Blockchain

The Internet of Things (IoT) is a link of devices with unique identification numbering that can communicate with each other such as home appliances, vehicles, medical devices, and wearables among others. These devices are also known as smart interfaces or smart things that can communicate electronically with other interfaces across a network. 

 

Blockchain technology enables the transfer of data to occur in real-time without any restriction hence speeding up the communication between these interfaces. This helps streamline business processes/operations since data can be accessed from anywhere at any time.

 

What Is Blockchain?
 

Blockchain is a distributed digital ledger that uses cryptography to track transactions across many computers so that any record of information change can be publicly shared. It was first launched in 2009 with bitcoin and has since been used for numerous other applications beyond just cryptocurrency.

 

This revolutionary technology allows for instant transfers, security against hacking, near-instantaneous payments (faster than traditional banking methods), transaction transparency, and reduced friction from third-party involvement.

 

Blockchain technology has the ability to redefine the way industries operate, as well as how assets are valued and exchanged. This has opened new doors for human activity that were before unavailable. Blockchain technology is a revolutionary advancement in electronic peer-to-peer transactions enabled by the distributed ledger. Bitcoin and other cryptocurrencies based on blockchain technology have become an engine of economic growth, enabling greener transaction processes. Blockchain technology has the potential to transform many businesses, to serve new and existing markets, by cutting transaction costs and creating new capabilities for vertical and horizontal system integration.