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.