Experts predict the ambit of IoT to cover nearly 40 billion devices in the world approximating to 30 devices per social network user. The economic impact of the internet extending into devices is equally massive, the aggregated value heading to exceed $1.9 trillion by as early as 2020. Processing volumes of data running into zettabytes, yottabytes, brontobytes, and perhaps even geopbytes will be no walk in the park unless supported by a technological foundation that is up to the task. California-based HashCash Consultants has taken this opportunity to expand its blockchain applications to IoT, merging two of the most promising innovations of the day for unprecedented results.
Advantages of blockchain applications in IoT by HashCash:
HashCash provides an embedded solution for IoT to secure devices with blockchain-based immutable identity and reputation tracking. The goal is to bring back trust and security to IoT.
Raj Chowdhury, MD of HashCash Consultants explains, “HashCash registers the identity and reputation of devices on a blockchain-based immutable ledger. We accomplish this by working with device manufacturers and other stakeholders. Consequently, an ecosystem of participants designed to maintain decentralized consensus for device identity and reputation is reached.”
Combining on-chain and off-chain resources, HashCash’s architecture can be used by developers across IoT verticals (for example, industrial IoT, healthcare, and smart cities) to help secure the vast realm of IoT devices ranging from healthcare and home automation systems to smart-city infrastructure, industrial sensors and controllers.
The blockchain solution for IoT provided by the software development company includes identity registration of devices, validation and activation of those devices, reputation registration, and token creation. Additionally, token-based Identity and reputation creation, and commercial transactions and data exchange are other services that are available at HashCash.
Why Is blockchain a game changer for IoT?
IoT is envisioned to comprise of a trillion sensors, and blockchain will help instill trust between parties and devices to promote a stronger working relationship among partners. Distributed ledger technology is coveted for its immutability and data protection. It can reduce the risk of collusion and tampering, and reduce cost by removing overhead associated with middlemen and intermediaries.
Transactions are accelerated in a multi-node environment, significantly lowering settlement time. These transactions are bestowed interoperability between validated devices, regardless of manufacturer.
Factors driving the proliferation of IoT:
The world as we know it is discovering new ways to replace manual processes with automation, and constantly manufacturing advanced devices and tech to accomplish this ideal. It only makes sense that the need to sync multiple devices to enable better-coordinated functionality would eventually arise. The following can be said to be the central driving factors behind IoT:
1) Consumers want to reap the benefits of connected computing derived from a hands-free (ubiquitous sensors on everything) world and expect all of their devices to work in synchronicity.
2) The expanding API and App economies which have enabled the formation of data-generators by simply deploying an API or App that performs a network-based service.
3) The availability of a barrage of information regarding users’ habits and preferences has found use in marketing automation. A better-connected system of devices from where relevant information can flow in is necessary for evaluating the precise predilections of consumers.
4) The increasing demand for transparency in supply chain analytics across industries.
Way forward for blockchain and IoT:
Hardware was expected to be the largest technology category last year with $239bn spent on modules and sensors. Infrastructure and security were the other two categories that had drawn a lot of focus. The movement toward automation, machine-to-machine, robotics, predictive and prescriptive analytics in machines this year as well has positioned software and connectivity as an area to look for rapid growth in. Blockchain and IoT are inevitably expected to lead this evolution.
About HashCash Consultants:
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins.
HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.