Blockchain technology is still relatively new, but many are starting to understand its concept. For a person who is familiar with cryptocurrency, the blockchain technology is a commonly used term. You’ll see it on a service for cryptocurrency press releases and other sources that provide information on cryptocurrencies.
The blockchain technology is not in the literal sense of words a chain of blocks. The block on this concept represents the data whereas the chain refers to the stored information.
Think of the Facebook Newsfeed. Every time new information is added, the newsfeed immediately updates all the data by storing new ones. Blockchains works similarly to this concept. It adds new blocks containing information such as the date and time of the transaction on the chain storing all data. Once the user verifies the information through digital signature also called as username, the block becomes public.
Cryptocurrencies such as Bitcoin uses blockchain on their transactions. It assures that all cryptocurrency users are safe from primary threats like identity theft and hacking.
Another term that harbors confusing among newbies in the digital economy is the Internet of Things (IoT).
The IoT is a fairly new term. When you browse it on the internet, most of the definitions available are technical making it difficult for beginners to understand the concept of IoT.
IoT is a simple concept. As you read this post, you are using a desktop, laptop, smartphone, tablet or any device. Of course, you must be connected to the internet to obtain this information.
Honestly, no gadgets have stored media such as songs, movies, and images. You have to browse it on the internet or do live streaming to view movies or listen to music. All of it comes from a bigger source like a super storage system or supercomputer. The concept of IoT is parallel to this idea.
The IoT pertains to all things in the world and connecting them to the internet. Yes, the concept of IoT is too broad and loosely defined. It is the reason behind the confusion and misunderstanding between digital users. The good news is there are online sources like the Intelligent HQ that supports in clarifying the concept of IoT.
IoT and cryptocurrency have become a significant technology in this modern era. But what if these two concepts are merged as one?
The adoption of blockchain in IoT is a new idea that promotes security to IoT networks. Adding this technology on IoT makes it easier to manage and debug the network. It also secures software updates across all IoT networks. This feature allows updates pushed to devices as URL and cryptographic hash.
There is a small percentage of small businesses who implement blockchain technology on IoT today. However, digital economy experts say the future of blockchain on IoT will boom in the upcoming years. It will grow massively over years to come.
Keep up with the trends in the digital economy. Know the latest updates on technologies to help your business grow and become one of the leading companies in the industry.
Do you want to find out more about blockchain on IoT? Seek more details here at Intelligent HQ.