- 27 September 2021
- Posted by: btcbros12
- Categories: AI, Articles, Blockchain, Cryptocurrency, dApps, Future Finance, Gadgets, Innovation, IoT, Machine Learning, Technology
Blockchain began in 2009 with the invention of Bitcoin and has progressed a long way since then. Today blockchain is penetrating almost every major industry in the back-end. Industries such as health care, mortgage, fashion, supply chain, etc., have already started implementing blockchain to optimize their workflows, make systems more secure, independent, and so on.
However, in the last few years, we’re also seeing blockchain becoming an integral part of the hardware itself. Some examples are Automated Tellers, smartphones, point of sales terminals, crypto hardware wallets, etc.
Two main aspects of the blockchain that come into play here are decentralization and security. Decentralization has optimized processes by a significant margin, while the security blockchain provides is relatively higher than traditional systems, even if they have certain drawbacks. Hence devices are now being integrated with blockchain technology to improve the current system in any industry.
A few instances of blockchain-enabled decentralized devices are as follows:
Samsung Blockchain-Enabled Smartphone
In 2019, Samsung announced that its Galaxy phone would support cryptocurrencies and crypto users by integrating blockchain technology with the S10 device. This will allow users to connect their Samsung blockchain wallet to major crypto hardware wallets such as Ledger Nano S and X.
Furthermore, users can also import their crypto assets from their cold wallets to Galaxy wallet for easier access. The phone will support cryptocurrencies such as Bitcoin, Ethereum, and other prominent coins in the crypto world.
The phone users will also get regular news about the crypto world via articles from CoinDesk and many more sources.
Owners of newer Samsung devices can find new Blockchain apps on a special site that Samsung has set up to discover the applications, for their blockchain-enabled devices.
This is a significant step forward for crypto enthusiasts, and traders since one of the biggest mobile companies in the world are extending support to an industry which many are still apprehensive of. This gives the crypto world enormous brownie points when it comes to the questions such as ‘Is crypto even real?’ ‘Are cryptocurrencies sustainable?’ and so on.
Linux Tool That Supports Blockchain Business Networks Development
In 2017 Linux announced that they are building a project that will support smart contracts or blockchain business networks for any industry. This project would come under the Hyperledger Open Consortium.
Hyperledger today enables businesses by providing the necessary guidelines, frameworks, tools, libraries, and more for enterprises to deploy their own blockchain networks and projects.
Linux as an operating system is known to have similar ideologies as blockchain. Those are independence, security, decentralization, autonomy, etc.
Thus this collaboration came in at just the right time and is now a fully grown venture that Linux sustains and grows.
These two instances highlight how the beginning of a shift from traditional methods towards more efficient ones and blockchain is that enabler or catalyst.
But this is not all. The next generation of systems is going to be an exciting intersection between blockchain and IoT. You’ve read that right.
Blockchain-Enabled IoT Devices
Internet of Things as we know is the future when it comes to building well-connected ecosystems in any sort of industry. We’ve seen IoT penetrate the health industry, supply chain, and it has even found its way into all our homes. Blockchain seems to tread a similar path, and now the two are going to come together.
According to experts supply chain is perhaps going to be the biggest market in the for blockchain IoT devices in the near future. For the supply chain, IoT was used to track the goods, know where they are, when they will be delivered, and numerous other details.
When coupled with IoT, Blockchain will automate the process of inventory control with the help of smart contracts. Furthermore, it will also serve as the one true source where all the details are verified. Besides these, security will be a significant value that blockchain will be adding to the existing system.
Maintenance Data Across Industries
Maintaining data is a common aspect of various industries. For instance, data translates to patients’ records and information. On the other hand, when it comes to elevators and automobile engines, data can be the performance, possible glitches in the system, etc.
Blockchain can be a great addition here since it will enable teams and companies to record these details (possible sensitive and confidential) in a tamper-free ledger.
Furthermore, it will also provide a network where different touchpoints such as service centres for vehicles, the consumer, and any other third-party entities can monitor the network if there’s an issue and respond with possible solutions and measures already in place.
Blockchain-Based Smart Homes
Smart Homes are essentially mini private ecosystems in themselves where various devices in the house are connected to IoT devices and perform a range of functions in a household. However, the issue is that it gives cybercriminals and hackers more surface to access our personal data, tamper with it or perhaps even do something worse.
Blockchain’s decentralization policy can come in handy over here. Since data exchange and transmission will happen in a decentralized manner, the security will automatically amp up. People can be less worried about their data being accessed, stolen, and tampered with.
These are merely three examples, but it looks like blockchain is being adopted by various industries slowly and steadily. This is due to its undeniable advantages of decentralization and security. There are other industries besides the above where blockchain-enabled devices will play a massive role in improving processes. Some examples are automobile, retail, telecommunication, finance and settlement systems, etc.
We don’t know how far the revolution of cryptocurrencies is going to take us. It has always been a topic of debate. But one thing we do know for sure is that its underlying blockchain technology has some significant advantages that hold the potential to disrupt conventional systems.