Blockchain-Based Internet of Things …

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6.12

The Ecosystem

The other difficulty is that it needs a decentralized blockchain ecosystem that supports

distributed products and services. That involves decentralized cloud storage, decen-

tralized archiving, decentralized networking, and decentralized domain name servers

(currently being built by businesses such as Ethereum and the InterPlanetary File

System). Most of these technologies have not been fully developed yet, resulting

in major risks for anyone who wants to work with Blockchain and develop fully

decentralized and independent organizations.

6.13

The Vested Interest of Incumbent Parties

Current rules are by far the most significant impediment to blockchain innovation,

since they “protect incumbents and their vested interests in disruptors”.‘ Digitization

(of information) occurs within a so-called “heavy regulatory zone. Given govern-

ments” long-established jurisdiction to protect consumer and property rights, this is

not unusual.

Blockchain presents new problems for regulators aiming to safeguard customers

and markets, but the rigidity with which authorities in the world’s leading countries

have addressed Blockchain has helped to hinder innovation and progress.

7

Summary

Via the use of sensors and other edge devices and infrastructure, IoT is changing the

way businesses work. That is a big challenge for companies that need to secure data

at all levels of the IoT ecosystem. Data security has become increasingly complex,

with the number of connected devices rising multifold every year. In an IoT scheme,

Blockchain helps combat security breaches.

There is no question that the IoT and blockchain technology will have a significant

impact in the automated futuristic world. While IoT use is rapidly growing, it is rife

with scalability, stability, privacy, and honesty. While Blockchain was originally

built to manage cryptocurrencies, to enhance it, its decentralized existence, higher

protection, honesty, and privacy have led to the integration with IoT.

Beyond its initial implementation areas, the properties of its protection, privacy,

traceability, inherent data provenance, and timestamping have seen its adoption. The

Blockchain itself and its variations are now used, whether human-to-human commu-

nication or machine-to-machine, to protect any kind of transaction. In particular, with

the global advent of the Internet of Things, its adoption seems to be stable. In terms

of ensuring data redundancy and survivability, its decentralized deployment across

the already developed global Internet is also very attractive.