For those interested, The Next Web offers a pretty convincing forecast of the future of the Internet of Things (IoT).
In a recent article regarding interest the Department of Homeland Securities has in knowing more about Blockchain technology, the author points out a potential connection that both government and business have in using Blockchain technology to secure and support IoT innovations.
Here’s a snippet from the article:
The blockchain, for those unfamiliar, is a new type of database developed alongside the cryptocurrency Bitcoin. It has become even more popular among security experts and tech firms, because it has the ability to verify transactions autonomously, making it a “permissionless” and public system that doesn’t need to rely on secure logins or passcodes.
A Blockchain database, “is a distributed database that maintains a continuously-growing list of data records secured from tampering and revision.”
A “permissionless” and public system that doesn’t need to rely on secure logins or passcodes.
It’s potential for unlocking the IoT, by covering the security issue so many legitimate concerns about, is what makes this technology so interesting.
Someone responding to the article put it succinctly:
“The Blockchain tech will solve one of the major issues and fear people have when it comes to IoT – security and protection of data.”
The DHS aren’t alone in getting excited about blockchain technology. Developers are said to have already begin pushing new products to the blockchain.
Investment companies are also weighing in. Gartner and IDC separately forecast 26 and 30 billion dollar investments in IoT via smart devices over the next 5 years.
Last year (early 2015), IBM published proof-of-concept research study on the proven potentials of blockchain technology.
Samsung and IBM imagine how a washing machine could become a “semi-autonomous device capable of managing its own consumables supply, performing self-service and maintenance, and even negotiating with other peer devices.”
As companies, investments, and developers get more involved, it is becoming more clear that the blockchain’s very nature as a secure encrypted and autonomous network could help empower other smart applications to also be linked, autonomous, and secure – thanks to the Blockchain.