EMURGO: Blockchain Use Case - The Internet of Things (IoT)

A Brief History of IoT

As our world continues to become increasingly interconnected with the advent of new technologies, we must also be able to adapt to new lifestyle changes. With blockchain gaining momentum as a pioneering technology for industries & societies, we can take a look at its potential application into certain emerging areas that show great future potential.

The Internet of Things (IoT) is a growing phenomenon where people become integrated into a web of interrelated computing devices. These separate components are able to seamlessly transfer data over a network without requiring human-to-human or human-to-computer manual interaction. This creates an environment where electronic machines transfer data into the cloud over the Internet. The concept of a network of smart devices was discussed as early as 1982, with a modified vending machine at Carnegie Mellon University becoming the first Internet-connected appliance, able to report its inventory and whether newly loaded drinks were cold or not. Nowadays, it has advanced much further, with entire households being composed of interrelated networks to help manage systems, temperature, security, and more. These smart devices help people to control areas with more freedom and knowledge than before.

Simply, it’s a gradual extension of the digital Internet into the products and environments that we experience in our daily lives. Current applications include RFID tags for supply chain management, smart appliances like smart thermostats and refrigerators, smart energy meters, and wearable devices, among others.

With broadband Internet expanding into more markets, costs of online connection decreasing, and an overall increased supply of products with WiFi capability and sensors, it lays the perfect groundwork for the IoT (Internet of Things) to grow over time.

How does blockchain play a role?

Blockchain and IoT have both been rapidly accelerating in development under the eyes of many companies across several industries. There are a variety of benefits that blockchain can offer that show synergies with IoT. The immutable ledger system of blockchain is able to cohesively track inter-device communication and can help users manage the web of devices that they have under their control.

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