Quo vadis IOT and Blockchain
IoT and Blockchain are a strong combination, but the implementation is still missing. Companies in particular are still waiting for (easily) applicable solutions from the Blockchain for the Internet of Things (IoT).
According to the network service provider Cisco, 50 billion devices will be online by the end of 2020. That’s an enormous amount. What could be more meaningful than to securely record a constant stream of data via sensors, lasers and microcomputers? Many of these devices are smaller than the fingertip and weigh only a few grams. These devices are programmed for very different applications: Some are full-fledged computers, others can only send or receive and process data or detect movements or monitor motors. An important point is the storage of metadata. Through the secure and reliable processing of this data via the blockchain, new insights can be gained.
The condition of machines and products can thus be recorded automatically and reliably. Best of all, the data could also be easily shared with external developers, business partners and engineers. The data is securely stored on the blockchain and cannot be modified. Counterfeiting, falsified statistics and fraud are a thing of the past. Nevertheless, success stories between IoT and the blockchain are still rare.
Advantages of the blockchain for companies
Therefore, edeXa now offers a business blockchain that is easy to integrate into the company. But why is it that still very few companies recognize and use the advantages of the blockchain for themselves. Current applications are often inadequate in terms of scalability and integration. The technology is still young and certainly still in a kind of continuous development. In the short to medium term, however, Distributed Ledger technology will be able to overcome many of the existing problems of outdated systems.
Just take a look at the hacker attacks on corporate databases in recent years. The number of cyber attacks is increasing every year and is hitting more and more personal and sensitive data. But many companies do not manage to protect this data sufficiently. However, the ability to use, store and protect this data properly is an insurmountable challenge and has proven to be an extremely risky strategy. Processing this data through the blockchain would greatly increase security and make attacks extremely difficult.
The reluctance to embrace innovations being one of the main obstacles for the success of the DLT technology. Cultural and organizational issues within the enterprise are always one of the biggest challenges. This is more and more surprising when you consider that SMEs in particular are facing a major upheaval and need to open up to innovative solutions. This means of course if they want to remain successful in the market.
The blockchain and the business blockchain of edeXa develop their full potential if they are used by the broadest possible interest groups. A network always needs a critical mass of participants so that all users benefit from an exchange and service within the network. At edeXa, for example, we offer companies a wide range of services and apps on the blockchain.
In addition, external developers can offer their services on the entire edeXa network. This makes it clear that all participants benefit from a large a network. We are pleased that edeXa already has many potential network partners through its parent company and can offer its products to a large customer base.
In times of maximum globalization, the letter of credit is regularly used by companies to carry out international purchases and sales.
There are countless applications for the blockchain — our next use case is about the support of notaries and lawyers.