Merging of IoT and Blockchain Creating Wonders.

By amalgamating IoT and blockchain we are stepping in more advanced scenarios. With IoT and blockchain we enter into vast and infinite opportunities. The purpose behind is that IoT is not only an isolated concept, it needs to be viewed in wider perspective as it can be used in various use cases, technologies and industries. This gives a broader horizon for IoT and its merging with technological, business levels and data.

IoT and blockchain can create wonders in numerous sectors ranging from manufacturing, security, energy industry and smart buildings to name a few. Analyzing the current scenario, we witness that the scope of IoT can be extended depending on the technologies. Data Capturing, analyzing, focusing on immediate purposes, ecosystems where blockchain can be combined with IoT data perception and increasing automation in the analysis of data. The evolution in logistics industry the concentration has fluctuated from the traditional approach to making autonomous decisions.

If considering the ERP, we can say that blockchain, IoT and cognitive computing can be regarded as the three columns to set up intelligent ERP. However, security needs to be discussed, cyber security can be considered and the coming challenges needs to be dealt with. Managing smart buildings and energy management, IoT can assist in capturing energy from solar, micro grids, wind systems in widening the possibility for energy efficiency. With the growing digitization, Internet-of-things can be enabled at different stages for energy management and renewable energy can be bought and sold using blockchain.

NIST report on blockchain technology clearly highlights the merits of blockchain technology on various products in early 2018. The report clearly states the blockchain applications in electricity usage. There are numerous applications where blockchain and IoT can be utilized in the electricity industry and smart contracts can be used to record autonomous and other machine transactions.