Blockchain and IoT- Technologies that Keep Our Personal Data Secure
App Development 363

Blockchain and IoT- Technologies that Keep Our Personal Data Secure

Blockchain and IoT- Technologies that Keep Our Personal Data Secure

20.6 billion connected devices are expected to revolve around us by the year 2020. A complex network of devices, software, and applications is growing rapidly, which is responsible for the rise of IoT app development.
In the coming years, the IoT technology will become more prevalent as many entrepreneurs will embrace it to bring automation and increase productivity.
Blockchain has also emerged as a futuristic technology in recent years. This gamechanger technology comes to light after cryptocurrencies like Bitcoin and Etherenum have recorded a steep hike.
Decentralization and immutability are key characteristics that make the blockchain technology special and superior to other technologies. The BFSI sector can remain the biggest beneficiaries of Blockchain technology in the future.
What is the point in combining Blockchain and IoT? The answer lies in growing incidents of a data breach and increasing vulnerability to cyber attacks. IoT deals with the user’s data and therefore, remains more vulnerable to hacking attempts.
Our important data is stored on centralized servers of technology giants like Amazon, Google, Apple, and Microsoft, and hackers know the exact route to breach. This is the reason behind the rise of Blockchain technology.
Blockchain can help prevent data duplication and provide additional security to the critical data. Think of Bitcoins and other cryptocurrencies. The Blockchain manages cryptocurrencies across hundreds of thousands of servers of the Bitcoin ledger and prevents any cyber attacks.
For example, if hackers plan to attack, they have to alter the 51% of all the servers at once, which is almost impossible. What’s more, the cost of such an attack outweighs the possible gains from it.
Blockchain mobile app development and IoT development together provide advanced solutions for modern business. As a result, people’s confidence in the IoT technology can enhance significantly.
Blockchain technology has set new milestones for the trust since its launch. Its distributed data feature prevents any possibility of a data breach. Furthermore, device authentication and identification also become easier thanks to Blockchain technology.

Role of blockchain technology in different departments of business

One of the biggest advantages of a blockchain mobile app development is it can provide security to every department of an enterprise. Here is a major role it played in various business segments.
Inventory management– Blockchain technology offers traceability in a cost-effective way. Whether you want to track the movement of goods at the warehouse or find the number of particular products, this technology can simplify the process and play a vital role in supply chain management.
Accounting- This is the most important department in the company’s perspective. It is also the most vulnerable department because it has confidential and personal information of the company management and employees. Also, records of transactions are equally crucial and need attention to prevent from going into the wrong hands.
Blockchain enables the companies to record transactions while eliminating human error and protect critical corporate data from any tampering attempt. The blockchain-based record is almost impossible to leak and at the same time, the blockchain technology also facilitates auditors with a traceable audit trail. It increases the accuracy and efficiency of the accounting process.
Smart Contacts- Contractual transactions are time-consuming and responsible for chocking the growth of enterprises. Smart contacts can automatically validate, sign, and enforce the agreement thanks to Blockchain technology. It enables companies to get rid of mediators and make the process less time-consuming.
Some advanced blockchain solutions like CREDITS offer autonomous smart contracts along with its cryptocurrency. In a way, blockchain provides a single platform for businesses to integrate services without disclosing any additional information to any third party.
Global Transactions- MNCs that have diverse operations globally can get an advantage of Blockchain technology for ensuring quick, fast, and cost-effective transfer of funds across the world.
Even startups can leverage the benefits of blockchain in managing global transactions without spending more bucks.

Importance of IoT App Development in Industries

IoT app development can bring automation in the processes and open the doors of new opportunities in business by enhancing the overall quality of services. Here are the major benefits of customized IoT apps.
  1. IoT app development services aim at enhancing business modules and services by improving the functionality of existing IoT network at your workplace
  2. Customized IoT apps can improve asset utilization by enhancing the monitoring and control of sensors and other equipment on the move
  3. IoT apps can also connect with video cameras and sensors to monitor your company’s equipment. It helps you avoid any physical dangers and get a real-time notification for periodic update and maintenance
  4. You can increase the productivity of your business by increasing the efficiency of your employees. It is also possible to arrange training sessions to remove skill mismatch
  5. Altogether, your enterprise can get a competitive edge over peers by improved modules and better asset utilization
If your enterprise has an IoT network, it is fair to mention that IoT apps can provide you a higher ROI in a short time. Such apps can also save overall business costs and overheads. Transport, manufacturing, agriculture, and other industry sectors can leverage the benefits of IoT apps. However, IoT apps remain vulnerable to data leak and hacking because it deals with the sensitive information of users all the time. The blockchain concept can help your organization to eliminate this risk of IoT apps.
It is fair to mention that IoT and Blockchain technologies can make your enterprise app more secure, scalable, and reliable than traditional business mobile apps. Such apps can help you keep your employees as well as customers’ data safe. All you need to find a reputed technology partner who has good experience in developing apps with this excellent combination.
Parting Shot
The integration of blockchain and IoT technologies not only simplifies the complex business operations but also secure the user’s data efficiently. As the security concerns for personal data increase over the period, advancements in both these technologies will lend a helping hand. Blockchain can be considered as a solution for security issues of IoT technology. We can expect that sectors like BFSI, retail, eCommerce, and manufacturing will remain the biggest beneficiaries of this combination.

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App Development 363
@S_Analysts @solutionanalysts @solution-analysts-pvt-ltd

Jamie Joyner is a content cum digital marketer at Solution Analysts, a leading ’Android app development company. She is an avid reader and likes to remain updated for technological advancements in the domains of web, mobility, IoT, and emerging technologies. Her articles are informative and interesting at the same time as he expresses insightful thoughts clearly.