Blockchains and smart contracts for the internet of things
riyasteve last edited by
Internet of Things (IoT) and blockchain is the perfect combination. Actually, the distributed ledger technology was the missing piece to make IoT finally take off.
Why? Well, although IoT has an amazing concept of using the internet to make devices smarter, the security breach has always been a problem. But with the tamper-proof network of blockchain, this issue is solved.
But to really achieve the commercialization of IoT, a second-factor comes into the game: Smart Contracts. The digital contract built in the blockchain can execute itself based on already established rules and conditions.
Food Containers, for an example, need a device to control the temperature so the product doesn’t go bad. Let’s say that, for some reason, the temperature gets high inside the container putting in risk the food.
With the help of blockchain, smart contracts and IoT, this device can correct itself to the right temperature without the need for human intervention. All of this can help reduce costs, avoid money loss and increase product quality control.
This is just one of the uses of blockchain and smart contract for the Internet of Things. Many other industries can benefit from these technologies, from finance to healthcare.
Blockchain App Factory is one of the top companies to offer end-to-end blockchain solutions for IoT. Our company has a great team of experts that can build customizable software and solutions for your business.
leesadaisy last edited by leesadaisy
IoT includes blockchain one of the major game changer in the world of Information technology. Securing Information in the world inter network system is much needed. That brings us to the blockchain technology that will enable the people to store all the information in the distributed ledger. Not only that, the Smart contracts also comes because of the way of execution of of contracts with the help of blockchain technology.
Smart contracts are some lines of code which is stored on a blockchain network and automatically execute when predetermined terms and conditions are met. It helps us to exchange money, shares property and anything in the transparent value action. It is the digital protocol, created for validating the conditions of the legal contract between two or more parties. It is the automated digital contract which is highly secured and self-executed also reduce the huge cost of third-party invention. It solved many issues faced with traditional contract works.
Many blockchain Smart contracts Development companies are present to help those in need of execution/ integration of such technologies in their field of business.