IoT and blockchain are two well-known technologies that are greatly facilitating the digital transformation. Is it possible to consider combining the two ideas, though? Do any IoT blockchain startups demonstrate the viability of fusing the two technologies? Blockchain has already experienced a significant increase in enthusiasm, crossed a trough of disillusionment, and may have finally resumed its ascent.
The Internet of Things (IoT), which is plagued by issues of privacy and security, is similar. So, integrating both technologies and using them to provide value to customers and enterprises is undoubtedly difficult for a firm. The discussion that follows will examine the enormous value that blockchain has brought to the Internet of Things while also providing examples of the leading blockchain IoT firms operating today.
Impact of Blockchain on IoT
In essence, peer-to-peer transactions are made possible via blockchain, a distributed ledger technology in the digital realm. Blockchain could make machine-to-machine transactions possible when paired with IoT. Understanding the value produced by the combination is crucial for the success of Blockchain IoT projects.
One of the major issues with IoT that has slowed down widespread adoption is security. Moreover, IoT devices are susceptible to DDoS attacks. At the same time, scalability problems affect existing IoT networks. Enterprises need to handle the security and scalability issues as IoT devices slowly ingratiate themselves into peoples' daily lives.
IoT Blockchain Development Companies
It may appear that the phrase "IoT" is ambiguous and difficult to understand. Yet, one of the things boosting the attractiveness of the IoT landscape is also the mystery surrounding it as it keeps growing. Currently, IoT technology has the capacity to enable smart device connection. The IoT sector primarily concentrated on enhancing "smart" features in gadgets like phones and fitness trackers.
IoT technologies have now advanced to the point where they effectively ease routine household tasks. How have businesses been able to utilize blockchain's distinctive functions in conjunction with IoT? The best IoT blockchain startups at the moment are mentioned in the response to this question.
Suffescom Solutions Inc. is a prominent entry among top blockchain IoT companies with a lot of potential. To help customers always stay ahead of the curve and be prepared for the future, they provide a comprehensive selection of options. Suffescom uses the Ethereum blockchain to give customers access to IoT devices that are energy-efficient. It's interesting to note that Suffescom Security focuses on a variety of industries, including supply chain, real estate, transportation, agriculture, and utilities. The Suffescom blockchain makes sure that IoT devices are impervious to tampering and have access to safe channels of communication with other smart devices. Also, they offer a broad range of decentralised IoT apps with various features. RisingMax Inc. is a well-known in NYC, supported by a team that is technologically oriented, knowledgeable about the most recent technologies, and skilled in many different international industries. This business creates specialized blockchain Internet of Things (IoT) solutions to support your business with unsurpassed efficiency, security, and speed. Blockchain, Internet of Things, machine learning/artificial intelligence, mobile apps, and web apps are areas of specialization for the company. RisingMax Industrial Marketplace offers automated exchange of data, products, and services to promote industrial IoT. Global trade and supply chains, customs and border control, and other industries are among those for which the company's distributed ledger can offer solutions.
Western Stack is an industry-leading blockchain development company equipping fast-growing enterprises and startups with dedicated teams & cutting-edge technology services. It works with clients to design and implement robust & real-world applications to increase income and future-proof companies.
With a bench of specialized engineers, Western Stack allows clients to stay focused on the big picture while utilizing blockchain to enhance security, lower costs, improve traceability, and drive scaling. Western Stack serves banking, healthcare, supply chain, logistics, governments, education, gaming, and information technology with its latest blockchain development services. If you’re an entrepreneur looking for a company contributing to the development of blockchain, Western Stack is undoubtedly a great option for you.
IOTA is essentially a system that combines the importance of data integrity with a speedier transaction settlement time. It is one of the intriguing blockchain-based Internet of Things technologies, and it uses a Tangle ledger to eliminate the need for pricy mining. IOTA provides a robust foundation for Internet of Things (IoT) devices that must deal with the processing of enormous volumes of microdata.
