Blockchain and the Internet of Things (IoT) explained.

The Internet of Things (IoT) refers to the network of physical devices, vehicles, buildings, and other objects that are equipped with sensors and other technologies that enable them to collect and exchange data. These devices are connected to the internet and can communicate with each other and with central servers, allowing them to send and receive data in real-time.

Examples of IoT devices include smart thermostats, smart appliances, and wearable fitness trackers. These devices can be used to monitor and control various aspects of our daily lives, such as the temperature of our homes, the energy consumption of our appliances, and our physical activity levels.

On the other hand, a blockchain is a decentralized, distributed database that is used to record transactions in a secure and transparent manner. It consists of a chain of blocks, each of which contains a record of multiple transactions. The blocks are linked together in a chronological order, and once a block is added to the chain, it cannot be modified.

Blockchain technology is often associated with cryptocurrency transactions, but it has many other potential uses as well. For example, it can be used to create secure, transparent supply chain management systems, to verify the authenticity of documents, or to create secure voting systems.

One way in which the IoT and blockchain can be used together is through the use of smart contracts. These are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein are stored and replicated on the blockchain network.

Smart contracts can be triggered by the data collected from IoT devices, allowing for automatic execution of contracts based on real-world data. For example, a smart contract could be used to automatically pay for a shipment of goods once the shipment reaches its destination, as verified by GPS data from the IoT devices on the trucks transporting the goods.

Supply Chain, IoT, and Blockchain Quotes

“Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.” ~ William Pollard
“Be aware of vaporware with blockchain, IoT, big data and machine learning. Companies will try to rush their product to be the first mover.” ~SupplyChainToday.com
“The first to fully integrate the following technologies will create a near autonomous supply chain: IoT, Big Data, Blockchain, 3D Printing, Artificial Intelligence, Machine Learning and Deep Learning.” ~EverythingSupplyChain.com
“The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.” ~William Mougayar
“Supply Chain is like nature, it is all around us.” ~Dave Waters
“Think of a 3D printer as your TV. The same way your TV streams movies your 3D printer could download plans to make any product in your warehouse. Is the future of warehouses the same as video stores.” ~EverythingSupplyChain.com
“The following technologies provide supply chain capabilities that were not possible in the past: Internet of Things, Blockchain, Big Data, Machine Learning, Deep Learning and Augmented Reality.”