1.0 INTRODUCTION

As the world we live evolve, so does man, along with it. It’s said that change is the only constant in life; this has been proven to be true, over and over.

When the first block was mined in 2009, effectively creating the blockchain, it created a whole new realm of possibilities, which we have seen its use being extended far above just financial purposes. A multitude of industries now have a decentralised facet, or plan on having one.

On the other hand, the Internet of Things (IoT), which basically refers to how things (physical objects such as vehicles, household appliances and wearable devices) are connected via the internet, by being embedded with chips that makes this connection possible.

2.0 BENEFITS THE BLOCKCHAIN AND IOT BRING TO THE TABLE

2.1 BLOCKCHAIN TECHNOLOGY 

The blockchain effectively ensures that decentralisation is no longer a myth. The greatest strength of the blockchain is its security.

Having a business on-chain ensures that that business has an added layer of security. Another reason why many businesses chose to be on the blockchain, is the freedom of expression it affords them, and also basically ensuring that power returns to the people.

In traditional settings, organisations derive almost all the benefits, whereas the people are left to struggle for crumbs.

Other benefits are lower transaction costs, transparency and the application of smart contracts.

Be that as it may, it isn’t perfect and has its own shortcomings, such as scalability issues, amount of computational power needed in most cases, and on bitcoin and ethereum blockchain for example, transaction speeds remain a talking point.

2.2 INTERNET OF THINGS (IOT)

According to Statista, the global IOT market will grow to $457B by 2020. The possibilities created by this industry-which we are still coming to terms with are endless.

Three major parts are needed for the IOT to function, and these are servers, devices having sensors and humans.

In the automobile industry, IOT can be deployed to ensure that vehicles are roadworthy. It could also be deployed in the traffic/transportation sector, to keep things in order. Smart camera’s could be deployed to monitor traffic offenders, keep track of accidents, congested areas and even give feedback with regards to the weather.

Their application in the health/wellness, logistics, medical, hospitality, and manufacturing industries are also vast.

According to INT’s WhitePaper(P.1), there are several factors that could hamper the growth of the industry. These are:

2.2.1 Lack of Standard: Every organisation in the industry stores its own data in silos, and this ensures that the flow and accessibility of data is anything but smooth. As a result of this, cross-vendor implementation is a huge ask.

2.2.2 Inefficiency: In the model being employed today, all devices are connected via central cloud server authentication. Seeing connections are handled via central servers, it is difficult to meet real-time needs.

2.2.3 Cost: The cost attached to having the system function in peak condition is high. Such costs includes purchasing/maintaining huge servers, cloud services and network devices. As more users come on board, more resources will be needed, which will make this an even more expensive venture.

2.2.4 Security Risks: Centralised networks have high security requirement for central servers, and security vulnerabilities of IoT nodes that can be taken advantage of, will be problematic for the network as a whole, if this were to happen.

2.2.5 Privacy Protection: Data protection has been a big talking point of late. Giant corporations have proven over and over again that it is very difficult to trust them with data. These have made users to be more conscious, and many are unwilling to give out their data, or permit its collection. Some organisation have even been known to still collect this data, when permission has not been granted. Centralised organisation have shown they can’t be trusted, and this is a big problem.

3.0 INT: A WHOLE NEW REALM OF POSSIBILITIES, USING BLOCKCHAIN TECHNOLOGY.

INT is creating a solution that will ensure solutions that effectively and efficiently ensure the smooth communication between different parts or parties is possible and cost effective. It’s a cost effective application platform and interactive standard, which basically ensures that it is object-oriented IoT.

Decentralisation will ensure that standards are implemented, leading to effective and seamless communication within the network.

INT will ensure that Blockchain of Things (BoT) will become a reality, and it will also ensure that development will be given a boost, and it will occur rapidly.

4.0 FUTURE APPLICATION OF BLOCKCHAIN OF THINGS (BoT)

4.1 Preventing Cyberattacks

Majority of smart devices in the market today are made by household names, such as GE, Microsoft, Samsung and Google. Smaller products, such as smart lighting systems are created by lesser companies. In most of these cases, these companies have small budgets they are working with, and might even lack the technical know-how to implement adequate security features.

