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Blockchain is a chain of blocks and works as a fixed digital ledger to keep records of assets and transactions of businesses. In this technology, a decentralized approach is used to keep records, which enhances the security purpose and provides transparency of each transaction. Cryptographic encryption ensures the security of all data on the blockchain. Blockchain technology is used to add and update the data with the help of software. In this digitized world, blockchain technology is expanding abruptly to enhance the transparency in the record-keeping of assets. Blockchain in IoT assists every industry to work efficiently to track the history records and manage them.
The distributed consensus algorithm is the backbone of a blockchain network. Database entries require consensus between all the computers so that no one computer can alter it without the approval of the others. Blockchain technology assists in tracking orders, inventory, and payments. All the data is recorded in linear chronological order where each block is defined as a hash that contains data of its own and its previous block. Because each block depends on its previous hash value, blockchains are indestructible.
Many industries benefit from Blockchain in IoT devices. In the health industry, the records can be collected and saved with privacy, and it also helps in administrative cost reduction. Furthermore, it assures you about the accuracy of data in real-time. Additionally, in supply chain management, data of raw materials and assets are managed with the help of Blockchain technology in IoT devices which trace the inventory precisely. All the transactions are immutable as they cannot be altered, which gives validation to data accuracy.
Additionally, a smart contract is a set of rules which are stored on the blockchain and activated automatically to work efficiently. Moreover, with its decentralized approach, this technology eliminates the waste of time. These distributed ledgers can be used to maintain the records of tangible and intangible inventory, money transactions, and health and privacy information, which eliminates the need to maintain a private database at each organization. The result is a greater level of trust and transparency between organizations and peer-to-peer.