With connected devices outnumbering humans, and the technology behind these devices continually improving, have you thought about how future technology ecosystems will evolve?
Currently, cars tell you if there is an engine problem, but it doesn’t notify a mechanic until at the shop; the car’s manufacturer will likely never know. Wouldn’t it be nice if we were notified of an issue, and that there was a solution ready within moments of it occurring? While this level of connectivity would be an obvious leap in consumer support, simply opening up these communication channels has created safety and security risks. That said, the widespread adoption of blockchain technology could change this.
The Internet of Things
We all know what the Internet is, but how is the Internet of Things (IoT) different?
‘Things’ are objects that have added software and sensors integrated within the product, or the systems of the product. These objects create and collect data and autonomously contribute it to central hubs, other devices, or other ‘things.’ Moreover, each object is uniquely identifiable within the larger network. When combined with the existing Internet infrastructure we are able to “sense,” remotely control, observe, and analyze these at-large objects.
It is this network of unique, connected items that has huge implications for the future. Through integration and analysis, the massive amount of data that would be produced by the full IoT network will allow new and existing industries to better integrate their products and services with our societal and economic needs.
(To Learn More About the IoT, Click Here)
(To Learn More About Blockchain, Click Here)
The Digital “Ecosystem” of the Future
The IoT will enable the continued expansion of smart devices and as the integration of connected ‘things’ and their systems becomes more widespread, the way we go about and conduct our lives will be greatly streamlined.
For example, our car’s brakes would talk to the engine, which could also talk to the car’s computer. These elements of our car would communicate and adjust their performance based on one another. When scaled across the entire automotive industry, the utility of this coordination grows.
Future versions of the IoT would have the capabilities to monitor the connected ‘things’ and devices and create the ability for these ‘things’ to react to real-time events taking place across the network. This “ecosystem” could rapidly adapt to our individual and collective needs with little to no input.
Via the IoT, your car’s components could talk to the manufacturer, connect with other cars, and collaborate with other systems on the same network. This could drastically improve the identification of mechanical issues and notify manufactures, owners, and repair shops with minimal latency. Another feature would be your car automatically adjusting its performance to weather conditions or traffic patterns that are being observed by other systems along the same stretch of road. Inputs, outputs, and processes would all simultaneously update each other making everything and everyone more efficient.
This world that the IoT will create isn’t ready just yet. But blockchain could make it happen.
The Intersection Of The IoT And Blockchain
To even entertain the idea of trillions of devices and products communicating with each other continuously, systems that can handle that level of data and computational power are needed. Even the largest modern supercomputers could become overwhelmed if the level of adoption is large enough.
From there, the system itself needs to have appropriate safeguards to prevent malicious threats and errors. No one wants data altered or misused for bad intentions. But, while the interactions, transactions, and human interests need to be safeguarded it can’t be done in a way that hinders permissibility, and thus the functionality, of the IoT. In other words, the system needs to be flexible enough to continually allow new industries and systems and letting them interact without the fear of misuse or fraud. This is where blockchain technology stands to help the IoT. By operating in a blockchain platform, the IoT can maintain a secured, decentralized network that is permissible, fully auditable, fast, and trustworthy.
The IoT with a blockchain platform would create decentralized data storage units that prevent single-point failure and assure the validity of data. Appropriate entities can easily be given permissions to participate within the system and can deal directly with other nodes without 3rd party interactions. Moreover, nodes could be encrypted so that even if someone has malicious intentions they won’t know which owner the data belongs to, and the nodes responsible for any attempts would be readily apparent to the entire network.
The gaps and security issues of current blockchain platforms are continually shrinking and are under constant development. Globally, startups, companies, governments, and public institutions are spending billions of dollars to address blockchain platforms and are pushing forward. With this in mind, it is only a matter of ‘when’ these organizations will be successful and so far early outcomes of IoT/blockchain projects have shown promising results.
How Should Your Organization Prepare?
At Comrise, we are committed to being the market leader in blockchain and IoT staffing solutions. Our talented recruiters have helped us build a robust and ever-expanding database of top talent. With office locations in the U.S., China, Hong Kong, and the Philippines our global staffing network and proprietary tools grant us the ability to connect your organization with the highest quality talent.