Blockchain is considered to be a game-changing technology, which can potentially disrupt existing business models by making intermediary services obsolete and inspire the creation of new and cost-effective business models. However, this technology can not resolve all issues and its value can only be fully realized by combining it with other mature or emerging technologies, such as big data platforms, cloud computing, data science/AI, and Internet of Things or IoT. Here is an excellent article for learning about blockchain history and evolution and how blockchain technology works.
In this article, we briefly review the use of blockchain technology in conjunction with Internet of Things.
IoT is a network of many different types of things, such as physical devices, vehicles, home appliances, and sensors. These things are connected and can collect and share data. When combining blockchain technology and IoT, we can potentially implement many meaningful applications. They can have a lot of benefits such as providing convenience in people's lives, saving lives, and reducing the cost of conducting business. The following are a few possible use cases:
A smart contract can be automatically called to place an order for additional laundry detergent when an embedded sensor detects the level of detergent is down the preset level.
A health wristband or embedded sensor in clothing may detect vital statistics on a person pointing to the likelihood of a potential heart attack. It then automatically triggers a smart contract to send an order to a pharmacy store and an SMS or email alert to the person. When implemented well, this kind of application can save many lives.
A built-in sensor in a refrigerator can detect the quantity of vegetables or meat and trigger a smart contract to order additional vegetables/meat from a local farmer and a meat supplier without the involvement of a grocery store. This will avoid costs added to grocery products by stores and lead to savings for consumers.
When a hotel guest is ready to check out, the guest can simply drop a room key (or smart key) at a designated place. A sensor triggers a checkout smart contract. When triggered, the smart contract will access the data being collected via other sensors in the room, such as information on consumption of snacks/drinks at a mini-bar or possible damage to room facilities. Based on the collected data, the smart contract will calculate a final amount and complete the guest's checkout by invoking and completing a payment transaction. With such a solution, a guest does not need to visit the hotel reception desk and this saves the guest time. It also helps the hotel reduce operating costs since the hotel does not need to hire an employee to man the reception
As Smart Cities, 5G network and IoT services expand, the list of blockchain use cases in our daily life increases. Indeed, as discussed, they are many ways in which integration of blockchain technology with IoT will result in improvements in our daily life. Here is an article for in depth analysis of blockchain technology use cases in many industries.
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