IOT and Blockchain Solution

Adoption of Blockchain in IOT could facilitate communication between connected objects, as well as making data exchange safer and faster. Operating like a public ledger for a large number of devices, Blockchain would eliminate the need for a central location to handle communications between them. The devices would be able to communicate to each other directly to update software, manage bugs, and monitor energy usage. Blockchain technology could provide a simple infrastructure for two devices to directly transfer a piece of property such as money or data between one another with a secured and reliable time-stamped contractual handshake. To enable message exchanges, IoT devices will leverage smart contracts which then model the agreement between the two parties. This feature enables the autonomous functioning of smart devices without the need for centralized authority.