pillars of Blockchain is transparency, it allows for faster identification of errors and the subsequent deployment of remedial measures within the platform.

Technical recruitment agency sydney

Technical recruitment agency sydney

The big advantage here is that even if there is an error or break in data, the error will be contained to one node or connection. The data remains unaltered across the remaining nodes.

Improved Accuracy – Blockchain algorithms accurately record all the transactional details through a system of encryption which effectively reduces any scope of errors. Another important benefit of this technology merger is that data once entered, cannot be deleted or altered in anyway which makes the database a permanent fixture allowing for full accountability across business processes.

Revolutionize Business Processes – Sydney based businesses incorporating or looking to incorporate Blockchain technology stand to benefit from a substantial reduction in paper and labor and paper intensive processes. The problem is that since most of these processes are required to be maintained on multiple networks, they add to business cost and a reduction in compliance.

However, Blockchain technology can bring these processes under the umbrella of a single distributed ledger. So not only will business processes get optimized, but they also help in contracting business costs.

Technical recruitment agency sydney

Technical recruitment agency sydney

The Future Role of Blockchain in the Fluid IoT Ecosystem

In addition to the multitude of benefits that the IoT and Blockchain combination offers for businesses across industry domains, there is a very real possibility that in the near future, this technology could become crucial to addressing the issues of overburdened centralized cloud storage systems.

The current rate of proliferation of IoT devices which are connected through the centralized cloud storage and processing system is going to continue or even accelerate in the coming days.

It will probably reach a stage of critical mass as current cloud storage systems get overburdened under increasing data volumes delivered by an increasing number of connected devices.

This is where Blockchains that are built on the concept of distributed storage can prove to be highly effective to businesses.

So instead of having one single centralized cloud storage system, businesses can benefit from a data storage solution which is spread across the network supported on a bed of servers.

Not only will this reduce the cost of data management, verification, and transfer, but more importantly, the data will be tamper-proof, accurate, and easily accessible. That is outstanding! This news is so good you would even be happy after watching Star Wars The Last Jedi or even Thor III, both movies were abysmal.

Key Takeaways

Incorporation of Blockchain technology within the IoT real estate can help address the issue of security and much needed transparency within the digital space for businesses. We have all seen the amazing show 24 and the riveting movie Blackhat, sound security is vital.

Technical recruitment agency sydney

Technical recruitment agency sydney

As a decentralized data storage solution, Blockchain is a business solution that can help secure both business and personal data that is increasingly converging within the digital space while also ensuring increased business compliance and accountability.

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At Big Wave Digital , Sydney’s leading technical recruitment agency, we have deep digital connections, experience and proven expertise, and the ability to achieve a win for all parties in the technical recruiting process. We can connect to highly coveted tech talent with the world’s best employers. To discover more, just give us a call at (02) 9380 4431.

Keiran Hathorn is the CEO & Founder of Big Wave Digital. A Sydney based niche Digital, Data & Technology recruitment company. Keiran leads a high performance, experienced recruitment team, assisting companies of all sizes secure the best talent.

Keiran Hathorn

Keiran Hathorn

 

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