Blockchain is poised to change the face of every industry that harnesses the power of the IoT. We know that IoT-based initiatives are bridging the gap between our digital and physical world in rapid fashion. In order for this transformation to continue successfully, the need for trust, security, privacy and authentication become increasingly more important. This will require standardization across different parts of IoT and the transactional layer of the IoT ecosystem. This is where blockchain comes in. Blockchain will provide the foundation for digital trust and security for all digital interactions. The following article talks about the relationship between the IoT and blockchain, and their specific import in industry use cases.
Even if blockchain technology must still overcome some challenges, there has recently been a clear change in the attitudes and initiatives regarding the technology behind cryptocurrencies.
Moreover, the use cases and spending patterns have become more defined, showing more clearly how blockchain is converging not only with the Internet of Things (IoT), but also with the foundations of a digital economy (this latter based on the trend of governments investing in blockchain programs and projects). On the first of February 2018, the European Commission launched the EU Blockchain Observatory and Forum, and announced that they will fund projects up until 2020. Estimates indicate that the Commission will fund projects that could draw on blockchain technologies for up to €340 million.