How Blockchain Technology Solves Some of the Challenges that Faces Internet of Things (IoT)
Immunity to data loss is one of the main benefits of blockchain. Blockchain technology is decentralized which means that there is no single point of failure as there are many nodes that are connected to each other. Even if one node fails, there are other nodes that holds the network.
Better Security is another solution that blockchain technology brings to IoT. Blockchain is a very secure technology that is very difficult for hackers to hack. Blockchain uses advanced encryption methods to secure the network which makes it extremely difficult to be hacked. Also, miners and validators secure the network by validating transactions and adding new block on the blockchain.
Privacy is one of the benefits of blockchain technology. In blockchain, there are encryption methods that are used to secure the network and provide privacy to data. With this, any data and information that is sent and received can be encrypted and would need the correct key to be decrypted.
Immutability of data is another solution to the that blockchain technology provides for IoT. One of the main problems of IoT is that data that is stored on centralized servers can be altered. With blockchain technology, IoT devices can send and receive data and the data will be Immutable.
Cost reduction is also another is another solution of blockchain technology to solve high cost issues relating to IoT and centralized servers. Blockchain technology helps reduces the cost since the workload is carried out by decentralized nodes in the network.
Transparency - One of the characteristics of Blockchain technology is that it allows for transparency. One of the issues of IoT is that there is a possibility of data manipulation due to centralized entities. Blockchain solves this because certain data and details are transparent and available for anyone to have access to, meaning that manipulation will be impossible.
About Filament
Filament is one of the top projects in IoT and are providing solutions to the internet of things by combining the power of blockchain technology and building hardware and software solutions. The Filament project was founded in 2012 with the sole aim of solving some of the challenges that faces IoT and providing solutions to enterprises and IoT. The Blocklet Foundation Kit was developed and launched by Filament to give users ability generate IoT transactions on blockchain and demonstrate smart contracts functions.
The Blocklet Foundation Kit provides the base for embedded developers to demonstrate how IoT can utilize blockchain technology so as to enable IoT devices to connect to one another securely. The concept of internet of things is still very much early and with projects like Filament looking to make IoT better by utilizing blockchain technology, it helps eliminate the challenges hindering growth and adoption of IoT.
Filament are providing hardware and software solutions that helps brings improvement to IoT and how IoT ingrates with blockchain technology. Filament aims to use blockchain technology to mitigate the challenges that face the current IoT state, the main problems being data loss, security, privacy, cost, transparency, centralized control, manipulation of data and more. By providing solutions to these main challenges to the current IoT, it will foster the growth and adoption of IoT and how IoT devices interact with one another.
Filament has created a Blocklet microchip as a hardware solution to improve the capabilities when integrated to IoT hardware. Blocklet is also one of the solutions of filament to improve the data security in IoT devices. The DLT ecosystem is another solution by filament created as an enhanced cybersecurity protocol for Internet of things devices. This protocol allows IoT devices to interact with one another securely.
Conclusion
Blockchain and the internet of things are two terms that have raised a lot of talking points over the past few years. Blockchain technology has been around for a few years now and at the moment, we are already seeing the massive growth of blockchain technology and how it is constantly gaining adoption all over the world. When it comes to blockchain, it is simply a digital immutable and distributed ledger which processes and records data through decentralization. Internet of things (IoT) is one of the popular terms in recent times and has become even more popular in this modern era of the internet and blockchain technology. While IoT isn’t perfect and has its own challenges, projects like Filament are there to provide both hardware and software solutions to help mitigate the challenges facing IoT growth and adoption.
