Will blockchain help revolutionize the Internet of Things?

Baozou Comment : Blockchain, as the underlying technology of Bitcoin, has begun to enter the Internet of Things market. As an open and transparent technology, blockchain solves the problem of trust among people on the Internet. Through decentralized ledger technology, which is updated every ten minutes, more accurate data can be screened out. Through the Internet of Things system, blockchain will definitely accelerate reform.

Translation: Nicole

Bitcoin is the world’s most popular cryptocurrency, but the currency has been eclipsed by blockchain, a decentralized ledger system that is beginning to make inroads into the Internet of Things market.

When building smart devices that can communicate and operate autonomously, blockchain in the Internet of Things can solve the trust problem between different developers, engineering companies and businessmen. Sena Quashie, online editor of Pulse, said this could be the biggest reform in a decade.

Unlike systems where every change can be manually verified, blockchain can verify every transaction and every change. The blockchain ledger is updated every ten minutes to ensure that there is no illegal tampering. The distributed ledger will notify people throughout the system of these changes to strengthen the correctness of the blockchain.

Some IoT developers are preparing to implement blockchain ideas, with Samsung and IBM claiming familiarity with the 2015 Consumer Electronics Show (CES) in Las Vegas, with the team stating:

“The introduction of the concept of blockchain into the Internet of Things opens up many possibilities. When a product is completed and assembled, the manufacturer can register it into a global blockchain. Once sold, the distributor or end consumer can register it into a regional blockchain (a community, city or country).

This is just the beginning of blockchain in the Internet of Things, as Samsung and IBM envision how washing machines could become “semi-autonomous devices that can control their own supplies, provide self-service and repair, and even collaborate with other similar devices.”

The IoT revolution is set to take place over the next five years, with Gartner and IDC projecting 26 billion and 30 billion smart devices worldwide by then, respectively. Blockchain is set to accelerate the revolution simply by becoming the backbone of most future IoT systems.