Vulnerabilities such as these could be taken advantage of by any average hacker. By using BoT, companies can ensure that flow of information is seamless, cost-effective, and they can drink from the spring of knowledge on the blockchain. The blockchain offers an additional layer of security, and this will go a long way to ensure that hijacking smart devices for selfish or nefarious reasons are well prepared for.

When transactions occur on the blockchain, or an action is initiated by a user, it leaves digital footprints, which can be tracked backed to the initiator. Hiding such tracks, takes a higher level of skill, and this will effectively ensure that incidents such as this will be greatly discouraged. Distributed storage is another benefit that BoT will bring to the table.

This will also indirectly ensure that smaller companies can remain competitive, achieve better profit margins, and innovation will be promoted in the sector, seeing more players can easily be a part of the industry as a result of lower entry points.

4.2 DApps and Connectivity of Devices.

Today, if a security breach were to occur, it will leave millions of users connected to that particular network of devices exposed.

This effectively means that personal information, as well as financial data could be leaked.

As we said earlier, the blockchain brings an additional layer of security and does not have a single point of failure.

When apps, such as those used to maintain and record patients health records are blockchain based, these data are better protected, and having multiple security layers effectively ensures that anyone trying to access these information illegally will have multiple brick walls to contend with, not forgetting the encryption of the blockchain is as high as it gets. 

If a leak was to happen on the blockchain, it will not affect the whole network or ecosystem. Where the problem emanates from can be easily pinpointed. A breakdown in one sector will also not mean a breakdown for all, thanks to it not having a single point of failure. As more companies move to the BoT in the future, this will ensure that we all are better protected and we can feel secure.

4.3 Smart Contracts Effect.

BoT will ensure that smart contracts can be employed with regards to IoT. Smart contracts basically ensure that laid down clauses or instructions set before a transaction occurs are met, before funds can be transferred from one party to the other. 

This has massive potential and uses for a host of industries. This could be used with respect to effecting payments for services rendered. When services agreed upon have been rendered as agreed, users can indicate in the affirmative, and payment will be released to the service provider.

Without BoT, costs involved in this venture will be excessive, and will render the exercise futile.

Smart contracts usage will ensure that bottom-line is more attractive for service providers, and users will get better services for money spent.

4.4 Improved Supply Chain and Logistics

RFID chips make use of electromagnetic fields, when tracking packages. Knowing where a product is at any point in time, will no longer be a huge ask. Breakdowns in the supply chain will be easily identified, can be isolated and looked at critically, to see how it can be improved. BoT will ensure that the process is more efficient and the industry will profit from its usage.

BoT will also ensure that partners/users data is protected and will not be exposed, as the case is with centralised channels. Verifications/authentications will also be able to be handled easily, thanks to the blockchain.

4.5 The Medical Industry: Fighting Counterfeit Drugs.

Fake drugs are a huge problem worldwide. In this report released by the UN, it is estimated that as much as 30% of drugs in circulation in developing countries are fake. BoT can be applied to ensure that the supply chain remains uncontaminated, every party on the supply chain can be held accountable, and users can even go a step further to ensure that drugs to be taken can be verified to be original before consumption. Still sticking to the report cited above, it was estimated by the International Policy Network that 700,000 deaths were caused by fake malaria and tuberculosis drugs worldwide in 2013.

The medical industry will see unprecedented improvements in figures such as these, when BoT is the foundation on which most of its processes are built on. 

Some other applications or scenarios where BoT will be useful could be in software/firmware updates, auditing, anti-fraud implementation, and records management. Virtually every sector will be a beneficiary of BoT, and this is just a snippet.

5.0 SUMMARY

As stated earlier, the blockchain has its own limitations, and thankfully, newer blockchains and solutions that address these questions and concerns raised are being created. Creation of these solutions, and also solutions such as INT that are involved in laying down the foundation on which these technologies will be based, are crucial.

This can only be achieved sooner rather than later via collaboration, support and networking with major partners, which INT has been able to achieve (they will be launching their mainnet soon by the way).

When the roadmap is adhered to and milestones are met, developers will remain receptive, and end users will eagerly wait for solutions that will improve their lives generally.

The future is here, and it is left for us to embrace it-or be left behind.