Both Blockchain and IoT are popular buzzwords in the industry, it’s just that one predates the other. It’s easy to market solutions with these words attached, but how easy is it to actually create these solutions? That is a good question.
The answer is – it’s difficult.
This is why we have dedicated our newest white paper to answering all the important questions, giving you real insight into Blockchain technology and how it can be used in the field of IoT.
The white paper opens up by giving a thorough explanation of what Blockchain is. But, instead of going into complicated technical definitions, the white paper goes over all the Blockchain features one by one.
This way, you get a real understanding of how this technology works, and why everyone is so interested in it.
When is Blockchain useful?
Once you’ve learned what Blockchain is, it’s clear that the real value of this technology is the trust environment it creates. If trust is not needed, all the other features can be implemented in an easier and less expensive way by using traditional techniques.
Blockchains adapt perfectly to very specific use cases where there are actors with different goals, where each actor does not trust the others, but where, if they are made to work together, they can gain advantages they wouldn’t otherwise have.
The most talked-about use case for this purpose is finance. This is where a blockchain allows users to maintain the uncensorable ownership of their funds. The user is able to access lending, borrowing, and other financial services which are managed by smart contracts instead of banks and brokers, who sometimes have proven themselves as less than trustworthy.
If you want to learn more about this topic, and the use of Blockchain in IoT:
Giacomo is the Zerynth's CTO. He is a software architect and critical care doctor happily mixing both worlds – he has a master’s degree in both Computer Science and Medicine at the University of Pisa. Giacomo is co-inventor of several patents in the IoT field.