What are the specific applications of blockchain technology on the Internet of Things?

Blockchain skills make the Internet of Things work more efficiently

When blockchain is applied to the Internet of Things, blockchain technology can be applied to track past history, and can also coordinate data exchange and actual transactions between devices and devices, devices and people, and give other IoT devices independent identities. . Many IoT devices, such as smart home appliances, do not need to interact with cloud servers in real time to build a cloud computing server task to support a certain home appliance. There is no great value, especially for those devices that will exist in the home for a decade or more. Because the blockchain network processes and stores data and provides device-level control and management for the IoT devices in the system, it will greatly reduce the cost of using the Internet of Things and significantly increase the efficiency of the Internet of Things system.

Blockchain technology can ensure data security and user privacy of the Internet of Things can be protected

The issue of data security and privacy protection for the Internet of Things has drawn increasing attention. Because there are many possible leaks in the storage, processing, and transmission links of the IoT data stored in the centralized service, the data leakage incidents of well-known companies and government agencies are endless, and users cannot truly trust the promises of operating service providers. In fact, the government security department can revise the data content stored on the central server in an unauthorized way, and it is very likely that the operational business will sell the user’s privacy data to the advertising company for big data analysis for commercial interests. In order to achieve personalized recommendations for user behavior and preferences, these behaviors cannot be prevented.

Blockchain technology provides open, transparent, traceable, and irrevocable data protection measures for the Internet of Things. It also ensures the safety and convenience of Internet of Things data usage through a unique encryption and sharing mechanism.

Blockchain Technology Builds a New Business Model in the Internet of Things

Blockchain technology can ensure the authenticity of the internal authorization of the IoT system, thus giving intelligent IoT devices the identity of the participants in the business transaction. In this way, the Internet of Things (IoT) device that obtains transaction identities across the entire blockchain network joins humans and participates in blockchain network transactions.

For example, refrigerators controlled by smart contracts can be purchased directly from suppliers when food is not enough, and stoves can automatically purchase gas indicators from gas companies, all of which require not only capacity to pay but also identity authentication.

The encrypted data obtained by different owners' IoT devices on the blockchain network can be settled and traded directly in the whole network of the blockchain without the need of reprocessing and transaction integration of data centers, and decentralized settlement. Transactions are not only very efficient but also greatly save data center storage and processing resources.

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