Mike Alreend

Mike Alreend

1626072457

What Are the Benefits of Blockchain Technology for the Internet of Things?

Blockchain technology has grown in popularity since the epidemic. Despite the fact that the technology has been there for a long time, it has recently gained momentum as the value of Bitcoin, a blockchain-based cryptocurrency, has risen. Blockchain has already outlived its euphoria and will soar to new heights once its full potential is recognized.

Although blockchain may seem to be complex, its fundamental concept is really very simple. A database, sometimes known as a blockchain, is a kind of digital ledger. Distribution, immutability, and decentralization are the three key characteristics of blockchain as a data format. These three characteristics may be very beneficial to the Internet of Things (IoT) since the data stored remains secure, accessible, and unalterable.

The Advantages of Blockchain and IoT****

The distributed method of storing data in blockchain makes it secure and immutable, and if data is changed on one of the distributed ledgers, a log documenting the change is generated, making the data tamper-proof. This removes any kind of blind faith mechanism between several data-handling parties, resulting in more trustworthy interactions. When IoT data is stored via Blockchain technology, no one entity has ownership over the massive quantities of data generated by the IoT device. A block’s data is encrypted, making it impossible to alter. This safeguards the IoT network from malicious assaults.

Because there are many security vulnerabilities in widely used IoT devices, one of the most important challenges with IoT devices is safeguarding and securing the data handled by them.

The integration of blockchain into IoT offers up a host of new possibilities, such as reduced failure rates, improved security, and more transparency across all system components, all while allowing machine-to-machine data exchanges. This combination of technology enables item tracking from raw materials to the end of the supply chain.

The Advantages of Blockchain in IoT****

Security has been enhanced

Blockchain enables the ability to cross-check the item’s authenticity with different stages of the processing chain, allowing transactions to originate from legitimate sources.

The blockchain provides information about all chain participants, increasing the transparency of the process. Not only that, but it also provides an additional degree of security by encrypting data while it is stored. Furthermore, since the data is not stored in a single place, data loss may be prevented easily.

Reduced operating expenses - By automating transaction validation and processing procedures, blockchain reduces operational costs considerably, making the whole process proactive.

The pace at which data is transferred. This is particularly true for store network transactions that include a large number of suppliers, producers, merchants, and purchasers. The blockchain reduces manual procedures and speeds up transactions by acting as a shared record distributed ledger information amongst one another.

IoT technology offers a number of problems, including costs, security, protection, and data transmission. While they are separate issues, they are vulnerable to a number of circumstances.

To prevent malicious activity, blockchain is encrypted and secure by design, with several independent hubs validating chain changes before upgrades. This is ensured by the plan. Without the need for costly and restricted regulatory layers, the blockchain may be examined and verified by all parties, thus improving both access and trust to information. This significantly improves accessibility, trust, and affordability.

Finishing up****

IoT and Blockchain have tremendous potential and will undoubtedly cooperate in the near future. Furthermore, these technologies are still in the early stages of development, and more efficient and low-power options will emerge at some point in the future. As a result, there is a clear demand for blockchain education. It is just as essential to understand technology as it is to use it. Learn blockchain online for beginners to gain a good start in the industry.

#blockchain technology #blockchain education #learn blockchain online

What is GEEK

Buddha Community

What Are the Benefits of Blockchain Technology for the Internet of Things?

5 Blockchain Applications That Have Transformed the World of Technology

The blockchain is the decentralized database of the blocks of information, which gets recorded in the chain format and linked in a secured crypto graphical manner. This technology ensures proper safety of the data due to its secure nature, and it totally changes how people carry out transactions. It also brings about a faster and secure process of validating information needed to establish reliability.

Though blockchain technology came into the market to carry out only digital transactions, it is now used in various industries like supply chain, finance, health care, and many more.

The blockchain technology has made its position in mobile app development as well. Blockchain applications are transparent and accountable. From getting easy access to medical records and buying insurance, you can see blockchain applications everywhere.

Here are some of the areas where you can see the use of blockchain applications and how they have changed various industries.

