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Technology in today’s world is advancing at a breakneck speed. New technology advancements and improvements have made it feasible to create new synergies within an existing framework. Blockchain technology, which has astounded people all over the world with its efficiency, has made it feasible to fantasise about a decentralized unit. Similarly, the Internet of Things (IoT) has been rapidly gaining traction. Independent gadgets will be able to connect to the internet with the aid of IoT. This synchronisation will aid in the creation of intelligent gadgets capable of doing tasks without the need for human intervention. But what happens if IoT and Blockchain are combined? It sounds like something out of a science fiction novel. IoT and Blockchain, on the other hand, appear to be a natural fit. In this essay, we’ll look at how the Internet of Things will affect the future of Blockchain technology and why no one has yet succeeded in implementing IoT on the blockchain architecture.
IoT– A significant jump towards the future IoT is based on the concept where wirelessly connected sensors are embedded in almost any commonly used devices such as refrigerators, auto-parts, washing machines and even dog collars. This means everything can be tracked, it’s inventory managed and can be made accessible through a continuous stream of signals. This constant flow of interacting devices will help the businesses to move away from the product-oriented theme to the service-oriented theme. But it also brings us to one important issue to address. According to estimates, there will be around 10 million inter-connected devices and objects in the next four years. This will create a huge amount of tracking to identify those things and also verify who owns them, authenticate their interaction with other things in the interloop.
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