Blockchain and IoT combined is bringing revolution across the industries and by the year 2020, it is being predicted that with the consumers incorporating more and more smart devices and technologies in their environment, the rate of growth is expected to be higher than $8 billion year on year. Having viable access and availability of data is what will help acceleate development, with more intelligent and efficient products for the consumers. Combined, Blockchain and IoT will create a partnership sharing data from multiple devices that will be encrypted and secure. Block Chain and IoT will help increase workflow and get rid of multiple intermediaries. This unique amalgamation of two concepts is not only extending its wings to the technology world but also towards the Healthcare Industry. Block chain and IoT can partner with Healthcare and provide the data integrity needed in this industry.
Accessibility to Blockchain will be adorned by the usage of Crypto-currency which will enable keys to be created for patients to access on the front end. On the back end for devices and staff, it will have to be added to the ledger. Digital signatures with no central authority of the data will be time stamped for authentication of data. This will create limitless numbers of blocks for each transaction and then the data will be chained together. Digital rights will have to be created along with smart contracts to avoid fraudulent access points to the data. Trademarks for the industry will help stream line Block Chain with IoT in the Health Care Industry. Block Chain and IoT in the public and private sectors will be in need of a legal landscape to be prevalent in the Global Healthcare economy.
What does this mean in the future?
The proper infrastructure is what it will take for Blockchain to exist in what some experts predict for its future. The infrastructure will need to be able to have devices with great processing power for the data to lack integrity. Blockchain technology will upgrade the infrastructure itself and make IoT create new hybrid languages that will be harder to hack. Already Blockchain is securing peer 2 peer networking, and open source of registry that connects the data layered with smart contracts and real-time communications. Countries that take the time to invest in a proper infrastructure where miners and nodes can secure the data against the botnets that attack Blockchain data. Collusion is needed for the data to be accepted into the Blockchain which could jeopardize the integrity of the data. Leaving any holes will need to be filled for IoT and Blockchain to secure communication.
Blockchain lobbyists should create open communication with investors for legal and compliance issues that will arise in the following years. Investing the time and money today will pave the road for Blockchain and IoT to exist in any industry. If current industries do not make the effort they will end up costing the consumer more than it can afford. The technology must have the man power for the machines to rise for the calling.