Blockchain in Internet of Things

You do not need a central authority in the blockchain. The distributed nature of records makes the records visible to all the parties. Encrypted blocks link to each other. You cannot manipulate the stored records in the blockchain.
Blockchain changes
Blockchain changes

Why the peer-to-peer network and the absence of a central authority?

  • Peer to peer network makes secure and transparent transactions.
  • The data in the blocks are encrypted.
  • The distributed nature is the main reason for not having central authority in the blockchain.

Blockchain in IoT

  • There are already blockchain applications in the context of the Internet of Things and some vendors have specific solutions to enable the use of blockchain for IoT too, among others increase trust, save costs and speed up transactions. 
  • IBM is a frontrunner, although several vendors and industry initiatives have been launched with new solutions and actual deployments.

References

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