The capabilities of the IOTA protocol are strengthened by the properties of the Tangle ledger, the blockchain ledger that supports IOTA. Quantum-resistant data, machine-to-machine connectivity, and fee-free micropayments are a few of Tangle's unique characteristics. IOTA has also created a market for sensor data with intentions to join the field of data-driven analytics and insights.
IoT and blockchain are applied to sustainable energy by Power Ledger. Products from this company "reimagine an energy future with fewer blackouts and greener electricity." The goal of the company is to someday make clean, inexpensive energy widely available.
At the moment, Power Ledger offers a wide range of goods targeted at trading and maintaining energy. Also, it contains power outlets for charging stations and automated payment systems for electric vehicle meters and payments.
One of the most notable additions among IoT blockchain businesses with significant potential is Chronicled. The platform successfully combines IoT and blockchain technologies to provide a full supply chain solution. Currently, Chronicled main areas of interest are the food and drug supply businesses.
The business uses sensors and IoT-enabled shipping containers to receive real-time updates on the shipping process. The use of blockchain in IoT devices in the food or medical supply chain increases process transparency. The chain of custody is better understood, which is crucial for resolving any issues that may arise during shipping.
The first decentralised machine network in the world, Helium is an Internet of Things blockchain firm with headquarters in San Francisco, California. The business uses blockchain to link low-power IoT devices, such routers and processors, to the internet. One of the distinctive features of the firm, Helium, is its blockchain-based wireless internet infrastructure.
Helium is one of the successful blockchain Internet of Things firms, with a radio-based architecture that enables stronger internet connections. Moreover, Helium's blockchain-based infrastructure aids in achieving considerable reductions in the amount of electricity needed to run smart devices.
It's interesting to note that the Helium team has completed their first blockchain transaction successfully. In addition, the business intends to set up nodes in Boston, the UK, and California to test its decentralised peer-to-peer networks.
NetObjex is currently a top addition among blockchain-based IoT projects. A standardized, decentralised infrastructure for IoT devices to communicate with one another has been successfully developed by the Irvine, California-based business. Additionally, the company's blockchain-based IoToken offers a safe digital platform to facilitate communication and interaction across smart devices in a single ecosystem.
According to NetObjex, the IoToken is also appropriate for frictionless connectivity with other devices across numerous industries. Customers might, for instance, pay for their meals using the IoToken through their cryptocurrency wallets. IoToken can also be helpful for drone delivery by identifying the delivery location and guaranteeing payment verification.
Another blockchain-based IoT firm focusing on enhancing IoT device security is Atonomi. Increasing IoT device security is Atonomi's main objective. It acknowledges that a significant barrier to the advancement of IoT technologies is a lack of device security.
Identity validation, extensible architecture, interoperability, device reputation, and a transaction-based environment are all special features that Atonomi offers. It's interesting that Atonomi has been designed as a blockchain-based embedded solution for enhancing IoT security.
ArcTouch is undoubtedly the finest blockchain IoT startup right now, according to the final addition. The business focuses on developing blockchain-based applications with support for improved IoT solution integration. Smart TVs, voice assistants, and even wearables are just a few of the connected, smart solutions that ArcTouch has created.
The company concentrates on creating specialized decentralised apps (DApps) that link to IoT gadgets. Also, the decentralised apps created by ArcTouch have higher IoT security. Smart contracts might make it possible to process agreements more quickly at the same time.
When it comes to revolutionizing business processes as well as daily routines, the various blockchain IoT firms provide promising value. IoT security is a focus for some firms regardless of the sector. Startups with a focus on enhancing traceability and accountability in supply chains are also becoming more prevalent.
It is quite evident that blockchain has real value to offer the Internet of Things. The way the IoT addresses current problems like security and scalability will have a significant impact on how quickly it grows. Surprisingly, blockchain might provide these benefits for upcoming IoT ecosystems. Find out more about IoT and how blockchain could fundamentally alter the long-term outlook for IoT adoption.