Broadly, the two technologies Blockchain and the Internet of Things (commonly known as IoT) are revolutionizing the way we exist in this world by lessening the data security concerns and making it safer, more decentralized.

According to Enterprise Digitalization, these technologies are solely powerful in themselves, but the union of Blockchain and IoT (aka Blockchain of Things) will propel the market growth in upcoming years.

So, to begin with, let us ask a very simple question to you, What first comes to your mind when you hear about the term Blockchain?

If your mind reverted, you back with the answer as Bitcoin (BTC) then we would rather like to assure you that you belong to the majority.

As most of the people who ever came across the term Blockchain still think that it only revolves around BTC, But today we are going to iron out this myth for you.

In this very blog, we will explore the vast scale capabilities of Blockchain, Cloud Computing, Cybersecurity and, the Internet of Things (IoT). We will also learn way more about the future of these fashionable terms of the technology industry where Blockchain would act as our primary lead.

Understanding the Blockchain of Things

Blockchain, as the name itself, explains that is a chain of blocks storing information. But how are these blocks interlinked to each other?

The answer is the hash value (SHA-256), Each block contains the hash value of the preceding block which acts as the link of the whole chain of blocks. No matter how many blocks are their Millions or Billions the core fundamental remains the same.

Blockchain technology uses a decentralized approach instead of a centralized approach, But what does that mean?

It means that the records or data of any person or organization (or we should rather call it a transaction) are not stored on a central server instead it is stored in a decentralized system of computers that are interconnected via secure networks. Since the data is not stored on a central server it is less prone to cyberattacks, system failures, and overloading.

Features of Blockchain Technology Which Makes it Future-Ready
Here’re the benefits of applying Blockchain in any industry, and how does it change the world of business and trade finance with its decentralization nature.

Enhanced Protection of Information

In the wake of this 21st Century more or less all companies face the issues of cybersecurity, data theft, ransomware, and so forth. So to overcome these companies are now developing their cybersecurity policies on the firm ground of Blockchain technology. Thus, making it much harder for a professional hacker to hack into a server of any organization.

As to hack into an organization that is using Blockchain technology to defend its data, the hacker needs to decode and hack all the blocks of that network which can be considered next to impossible task as there are millions and billions of blocks in a network.

This makes Blockchain technology the most secure technology for different applications such as cloud computing, financial transactions and, the Internet of things.

Privacy Protection At All Costs

Privacy protection is another major challenge that we are facing currently and that would get increased exponentially in near future. As more and more smart gadgets are increasing in our day-to-day life, the more we are prone to an attack on our privacy.

One of the biggest examples we can take nowadays is the Internet of Things, companies are putting more and more effort to sell their gadgets to their customers that can turn their homes and offices into smart ones. But the question arises what about the security of our privacy?

IoT consists of a variety of gadgets ranging from smart security cameras to smart mirrors. But what if we face a breach of security and privacy due to the complete involvement of these gadgets and their vulnerabilities. This is not just the problem of the present era, but it would be a radically bigger problem in the future.

So to overcome this catchy knot, we must make use of blockchain technology. As we already know how Blockchain protects user’s data from harmful vulnerabilities and cyberattacks let us take a closer look at the solution by understanding it by an example in the next section.

Application of Blockchain-based Cloud Computing and the Internet of Things (IoT)

A Breach of Security Cameras in the National Bank of Italy [Assumed Name and Story]

Among the top growing tech companies, BaaS or Blockchain As A Service is an emerging Blockchain trend that is going to be most talked about in upcoming recent years. Let’s understand the need for blockchain technologies with a short story.

Let’s suppose it is 2030, and the use of technology is at its peak in Italy, NBI which was one of the most trusted and technologically advanced banks in the world, partnered with Nanosoft technologies to develop a security camera protection system that uses face detection to unlock the strong room of the main branch of the bank.

The NBI is known for its fast and smart technology, Everything was going well for NBI, But the only issue was that all their data and services were working on a single cloud server located at their ally company Nanosoft. On one night there was an attempt to rob the bank, But the security systems failed as they were working on a single server and the hackers who were working with the thieves have made the server get overloaded which cause the whole system to malfunction and thus gave access to their partners without intimidating the security personnel.

So, in short, what we learned from the story -

It is good to rely upon old technologies but always stay aware updated with new technologies.

NBI wasn’t using Blockchain if it would have it would have aggregated more servers and better security and that too at a much lower cost.

NBI was using IoT whereas it should have used Block of Things (BoT).

Finally, What Blockchain Promises For the Future?

Blockchain technology provides secure, efficient, and transparent solutions to all the problems that may arise in any field of technology be it - Financial transactions, Data Protection and Security, Cloud Computing, or Artificial Intelligence, Blockchain has a huge set of capabilities to handle any of these.

Security standards of Blockchain technology are nearly impossible to breach as they use SHA-256 encryption which is non-reversible means it can only be encoded and cannot be decoded back hence making it the most secure set of technology for protecting data and services.

In terms of IoT and Cloud computing, we do not require to wait for the future as fortune 500 companies Google, Oracle, Cisco, etc. are already using Blockchain technologies and connected to these companies as clients we are also using these technologies directly or indirectly. The best educational apps like Coursera, Duolingo, Edx are providing specialization in blockchain technology and IoT.

Thus scope and scale of Blockchain, Cloud computing, and IoT should not be measured distinctly as all these have started to converge now and most probably will get unified at some point in time soon.

Author's Bio: 

Jason Camaya loves carrying his camera wherever he goes. When he doesn’t click pictures, Jason loves to write, play video games, and procrastinate. He has been writing for the technology vertical for quite sometime now, and as talented as he gets, he is giving tough competition to his fellow writers. He has been featured in many websites and blogs.