Blockchain technology has transformed many conventional perceptions regarding technology. As a distributed digital ledger, it has gained promising attention for its applications in various sectors after 2014. Blockchain gets the credit of being an instrument for rapidly accelerating evolution across various sectors other than the financial services companies. The focus on blockchain IoT use cases has been gaining attention among enterprises in recent times.
Blockchain transforms the way IoT devices send information to each other and take decisions. The following discussion would offer a detailed impression of IoT blockchain use cases.
Many companies have also planned on using the opportunities with IoT for smart business operations. So blockchain IoT applications have made their way to different sectors in recent times. Let us find out how blockchain together with IoT deliver prolific business value across industries. Powerful combination of technologies can unlock new opportunities for companies and consumers alike.
Fueled by concerns about the environment and a need to reduce both carbon footprints and transport expenses, the number of people using car-sharing technology is growing exponentially. With the multiple vulnerabilities in existing car and ride-sharing applications, pay-as-you-go mobility needs to improve to be sustainable.
Implementing blockchain and IoT solutions can provide customers with a secure and seamless pay-as-you-go mobility service. Not only does blockchain provide a tamper-proof foundation allowing for secure data transfer but its smart contract functionality can automate the settlement of contracts and billing, making the experience safer and more reliable all-around.
With the number of IoT devices growing exponentially, leading to congested networks and bottlenecks, using blockchain technology for the automatic provisioning of IoT devices provides the perfect solution. Using its smart contract functionality, IoT providers can program certain conditions to automatically execute. This means that they can securely and automatically validate, grant permission, or provision new IoT devices joining the network.
The implications of this are huge. IoT can grow at pace with demand without the need for human intervention to verify and allow each permissioned device to connect to the network. Blockchain together with IoT increase efficiency, reduce costs, remove the possibility of human error, and improve the user experience—all at the same time.
Supply chain management is one of the foremost examples of sectors with promising blockchain IoT projects. The global supply chain network includes various stakeholders, including brokers as well as raw material providers. This factor introduces complications in the end-to-end visibility into the supply chain. Interestingly, the supply chain also involves various payments as well as invoices.
For example, blockchain and IoT in supply chain management store information about the market, supply, and etc. on the blockchain. After saving the data on the blockchain, stakeholders defined in the smart contracts can obtain real-time information access. As a result, stakeholders in the supply chain could prepare adequately for transactions across different shipments and borders.
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