How Blockchain Helps In Securing Internet Of Things?
A report by Fortune Business Insights indicates that the global market of IoT is forecasted to reach $ 1.11 trillion by 2026 at 24.7% compound annual growth rate (CAGR). IoT is getting a boom in the software industry and a lot of applications are introducing day by day that is helpful in our everyday life. Internet of Things (IoT) is providing competitive advantage for businesses in current and new markets as a wide variety of advanced technologies are enabling the accomplishment of desired tasks. IoT has changed things and revolutionizing the tech industry by introducing advanced systems. Protecting data and privacy is equally important and is a big concern for companies that can be achieved using Blockchain technology. It is a great achievement for securing IoT devices.Managing information at all levels is complex because data will flow across many boundaries but Blockchain technology advancement has played its role in managing this problem effectively. Various technological components truly make the IoT ecosystem and it is good to consider the internet of things as a system of systems. The architecting of these systems provide business value to organizations that include applications, protocols, and analytics capabilities that make up a fully functioning IoT system. The complexity for ensuring security in the IoT industry has become possible using Blockchain technological advancement.