The IoT technology came as quite an innovative method which strongly impacted the world. From smart devices to smart homes, and entire potential smart cities which still lie in the future, the sector is changing the world as we know it. Not only that, but it also impacts various businesses and pretty much all industries.
While the IoT sector is best-known for various gadgets and devices with the Internet connection, it has a much larger potential in the sphere of business. There are countless devices with the ability to collect various measurements and different types of information, collecting it all without the need for human intervention. This data can be used by companies to automate various processes, speed up production, increase productivity, and significantly improve customer service. However, while the new technology certainly has its advantages, it also has a few flaws.
The biggest of its flaws is the security of the collected data. Information has become a new currency in the age of the Internet, and there are very few pieces of information that companies want or can afford to leave open to the public. At least, not in their raw form. The competition itself is getting stronger and stronger, and firms need to keep their secrets in order to gain the upper hand.
With that in mind, there is a large demand for secure data storages all around the world. However, the solution already exists, and it comes in the form of blockchain technology.