Blockchain will become more and more associated with IOT

As time goes on, blockchain will become more and more associated with IOT, otherwise known as the internet of things. The most pervasive name in blockchain at the time of writing is hands down Ethereum, but it’s quite openly known that Ethereum isn’t that robust when it comes to IOT application. This is where Dxchain fits into the ecosystem since it provides an easy solution to both decentralized storage as well as compute processing.

Blockchain was made as a means for applications to log transactions and interactions. Typically speak this involve what are called smart contracts which can automatically carry out tasks when certain conditions are met that are specified within the code, because of this, this can be used for IOT data gathering and the eventual processing of that data.

One of the hottest industries today, very similar to the 1999 dot com boom is the blockchain industries which is teeming with opportunity, it’s still definitely in it’s infancy but traditional venture capital money certainly is not waiting on the sidelines and is getting involved as fast as it can given its risk appetite.

Big Silicon Valley enterprise, for instance, already allows to extend 9private) blockchain into IOT and infact, eventually it will be the combination of artificial intelligence, Internet of Things, and the core blockchain technology itself. With blockchain itself, we’re basically helping change the current web 2.0 structures that we say today and we are improving on it from everything to speed to security by decentralizing it.

In order to easily see the benefits of blockchain and IOT application, we can examine the logistics industry where smart contracts may follow and track everything that’s happened to say an individual Fedex package, everything from it’s trail, accounting, contract signing along the way, just to name one of a multitude of steps along the way.

Essentially the main issues for IOT and blockchain to solve are its core items which we will discuss shortly.

The internet of things is an item in which security presents a giant issue, it’s quite lucid that security needs to be increased as decentralization n occurs and it’s important to examine that in conjunction with it’s deployment over time.

As it pertains to governance, there may be potentially large legal and compliance problems and these need to be taken into consideration when it comes to scaling as efforts should not be put to waste.

Given it’s caveats, when it comes to combining AI & ML with decentralized compute and decentralized storage, the possibilities are absolutely endless. Think of all the potential use case that could come from this combination of data collection, we’re talking of a potential society in which cities can make intelligent decisions on their own to create more efficiency, the key may not be to cultivate resources on other planets, but rather to make better use of what we have here on this one. Why not learn to use the data that already exists around us to stir up an increase in efficiency and innovation.

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