Internet of Things (IoT) is the latest technology doing the rounds of the IT market like a hotcake. There is an immense potential for fast growth in our hyper-connected world and prognosticators have finally woken up to its potential. IoT, which involves adding smart sensors to connected devices so that users can do things like asking Amazon’s Alexa digital assistant to turn off the lights or order a pizza is a disruptive innovation that relies on existing infrastructure for mobile devices that puts most companies just a few clicks from billions of consumers.
What makes IoT devices even more useful is blockchain, one of the underlying technologies for the hot cryptocurrency bitcoin. It vastly reduces the risk of hacking by creating a digital record across hundreds or thousands of computers. Combining these two technologies gives birth to BIoT and ushers in a whole host of new services and businesses. Its implementations include tracking shipments of pharmaceuticals and creating smart cities in which connected heating systems better controls energy use and connected traffic lights better manage the rush hour.
Companies are now using Application Programming Interfaces, or software used to connect different databases and computer services and trying to combine them with BIoT so that it becomes as easy to get data from sensors in a warehouse as accessing websites on our mobile phones. Everyone involved in the distribution chain can benefit from it as manufacturers, retailers, regulators, and transportation companies will have real-time data from sensors embedded in products, trucks and ships. This will give them an insight that they were previously unable to get. BIoT also empowers companies and consumers with an assurance that their most valuable data on the blockchain cannot be hacked