The concept of the Internet of Things is rapidly increasing and becoming more and more important for professionals to understand. Many people are unaware of the fact what exactly is IoT (Internet of Things), what is IoT platform, how it can be used to improve business strategies. So exactly whatis it internet of things?

The Internet of Things is an ecosystem of connected hardware devices that can be easily accessed over the Internet. The ‘thing’ in IoT could be an individual wearing a smartwatch or a machine with embedded sensors – that is, interconnected computing devices that have the ability to collect and move data through a network without manual intervention or assistance. The technology embedded in devices helps them interact with internal states or the external environment, which in turn affects the decisions that are made. let’s take a look at How does IoT work?

An Internet of Things system integrates four components: sensors/devices, connectivity, data processing, a user interface.

• Sensors: Collect external data from devices and forward the data to the cloud.
• connectivity: All the devices must be connected to the cloud by using various methods like Wi-Fi, Bluetooth, Internet, Ethernet, etc. The selection of the connection method depends on the specific applications.
• Data processing: After receiving the data from the specific devices in the cloud, the software processes the data and takes action to automatically send alerts and adjust the devices without the need of the user.
• User interface: The alert sent by the device will help users to take a look at the system and make any adjustments. The information is sent to the cloud and back to the device.

The IoT platform enables cloud-based applications and services:

An IoT platform is a multifaceted technology that facilitates the seamless delivery, execution, and automation of linked devices within the Internet of Things universe. It specifically connects your hardware, however different, to the cloud by using flexible connectivity options, enterprise-grade security methodologies, and vast data processing powers. The IoT platform can also be referred to as middleware that connects remote devices to user applications and handles all the interaction between the hardware and application layers. The IoT platform recognizes its main business value, which is to enable off-the-shelf devices with cloud-based applications and services.

As the number of smart and wearable devices gradually increases around the world, IoT is expanding. Although its progress is exciting and guarantees change that will influence the world in many ways, it is not without its flaws and has caused some suspicions regarding its safety. The answer to this security problem could be another upcoming technology, Blockchain.

Blockchain is nothing more than a distributed ledger technology, which can be promoted as the solution to security challenges. Blockchain technology makes it possible to cut out the middleman and transact directly; records those transactions cryptographically, so they cannot be changed or altered once recorded. Blockchain technology has spread its wings across all industries and has endless applications. With the security breach occurring in IoT, blockchain could be the solution for several problem areas. But why does IoT need blockchain technology to secure its data flow?

• IoT can be secured using blockchain:

All devices in IoT are connected to the Internet, making them vulnerable targets to hackers or victims of cyber attacks. Devices such as smart watches, smart devices, Smart Light bulbs, thermostats, etc. they are regularly developed and updated making them highly responsive. With the advancement of technology, the risk of attack will continue to increase but without the blockchain. Blockchain embedded IoT can be secured and can prevent any cyber attacks. Because the blockchain records transactions, stores the information in decentralized locations, and cannot be changed or deleted, it is a viable solution for secure devices.

• block chain is effective cost:

Security makes it the perfect architecture for the IoT. Reduces single points of failure, creating a more durable ecosystem for devices to function. Blockchain can keep a safe and fully secure record of messages sent between IoT smart devices, enabling autonomous operation of smart devices without the need for a centralized authority. Blockchain automates processes. It is decentralized, there is no mediator. That means that blockchain technology can reduce costs by managing operations directly. No third parties need to be involved, and the money saved can be used for other important business matters.

But this is just the beginning, and the Internet of Things is the means for hyper-connectivity in the business world. With the Internet of Things, you can observe, evaluate, and automate in ways that will greatly improve processes and create new business models. As you have seen why blockchain is needed for IoT, now let us understand the benefits of IoT for an organization below:

1. Data driven decisions: The more data, the simpler it is to make the right decision. Understanding which component is required and which parts are missing, without having to check, not only saves time but is also useful.
2. Save of time and money: Thanks to monitoring, time lost in the number of trips is saved. It’s cheap, because this technology could easily replace humans in charge of monitoring and maintaining supplies.
3. Increase business contacts: IoT creates new business prospects and helps companies benefit from new revenue streams developed by sophisticated business models and services. IoT helps to innovate, reduce time to market and increase ROI.
4. Improve organizational productivity: Productive results play a key role in the success of any business. IoT delivers just-in-time training for employees, improves job skills, and reduces skill mismatch while increasing organizational productivity.
5. Improvise the customer experience: Detailed consumer insights can help you make informed decisions about who to target, when to target them, and how much budget to support it with. IoT technologies replace quantitative data with qualitative data, helping you better understand the customer at the end of their buying cycle.