1. Ripple

Ripple is useful for increasing banking transactions. The implementation of blockchain technology in the financial sector is much more profound than any other sector. Ripple proves this. It is one of the greatest tools to record and complete financial transactions.

It develops a large network despite strict physical boundaries. As there is no such third-party involvement present, the cost of these transactions is lower than usual. At the same time, the network also remains transparent and quite secured.

It is normally seen that financial transactions that happen globally are

error-prone and take a lot of time. In addition to this, when the transaction

fees and exchange rates get added up, the total cost usually gets high.

However, Ripple offers real-time international transactions without spending too much money. It has the network of about 200+ institutions making the process affordable, secure, and fast for all sorts of international transactions.

2. Etherisc

This blockchain application helps in automating flight insurance. Insurance is another area where blockchain is gaining popularity. Through this application, insurers can make smart contracts rather than getting involved in the traditional contracts that are usually complex. Etherisc is the blockchain application that helps customers buy flight insurance. If the flight gets canceled or delayed, they do not have to wait for months to get the payment back. This application ensures an on-time payout.

#blockchain #blockchain-technology #blockchain-development #blockchain-use-cases #blockchain-a #blockchain-technologies #technology #decentralization

Blockchain Technology Frameworks | Codezeros

Blockchain has changed how enterprises work. An enterprise cannot afford to build a complete end-to-end blockchain solution without the help of frameworks. The frameworks help to simplify the process and also ensure that the enterprise has the freedom to customize the blockchain network they are building for themselves. With Codezeros, you can easily find the best development frameworks that enable web developers to create Blockchain websites efficiently.

#blockchain technology frameworks #blockchain technology #blockchain technology solutions #blockchain technology development #blockchain development #blockchain framework

Abigail betty

Abigail betty

1624384800

What is Blockchain? Blockchain Technology Explained Simply

Blockchain technology is a way of managing a ledger of records in a decentralized manner. It means that everyone participates in maintaining and updating the ledger, which makes it practically impossible to falsify.

While Blockchain technology is a good solution to the issue of centralization, it’s also very inefficient and slow, therefore it should only be used if the problem at hand is indeed centralization.

That’s Blockchain technology in a nutshell. If you want a more detailed explanation about the Blockchain and how Blockchain technology watch the complete video , here’s what I’ll cover:

0:54 - What blockchain aims to solve
2:48 - Bitcoin: the decentralization of money
3:10 - Decentralization opportunities
4:04 - Blockchain explained in a nutshell
5:16 - How does blockchain technology work
10:05 - Ethereum in a nutshell
10:26 - Private blockchains
11:40 - Public blockchains
11:58 - Is blockchain the next big thing?
13:12 - Conclusion

📺 The video in this post was made by 99Bitcoins
The origin of the article: https://www.youtube.com/watch?v=2yJqjTiwpxM
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
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Prediction about Blockchain, Artificial Intelligence, and Internet of Things 2021

According to PWC, AI will add up to $15.7 trillion to the global economy by 2030. PWC expects AI to add 14% to the global GDP. According to Gartner’s report, Blockchain will add $3.1 trillion to the global economy by 2030. Mckinsey estimates the impact of IoT on the world economy to be around $11.1 trillion by 2025.

Blockchain, IoT, and Artificial Intelligence are some of the most trending technology topics right now. In this article, we will discuss how AI, Blockchain, and IoT technologies are expected to impact our lives and the global economy as a whole.

Blockchain, AI, and IoT Technology Trends to look-up
AI will enhance the capability of IoT
AI and IoT are powerful technologies individually, and their power multiplies when combined. We expect AIoT or Artificial Intelligence of Things to be the norm in the future.

Right now, IoT devices acquire and relay the data from their surroundings to a computer. The data is then processed and commands sent to the IoT sensors. In the future, AI will make the process faster. The concept of smart retail is a glimpse of the possibilities of AI and IoT.

A camera equipped with facial recognition AI can identify customers as they walk through the retail facility door. A smart AI can analyze data like

Product preferences
Traffic flow at a specific time
Gender
Such data analysis helps the management in predicting consumer behavior and use that information to make better decisions in areas like

Store operations
Product placement
Marketing strategies
Pricing
For example, if the AI system detects that most of the store’s customers are millennials, it could cater to in-store specials that appeal to the Millennials. Such a real-time strategy change will help in driving up sales.

