There are many technological solutions out there that are transforming the whole world allowing various industries to become more effective and efficient. But the one thing that you must have noticed in the past few years is the digital landscape along with connection and IT infrastructure has changed a lot during the last couple of years. Well, there is no denial in the fact that these changes have been happening for a very long time but in the modern era, the speed of change has increased a lot. This is one of the main reasons why modern-day technologies like IoT are going to cross the mark of $3 trillion dollars by the end of 2020.
With the introduction of IoT, there have been a lot of changes in many industries and with the better connection of devices and a centralized system for data, different types of industries have witnessed many changes in the way they used to work. Some of the industries that have been affected the most because of the influx of IoT are manufacturing accounting and healthcare. You should know that IoT has been acting as a revolutionary technological solution for a very long time and it will continue its dominance in the future as well.
But one of the biggest issues related to the IoT ecosystem is related to security. In the modern era, security issues are increasing at a very fast pace and it is becoming a big concern for the IoT ecosystem as well. Since IoT exposes a long list of devices, data, and suppliers to different types of security vulnerabilities, it becomes important to incorporate it with some other technology in order to make it secure and what can be better than blockchain.
You should know that, in the future, both blockchain and IoT are going to be best friends and their future is bright as well. Blockchain is going to act as a panacea for the modern-day IoT ecosystem and it is going to deal with all the different types of flaws that the current IoT ecosystem has. So, through this blog post, we are going to look at how blockchain will help in making the IoT ecosystem better and more secure.
Decentralize the system
If you don’t know anything about the IoT ecosystem then the first thing that you should know about it is it uses a centralized server for connecting all the devices and data. And if you are thinking that this type of centralized system is going to be fruitful in the future then you are completely wrong. You might be thinking that with a centralized system, it will become easy for everyone to access data and work together but that is not the case. With time, internet usage is increasing and this increase will completely become problematic for a centralized system but this issue can be solved with the help of blockchain.
Blockchain uses a decentralized system and the data, instead of being present on a single server is present on every node and this is why the problem of centralization is completely solved with ease.
Enhance the effectiveness of IoT devices
There is no denial in the fact that IoT devices are very smart and they are the reason why we are able to think of a better smart home where all the devices are connected with each other and they perform very well. But there was a collaboration done between Samsung and IBM and during this collaboration, smart washing machines were used. These smart washing machines were able to track the use of detergent, make bitcoin purchase, and even do transactions. So, you can see how blockchain is going to make the already connected IoT devices smarter.
There are many companies out there that have already started incorporating blockchain technology in IoT in order to make them smarter and soon, in the future, we will see a much smarter version of the IoT ecosystem that will be able to do things that you have never imagined.
Make IoT secure
One of the biggest security risks related to IoT is its deployment. You should know that the deployment of the IoT ecosystem is very complicated and this is what increases the security risk. Well, we said that blockchain will act as a panacea for the IoT ecosystem and it will surely do by helping the IoT ecosystem in this case as well. The distributed ledger system of blockchain will help users get rid of the security issues arising because of the complexity related to the implementation of the IoT ecosystem.
As you can see, blockchain is going to help IoT in various different ways just like NOC services have helped businesses to offload their IT infrastructure hassle. In the future, we will witness a rise in the use of both blockchain and IoT together as they both will provide better technological solutions.
Can IoT impact cloud accounting businesses?
Yes, like all other industries, The IoT (Internet of Things) is about to transform the accounting business and cloud such as QuickBooks cloud accounting services as well. It will help accountants to make better decisions, streamline the business, minimize the auditing efforts, and will help manage the workflow effectively.