IDG Contributor Network: Why blockchain is the missing link to IoT transformations
Mention blockchain in the watercooler chat, and odds are that it evokes notions of cryptocurrencies, like Bitcoin, and covert financial transactions. But in the enterprise world, blockchain is much more than an ultra-secure, digital financial ledger or another “over-hyped” new technology.When combined with the Internet of Things (IoT), blockchain drives new value propositions and new business models, while addressing transparency, complexity and even some security challenges surrounding data transactions. In many ways, blockchain is the “missing link” that enables IoT deployments to achieve their full potentialBlockchain 101 Before diving into this subject in more detail, let’s begin with the definitions. In a basic sense, blockchain is a decentralized ledger that allows multiple parties to records transactions between them efficiently, securely and permanently. Once recorded, it is impossible to manipulate information within the blockchain. Thus, blockchain becomes a single source of truth for the transactions without a need for a third-party validation and verification. Easy enough, right?To read this article in full, please click here