Blockchain and the IoT will Thrive in a Collaborative and Decentralized Ecosystem

New and smart technologies are emerging every day, but most are yet to prove their mettle in the marketplace. Two exceptions that have been well received, blockchain technologies and the Internet of Things (IoT), are helping creative innovators change the game in many different industries. While these technologies have the potential to disrupt every area of business and commerce, much of it is still untapped. Interest is rising every day, and exciting projects are moving past the pilot phase and onto the path to commercial success.

Blockchain is the infrastructure supporting Bitcoin and other crypto-currencies, and has wide-ranging implications for the way we transact, establish trust, and transfer value. In the most simplistic sense, it is an autonomous public ledger, spread over a global network, to record and authenticate transactions. IoT, on the other hand, refers to devices connected to a common interface that can interact with each other to exchange information in real-time. A number of vendor-driven closed-IoT ecosystems have emerged over last few years including Apple’s HomeKit (home automation), Google’s Nest (surveillance and automation), CitySense (civic applications), and the OpenIoT Phenonet Project (agricultural applications).