It’s no secret the field of information technology changes rapidly. Even professionals and experts in the field need to keep up with new developments and evolutions. After all, augmented reality and artificial intelligence are making huge strides. Both are poised to revolutionize business.
The Internet of Things (IoT) has been another topic of discussion in most IT circles lately. With everything from washing machines to thermostats becoming “smart” and connecting to the Internet, IoT has enormous potential. It also comes with many concerns, including security.
BIoT is now emerging. It has the potential to solve some of the issues within the IoT, opening the door for new development. What exactly is BIoT? Here’s what you need to know.
1. It Incorporates Blockchain
Blockchain is most famous for powering cryptocurrencies like Bitcoin. When cryptocurrencies took off, blockchain also rose to prominence. People became more curious about the technologies powering cryptocurrency.
Blockchain fundamentally overhauls how data is managed and stored by creating a distributed database. This is quite different from the centralized database model most businesses and IT firms use currently. It also makes it more difficult for hackers and others to access your data.
2. It Improves Security
Obviously, one added benefit of BIoT will be the security improvements. Security is an issue on the minds of many these days. Between security breaches and cover-up scandals, people are putting data security at the forefront of their IT issues to address.
IoT is particularly concerning on the security front. Devices on the IoT generate data. Without proper security and storage, that information can be easily accessed by outsiders. The devices themselves may also be vulnerable to attack, leading to situations where someone’s Google Home could be used to spy on them. Smart baby monitors have also been hacked.
The addition of blockchain improves security. The blockchain technology uses complex algorithms, which makes it more difficult to hack. The distributed database organization means one rogue device will have a more difficult time disrupting the entire network.
3. It Creates Scalability
The other issue with IoT is scalability. The current processes don’t allow for instantaneous transactions. Rather, they take days. You can think of completing an online transaction at your bank. While the system shows the change almost instantly, you’ll often receive a notice telling you it could be a few hours or even days before the transaction is truly completed.
With blockchain enabled, transactions can become almost instantaneous. This removes overhead associated with intermediaries. Blockchain’s programmability allows for certain processes to be triggered when certain conditions are met as well, creating more efficiency.
This efficiency in turn creates scalability. IoT is expected to encompass 75 billion connected devices by 2025. Traditional centralized methods of managing data won’t be able to handle the data throughput from all of these devices.
4. It’s Already Being Used
BIoT has already had a few tests, although few people were aware of them outside of the tech world. Blockchain has been used to manage product recalls since 2016. It has also been used to trace food items from farm to table in mere seconds.
It’s easy to see how blockchain by itself will benefit businesses. Other potential uses have already identified hiring as a key activity. Blockchain could allow for background checks on new vendors and employees to happen instantly, without help from a third party. IoT devices could be used to track employees’ locations and make accurate recordings of their mileage as well.
5. Skills Are Scarce
There are already hundreds of blockchain start-ups and more are coming. Even big players, such as IBM and Wal-Mart, are investigating the potential of blockchain.
The skills are relatively scarce, which means competition for those who know how to work with the technology is fierce. BIoT is coming, and you’ll need to be sure you’re prepared to handle it.