“Blockchain is basically good for protecting any kind of asset and transaction that needs to be tamper-resistant. This includes transportation, voting, medical records, reputation, identity, IoT. In fact the entire Internet Archive could be kept on a blockchain,” says Malisa Pusonja, co-founder of a blockchain email service. For example, regarding on vehicle maintenance, tracing the origin and movement of parts through a complex supply chain (manufacturer, components and original sources of the parts that make up a vehicle) is challenging and prone to error. Blockchain allows all members of the supply chain to track movement in a common, transparent and accessible record, enabling much quicker forensics in case of a recall.
With blockchain, participants in the transaction:
- Share a single platform with permissioned and secure access
- Receive a full view of the process
- Easily track from purchase order to product delivery
- Are able to drill down to see all steps in the process
- Can see exact moment when a delay or error occurs
- Remedy problems without filing a dispute
- Achieve on-boarding and quick installation without disruption
Blockchain has those other uses outside of Bitcoin and financial transactions because it can act as a ledger for any kind of digital exchange. The decentralized nature of blockchain technology reduces the capital expenditure required to help embrace the expansion of IoT connected sensors. As well as handling financial transactions, the technology might also be used for communication, identification, ownership, and device management in IoT applications. As the IoT ecosystem continues to grow, data exchanges and security of those data points will become increasingly important. Perhaps blockchain technology could track data exchanges between sensors/devices to other devices, gateways, or end-users. Blockchain frees up centralized systems that are bottlenecked by trusted and centralized human authorities.
- Trustless peer-to-peer messaging
- Secure distributed data sharing
- A robust and scalable form of device coordination