IoT is all around us already
The Internet is the biggest man-made physical network in the world. Millions of servers around the globe run constantly to keep it alive, a massive decentralised economy of data.
Now imagine if your car was a part of it. And your fridge. And your TV. Even your house.
The Internet of Things promises to make the Internet a far larger, far more diverse network than it’s ever been in its history. It brings with it a promise of unparalleled connectivity between devices, allowing for a user experience that’s seamless whether you’re stepping into your kitchen to make breakfast or in a meeting at the office.
And the best part? The technology already exists. And Cardus builds applications using IoT.
The magic of IoT in Blockchain
Blockchain uses some of the most sophisticated encryption standards in the world to secure the information stored in its networks. Devices sharing data over blockchain would have a second layer of security protecting them from attackers.
Even the Internet uses centralized cloud servers to run. If they fail, the network shuts down. Blockchain’s distributed infrastructure, on the other hand, consists entirely of the devices that are part of its network, so the failure of one device doesn’t lead to a system crash.
Blockchain uses a distributed ledger technology that keeps a permanent, immutable record of all the interactions that occur between devices in the network. This record of transactions between machines is maintained by the machines themselves.
In traditional networks running on servers, more devices mean more traffic, which means slower data transfer. But in blockchain, the data is distributed between every device in the network. No matter how populated the network gets, data can be duplicated across the network, significantly reducing transfer times.
Details of transactions between devices are recorded and stored by the devices themselves, and only they have write-access to these records. This removes the need for human oversight and the risk of a human being able to overwrite the records with inaccurate data.
Smart contracts are agreements automatically executed when certain conditions are met. Blockchain allows us to automate the process of verifying, enforcing and executing such agreements, making interactions between human and machine as frictionless as possible.