This post is originally published in Data Driven Investor.
Blockchain has the potential to convert Internet of Things into Internet of Trusted Things. But some challenges need to be addressed for Blockchain IoT to work.
Today, the Internet of Things is proliferating at an unprecedented rate and is omnipresent in our daily life. From homes to cities, everything around us seems to be in a race to become “smart.” The number of connected IoT devices is expected to reach 75 billion by 2025, five times more than what it was in 2015. Such rapid growth also brings in unforeseen perils. Are the devices genuine? Can the data from them be trusted? How do I make sense from this massive amount of data? Blockchain is another emerging technology that could address several of these concerns. It has the potential to convert “Internet of Things” into “Internet of Trusted Things.” There are, however, some challenges that need to be addressed for this promising Blockchain IoT to work.