In recent years, there has been an increased interest in using the Internet of Things in several industries. The smart concept is at the peak of technology and widely used, which allows e-government, supply chains, and smart cities to function efficiently.

The primary tasks in the technological aspect of any company are to establish confidentiality and security. Especially when it comes to IoT, as user data is the main priority. Cyberattacks are a widespread problem of current realities, given the imperfection and heterogeneity of the systems involved in the infrastructure structure, which leads to many loopholes for data loss. A new wave of interest in IoT was marked by the creation of blockchain technology, as fault tolerance, decentralization, and autonomous control, make it an attractive alternative to centralized systems in the fight for security and privacy.

Great strides

The largest companies and IT market experts have already highly appreciated the prospects of blockchain technology in its application in the field of IoT and continue research in the field of security and privacy that so excite users. One of the most promising projects in this area is the Credits blockchain platform, which recently developed a product based on the company’s blockchain infrastructure, the IBM cloud system, and IBM Watson.

Ensuring the proper level of security is one of the highest priorities for companies seeking to participate in the IoT sector. The combination of IoT and blockchain is an effective solution to this problem along with the integration of related technologies aimed at facilitating the integration process and increasing processing speed.

The IBM Watson infrastructure, IBM cloud system and the Credits blockchain platform have merged as a potential solution. The prototype of the system demonstrates that it brags the essential preparing speeds and the capacity capacities required to handle the immense amount of transactions involved in IoT. The capabilities of the Credits platform make the proposed model pertinent in businesses, where high efficiency in data collection from sources and reaching consensus is vital for effective business processes.

The hashing of data and the consequent storage of the hash on the Credits blockchain platform with its immutability and high-end security characteristics in conjunction with the IBM cloud system allows businesses to solve the issue of data manipulation. It is not difficult to imagine the application of such a system in retail and logistics databases that involve sprawling networks and massive amounts of user data.

Who benefits?

All corporate, public, private and financial sectors of the economy.

The supply chain is one of the main components of any large company. The issue of security and logistics is extremely acute here, due to possible losses and errors that can occur due to human or technical factors. The decisive factor is the ability to track processes in existing networks that span the globe. Complete solutions have not yet been developed for the adequate application. The reputation and profits of logistics and management companies are directly related to the timely and correct delivery of parcels.

Using the new solution allows Credits customers, such as LLC Globaltechexport and IVHIMPROM, to identify quality problems in the production process and even automate quality control and certification. The application of the Credits blockchain to validate metrics received from IBM sensors, and sharing product quality data with supply chain participants is a significant improvement in existing mechanisms. According to the analysis, the presented solution allows companies to save up to 17% on monthly expenses.

“I see a lot of potential in implementing projects based on the Credits platform. A project with IBM, a leader in software, cloud technologies, and services, is a rethinking of how modern business practices work. The solution complements IoT and makes it more flawless. As a result, we get maximum value to enterprise clients, leveraging the strengths of all partners to solve complex business issues”, Jennifer Trelewicz, former IBM Director & present CBO at Credits.

The issue of trust is another important factor both in logistics and in any business. The successful execution of transactions and the implementation of the company’s activities depend on this. The use of innovative blockchain technology and Credits smart contracts is an opportunity for organizations to automate and simplify partnerships, payment systems and improve outcomes by providing verifiability and data security.

Aspiration for a better future

Due to the increased requirements for data security and confidentiality, a combination of blockchain and IoT technologies, for example, through a joint solution of Credits and IBM, can help solve the problems that current healthcare and supply chain companies face. Implementation and adaptation will take some time, but achieving a universal and useful solution that can spread to other industries is an inevitable development that the blockchain is striving for.