Many believe that a complete IoT platform is a thing of the future. But in reality, the future has already started as we are living in an age where IoT is present in a limited scope. The biggest challenge with large-scale implementation of IoT sensors comes in its management.
The Shortage of IoT Data: A Real Possibility
Although IoT development is still in an early stage, it has already put a lot of pressure on vendors communicating these services. With many predicting the future use of IoT data to range in zettabytes, a new model needs to be developed for the rightful implementation of IoT. The industry experts expect IoT tech can reap great rewards via the implementation of cutting-edge analytics and blockchain.
Future IoT Implementations with Blockchain
A very strong belief about IoT is that it can benefit the most from Blockchain implementation. Although Blockchain has only being used with cryptocurrency, it fits the IoT use case perfectly.
Many believe that IoT devices will start sharing data resources amongst themselves and transact based on a virtual currency. This is where Blockchain will come into the picture.
It will serve as an autonomous digital ledger that will manage the various IoT transactions taking place. At the same time, it will prevent the wastage of IoT data connectivity. For example, if an information that a device needs is already present in a neighboring device, then it can communicate with that device and get the information instead of going online and wasting precious IoT data.