DailyPost 478
THE INTERNET OF THINGS & BLOCKCHAIN TECHNOLOGY
For the novice the two technologies are independent of each other. The convergence of the two is imminent. IoT with intelligence built into existing infrastructure, will provide new avenues for not known services, more participants & immense economic value.
This new systems of network configuration is known as the mesh network. It’s an intelligent and self controlled network. Mesh networks once combined with Blockchain technology has the potential to solve complex infrastructure problems. As value is an integral component, by quantum of a utility to be shared / hired / let out or monetary transaction, Blockchain technology becomes critical. So to say that Internet of Things depends on a Ledger of Things is to state the obvious. The functioning of the Internet of Things is this dependent upon Blockchain payment networks, where bitcoin or any other crypto currency can become the universal transactional language.
A real time market get created for good / services unknown to be existing free or underused. With Infinite Data from Infinite Devices, as would be the case with Internet of Things, the possibilities are also infinite. Internet of Everything would be enabled by Ledger of Everything. It would be distributed, relatable & secure information sharing. Actions & transactions gets recorded by Blockchain technology. Services & gadgets can then decide for themselves; repair predictions, smart contracts & SLAs get inbuilt & seamless.
It is estimated that 65% of the 12 billion square feet of real estate in US is vacant. New market places can be created based on digital sensors facilitating real time discovery, usability & payment. As per McKinsey Global Institute, the economic value of IoT has been underestimated. The economic impact, including consumer surplus could be to the tune of $11.1 trillion per year in 2025 for IoT applications. That is 10% of the current global GDP!!!
THE MARRIAGE OF IoT WITH BLOCKCHAIN IS THE MOST CELEBRATED MARRIAGE OF OUR TIME.
Sanjay Sahay