There is no denying the power of the Internet of Things (IoT). IoT devices are already in 60 percent of U.S. homes using a broadband connection, and an estimated 200 million vehicles will be connected to the internet by 2020, standing to transform entire industries for a good reason. By the end of 2017, approximately 8.4 billion devices are projected to be connected to the IoT — that is more than the human population. It is only going to expand as time moves on, as more data is created by these smart devices and as technology continues to advance. These numbers are expected to increase exponentially to 24 billion IoT devices communicating by 2020 and as many as 75.44 billion IoT devices by 2025. However, this also brings about some concerns that you should be aware of, including security concerns, reliability and the validity of transactions.
However, blockchain technology stands to cause a huge impact on the Internet of Things. The combination of data that cannot be altered but can be traced and verified from connected devices will drive the birth of transactions among connected devices. With the power of blockchain technology, connected devices will be able to network to conduct …
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