Blockchain technology is becoming a forerunner for industrial IoT solutions, providing answers to dilemmas from fully optimizing a business process to security concerns.
What is blockchain?
Blockchain is an encrypted ledger that records a list of individual transactions within a business process. This could be an online purchase, documenting product shipments, or carrying out contractual agreements– just to name a few. Every recorded transaction can be stored across multiple servers, rather than one centralized server as most IoT systems are. Multiple servers allow for better protection and transparency within the entire process. It hinders potential tampering as individual transactions are meticulously recorded, stored, and then shared to all participants in the IoT network. A transaction cannot be added without complete consensus from the group, and once a transaction is completed it cannot be removed by anyone.
Its overall benefits are security and transparency. However, this technology provides a myriad of industrial IoT solutions, depending on your particular business needs.
Here are six uses cases showing how we can help create blockchain solutions in different industries:
One of the biggest concerns manufacturers face, is the ability to properly oversee their supply chains. Products go through a series of intermediaries when traveling from their point of origin to the warehouse to the consumer. Each stopping point is a potential hazard for shipments to be tampered, or worse. With IoT, manufacturers can monitor their shipments throughout the entire process. Blockchain requires participants to document their processing of products so that all other members may see. This generates complete visibility and understanding what is happening with the shipments. We can also use sensors to determine the quality of the product as it’s being moved. For instance, Sunflower Lab can use IoT sensors to track location, refrigeration, and climate data during shipment. This data can be complied to confirm viability of the product and issued to all members of the IoT network, in real-time.
IoT has made a huge impact in the healthcare industry, especially when it comes to treating patients remotely and limiting the length of hospital stays. One way is to setup a IoT network capable of monitoring patient health. It can alert the staff when anomalies are detected, providing faster and preventive action if a patient’s health declines. However, with the focus on the patient this leads to privacy concerns. Who has access to patient data? Are their private records well-protected? Blockchain improves the security around private patient data taken from medical monitoring devices. It can reach beyond the hospital sphere, by reaching out to participants such as insurance providers or third-party administrators, to share real-time and trusted patient data.
3. Energy and utilities
Within the network of energy grids, peer-to-peer transactions are now a viable option. Sunflower Lab can create an application that sells excess rooftop solar energy to other users who need it, just as one example. The blockchain would then record and track the payment.
A leading industry adopting blockchains, auto companies use them to protect and optimize their numerous shipments. Toyota, for example, use blockchains to track thousands of car parts that comes from different countries and factories, to build one single car. This technology can also be integrated with sensor data from vehicle parts, distributing information and transactions involving services and payments.
What industry do you work in? Industrial IoT solutions and blockchain technology can benefit any industry, from home automation to retail, restaurants and financial businesses. Sunflower Lab can help get you started with your IoT project.
Sunflower Lab is a custom apps and mobile software development company based in Columbus, Ohio. Voted as “Top Custom Software Development Company of 2017” by Clutch – A top B2B marketplace to find companies who are experts in their domains – Sunflower Lab offers many IT based premium quality services including mobile app development, web development, cloud development, custom software development, graphic design and strategic consulting. Visit the website now to know more about our quality development services and engagement process.
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