Top Benefits of using Blockchain for the Internet of Things

Call : +91-020-26434646

visit :

www.sphinx-solution.com

Top Benefits of using Blockchain for the Internet of Things Blockchain, the distributed ledger technology is about to transform all aspects of the digital business.

According to International Data Corporation, by 2019 20% of all IoT deployments will have basic levels of blockchain services enabled. Also, IoT based spending to top $1 trillion by 2020 representing a large area of industries including agriculture, transportation, logistics, and healthcare. Three Benefits of using Blockchain for IoT 1. Building Trust: Blockchain technology development has the potential to build trust between devices and parties. As none of the individuals can actually see each other over the network, but the transparency, security and immutability features help the participants to trust each other. This trusting reduces the risk of collision and hacking. 2. Reduction in cost: The transaction or peer-to-peer exchange of information are happening directly between them which eliminates the need for intermediaries or middlemen. This, in turn, reduces the operating costs. 3. Accelerate transaction: Blockchain technology is really fast. It takes seconds for any transactions. It reduces settlement times from days to mere hours.

Deployments of IoT is not easy and for that distributed ledger is well suited. As it can offer IoT device identification, authentication, and seamless secure data transfer. Blockchain and IoT is experimented in different industries across the world, here are some examples:  They can lead to intelligent automated insurance policy applications  Security in smart logistic  Changing business model in the energy industry As this is going to be big, companies and enterprises need the right partner to help them to succeed. The future of all these new technologies is bright. We are working on blockchain-based application development, you might want to know how it can help you. Contact us today and let’s discuss your plan to integrate blockchain in your business.

USA : +1 732-947-4310

| UK : +964 0771 7777 916

| Malaysia: +6017-2126274

Turn static files into dynamic content formats.

Create a flipbook