Interesting reads: How IoT helps businesses to create a more integrated experience?

AI for Hyper-Automation
Hyper-automation or Robotic Process Automation (RPA) is an IT mega-trend identified by market research firm Gartner. The idea is to automate everything in an organization. The concept of hyper-automation has gained momentum after the pandemic.

AI and machine learning are the key drivers of Hyper Automation. AI helps the automated business processes adapt to the changing circumstances and swiftly respond to unexpected situations.

The following is a hyper-automation process flow visualization for a document-based process.

AI for Hyper-Automation

An RPA bot collects an incoming document or email which contains semi-structured or unstructured data.
The ML algorithm then extracts and validates the machine-readable data. For example, the ML can validate invoices for VAT compliance to avoid fraudulent invoices.
If the ML model’s confidence is low, then we can include humans in the loop.
Finally, this validated and enriched data is then sent to the next system, e.g., ERP.
Gartner has identified hyper-automation as a potential trend for 2021, and AI is an essential component of hyper-automation.

Personalized AI for Marketing
According to a survey, 7 out of 10 customers would prefer to do business with a brand that caters to personalized experiences. Even Mckinsey says that investing in personalization is good for business, as personalization helps brands attain 5-8 times more on marketing ROI.

AI makes the time-consuming task of personalization easy as it helps brands understand their customers and create personalized offers.

The Hilton Group of Hotels uses an AI concierge named Connie to greet its guests. Connie even recommends places to visit and restaurants to try, making the experience memorable. The robot is equipped with Natural Language Processing ability, which allows Connie to understand the guests better.

As brands collect more data about their customers, their ability to predict their next action will improve. AI is now a part of human life. Companies invest heavily in tools like Salesforce, Oracle, SAP, Twillo, Treasure Data, and ActionIQ to deliver more personalized experiences to their customers. In the future, we expect that more sophisticated AI tools will emerge that will allow marketers to build hyper-personalized experiences for their customers.

Blockchain adds immutability and integrity to IoT transactions
The combination of Blockchain and IoT is that of convenience and security. Blockchain-enabled private networks allow businesses to share and access IoT data securely. Blockchain facilitates a more transparent environment. Blockchain streamlines processes and creates new business value across the ecosystem by drawing on the data supplied by IoT devices and sensors.

Freight transportation is one area where the combination of Blockchain and IoT can prove its worth. Moving freight is a complex process that often involves managing the expectations of different parties having different priorities. Freight movement is a tense process where an IoT-enabled Blockchain system can help in reducing this tension. The system can store the position, arrival time, temperature, and shipping container status and relay the information in real-time to the concerned people. As Blockchain transactions are immutable, all parties can trust the data, making the process hassle-free.

CeDeFi – Centralized Decentralized Finance
CeDeFi will gain prominence in the future, striking a balance between centralized financial institutions and decentralized finance like Bitcoin. The centralized crypto exchange Binance has launched BSC(Binance Smart chain), aiming to help new DeFi projects enter the centralized finance system. BSC has many features like lending, borrowing, and staking, traditionally found only in DeFi systems. Binance has also introduced a crypto debit card called “Binance Card,” which acts as a bridge between DeFi and Centralized finance.

Experts expect that by the end of 2022, traditional centralized financial companies will integrate DeFi and produce blended CeDeFi offerings.

Continuous truth assessment for assessing compliance to the ESG goals
Adherence to Environmental, Social, and Governance goals is one of the critical criteria for investors today. Blockchain technology will play a significant role in assessing whether a company is following ESG goals.

Continuous truth assessment

Settlemint.com is a startup that works with Colruyt in Belgium to authenticate the farm label ‘bio’ for pig meat supplied by Colruyt. In Europe, the ‘bio’ means that the food follows the EU norms for organic farming. IoT sensors are attached to the pigs’ ears to ascertain their time eating food and the time they spend consuming sunlight.

