Blockchain can add a layer of accountability and security to Internet of Things data, and become the future promoter of Internet of Things efficiency, scalability and standardization. It can also be used as a promoter of Internet of Things applications, such as supply chain tracking and traceability. For example, in the field of healthcare, IoT devices supporting blockchain will allow patients to control access to data collected by these devices.
This technology will make the device more resistant to network attacks and provide detailed records about when the other party accesses data. In the supply chain, the system based on blockchain, with the support of smart contracts, can automatically pay according to the specific conditions measured by sensors in the Internet of Things.
Blockchain knowledge point
The main advantage of blockchain technology in the financial field is disintermediation and the cost is greatly reduced. First of all, in order to prevent single-point failure and systemic risks, the financial industry needs to conduct layer-by-layer audits to control financial risks, but it also causes high internal costs.
Moreover, due to the increasing number of regulatory laws and regulations, especially the emergence of the financial crisis in 2008, the threshold of financial regulation has been rising, and the scope of anti-money laundering and anti-terrorism financing caused by the war on terrorism has gradually expanded the breadth and depth of supervision, leading to a sharp rise in the regulatory cost of the entire financial system.