Blockchain & IoT


Blockchain is known as the underlying technology behind Bitcoin. However, blockchain is so much more than that and its properties can be helpful in so many use cases. If your problem needs security and control chances are that you can leverage your solution with Blockchain.

So, it's obvious that IoT use cases should take advantage of Blockchain. After all IoT is all about gathering data from the physical world, and that data should be recorded in a controlled and secure environment.

Let's dig in on how Blockchain can complement IoT:

  1. Security: Blockchain's decentralized and tamper-resistant nature makes it an ideal solution for securing IoT devices and data. The technology's cryptographic algorithms ensure that data is protected from unauthorized access, and its distributed ledger system ensures that data is immutable and cannot be modified by anyone without permission. This could be extremely handful in a shared environment between supermarkets and suppliers.

  2. Transparency: With blockchain, all transactions and data are recorded on a distributed ledger, providing complete transparency to all parties involved. This helps to build trust between different parties and ensures that everyone has access to the same information. Imagine, for example, a supermarket that shares HACCP/HARPC data with certification authorities.

  3. Traceability: Blockchain technology can provide a transparent and tamper-proof audit trail for IoT data, enabling organizations to track the movement of data across the entire supply chain. This is particularly useful in industries where tracking the origin and movement of goods is critical, such as the food industry.

  4. Efficiency: By eliminating intermediaries and reducing the need for manual processes, blockchain can improve the efficiency of IoT networks. For example, blockchain can automate the process of payments between IoT devices, reducing transaction costs and processing times.

  5. Scalability: Blockchain can enable the creation of decentralized IoT networks that can scale to support a large number of devices and transactions. This is particularly important in IoT use cases where thousands or even millions of devices are involved.

Overall, blockchain technology can help to address some of the key challenges facing IoT networks, such as security, transparency, and scalability, building trust between all the parties involved (e.g. supermarkets, 3PL operators, producers, certification authorities, restaurants, and even end-consumers).

Sensefinity has a complete IoT platform with Sensors and Trackers that has a built-in Blockchain solution. If you want to exchange ideas on how we can help your business manage your physical assets let’s do a quick 1/2-hour virtual meeting.