Blockchain Technology for Social and Political Purposes
Trust and transparency are two issues that Blockchain addresses effectively. Hence Blockchain development can be used for handling various social problems like fake news. The New York Times R&D team created a solution that would record everything that happens to a photograph. The program would even display the information to social media users, allowing them to know whether the photo has been modified or not. The program uses a Blockchain ledger to provide a transparent record of every change made to the image.

The photo-proofing program is just one example of how Blockchain can reduce the misinformation spread on social media. As Blockchain use becomes widespread, we can expect more people to adopt the technology and apply it to solve the day’s social problems.

Central Bank Digital currencies
Around 40 countries are experimenting with the idea of digitizing their sovereign currency. China is the pack leader, and they have already launched the digital version of the Chinese Yuan. Although the Chinese Yuan isn’t based on Blockchain, it is expected that future digital currencies will have the Blockchain technology to prevent counterfeiting.

Also Read: Entrepreneurs and Investors Insist on Legal Aspects of Speculated Crypto Currency Ban

The massive growth of IoT in manufacturing and industries
IoT will help humans by giving them access to context-sensitive insights that answer specific questions. IoT may have started as a technology that was all about the sensors, but slowly we are moving to the point where it is possible to share insights and interactions with people. IoT is widely used to support machine operators and maintenance executives by providing them with real-time insights.

We are already seeing companies moving towards smart manuals where the users can ask a question and the AI answers.

Airbus has implemented a digital manufacturing initiative called, Factory of the Future. The idea is to help the assembly workers build a commercial jetliner easily and quickly using integrated sensors and wearable technology like smart glasses.

IoT Helping to Build Digital Twins
Digital twins are virtual replicas of physical objects. The designers can run simulations on digital twins to see how the physical object will perform in varying conditions.

The IoT technology can help to gather information in real-time. The technology also helps to optimize the information quickly, thus proving to be a perfect partner for developing digital twins for all applications. In areas like construction, engineering, and architecture, digital twin technology can help save cost and time.

Countries like Singapore are using digital twin technology to help city planners improve their energy efficiency.

IoT Helping to Build Digital Twins

Predictive Maintenance and IoT
Predictive maintenance is a technology that helps users assess any potential damage or problem through the various sensors that monitor the status of the devices. The sensors send data to AI-driven software that analyzes and predicts any malfunction before it occurs, thus allowing the factory management to reduce the devices’ downtime.

Sandvik, the cutting tool manufacturer, has built a predictive maintenance system that warns the engineers when tool bit maintenance is required. The engineering major ABB is another company that has started using IoT. ABB has developed a predictive maintenance solution that combines IoT, machine learning, and cloud computing to ensure that critical drives and motors keep running as planned.

Continue reading: https://www.prismetric.com/blockchain-ai-iot-technology-trends/

#artificial #artificial-intelligence #technology #blockchain #blockchain-technology #internet-of-things

Ajay Kapoor

1625465457

Blockchain in Covid: How is it Benefitting the Pharmaceutical and Logistics Companies?

Full blog: Here

It was December 2019 when the novel coronavirus pandemic hit the globe like a storm. All the nations worldwide were looking towards the pharmaceutical industry for a vaccine that will combat the virus.

To a surprise, developed nations and some developing countries like India made this possible within a year by developing their own vaccine to address the novel coronavirus. While some have vaccines developed by Pfizer and Moderna, others have Covishield, Covaxin, and Sputnik.

News of the vaccine trials brought a sigh of relief to billions of people worldwide, but many were also concerned about the safety and efficacy of the vaccine. Jason Kelley, says, “A vaccine is not effective unless and until it is not distributed and trusted by customers.”

For this, manufacturers and logistics companies delivering the vaccines heavily rely on blockchain technology to empower the vaccination distribution network to inject speed, accountability, and infuse transparency across the system. Due to this, the blockchain development companies India have come into their own.

With the blog, you will get to know the benefits of Blockchain in vaccine drive and how it effectively monitors and strengthens the system in Covid times.

#blockchain benefits in covid #blockchain in covid #blockchain-benefits-in-covid-vaccine-drive #blockchain companies in india #blockchain-benefits