The Internet of Things (IoT) refers to networked devices or objects that can exchange data and instructions over the Internet wireless network.
Modern computers, smart speakers, smart watches and smart phones can be regarded as the basic knowledge of Wumart.com. With the improvement of modernization, the use cases of IoT devices in various fields are also increasing. IoT technology is widely used to make life easier.
For example, Wumart.com equipment is used in healthcare systems, cryptocurrency mining, machine learning technology, agricultural product analysis, games, manufacturing, trading, etc.
Despite the rapid development of Wumart technology in the world today, Wumart still faces some major challenges.
Researchers tried to find some solutions, but most of the challenges remained unsolved. IoT security, privacy, and scalability have always been the most significant challenges that must be addressed to accelerate the mass adoption of IoT devices.
Challenges facing IoT:
Security and privacy regulation cloud attacks consumers’ perception of bandwidth is lacking a recording system. If many IoT devices with security vulnerabilities are connected to a central server, hackers can easily use the weakest security layer to initiate DDoS attacks, and users should be forced to lose their very Sensitive data.
Another notorious challenge for IoT technology in centralized systems is scalability. If so many nodes are connected to the central server, it must exchange large amounts of information and data to all connected IoT devices, and depending on the growing number of devices, the central server will be overloaded to cause failure.
Therefore, it is necessary to invest a lot of resources and investment to manage the central server, otherwise once the central server goes offline, the entire IoT device (connected to the central server) will be affected.
Based on the basic technology of computers, another breakthrough blockchain technology was developed by introducing Bitcoin into this world.
Bitcoin was created to provide everyone with financial freedom by allowing users to send, hold, and receive Bitcoin based on a peer-to-peer network without a central server or entity.
The Bitcoin blockchain network was inspired to evolve another blockchain, Ethereum, which was the first blockchain to introduce smart contract functions. The following features of blockchain technology are game changers, even for IoT technology.
Blockchain as a distributed ledger technology (DLT), information and data are verified before being included in blocks and then broadcast to all participating nodes connected to the P2P network.
Proof-of-work (PoW)-based blockchain has a system that achieves consensus through more than 50% verification. This is conducive to the beauty of decentralized blockchain networks. It can also be the best suitable function for protecting IoT devices, because Attackers cannot use limited resources to crack all participating nodes.
Characteristics of blockchain
There are five generations of blockchain technology (in this article, you can find a systematic study of the five generations of blockchain technology). The first three generations of blockchain can do the following things to solve the most discussed security, trust, and scalability (in a certain Some expansion aspects) challenges.
In the decentralized Internet connection, the distributed architecture of blockchain technology can track, store, and monitor sensor data by preventing duplicate data. The immutability function is the key to preventing malicious users from modifying and eliminating data stored in the blockchain. Different sensors of IoT devices can communicate with the blockchain to exchange data and information, thereby ultimately eliminating trust issues, just like using a centralized system. DLT is the best choice for IoT devices to perform identity verification, record keeping, and device identification through secure transmission of data, and it is also transparent in a decentralized system. No matter how many nodes are connected in the blockchain, there is no single source of failure like the servers of the central hub system. Since there is no middleman in blockchain technology, the cost of deployment and operation is reduced. The blockchain makes the troubleshooting process of IoT devices easier. For example, the smart contract function of the blockchain can be the best suitable option here, and the unalterable history can be seen in the blockchain at any time. The work done by the algorithm in the larger blockchain network cannot be reversed, so an attacker cannot crack the encryption to steal so much sensitive data. Blockchain solves several major challenges of the Internet of Things
These are some applications of the first three generations of blockchains, but in fact, they are not enough to solve the main challenges of IoT network technology. The following limitations of the first three generations of blockchains hinder large-scale adoption:
Generally speaking, these blockchains are computationally very expensive, they have high bandwidth overhead and latency, and are not suitable for devices and applications beyond their target. Arbitrary data sharing cannot be carried out through these blockchains, and many real applications integrating IoT devices are also very complicated. There is the third-generation blockchain Cardano based on PoS, which is still not enough to solve this problem. In fact, many value-for-money devices are expected to have low latency, but these blockchain networks are based on PoW and they need time to mine blocks. Low scalability is a notorious problem of these PoW-based blockchain networks, so it also brings trouble to the Internet of Things network that contains a set of nodes. For the bandwidth limitations that limit so many IoT devices, the large amount of overhead traffic of these blockchain networks is undesirable, which may not help the significant adoption of IoT. Some small PoW-based blockchains may suffer a 51% majority attack, so this will create another worse situation to prevent blockchain adoption in Wumart. The first three generations of blockchain technology did not solve the following challenges shown in the figure:
Picture from: What's new in the block
IoT technology of the fourth-generation blockchain
Fourth-generation blockchains (such as Polkadot and EOS) have helped to adopt IoT technology due to the following features:
Blockchain EOS provides cost-free and scalable transaction processing capabilities. These key functions are also ideal functions for IoT. Blockchain has SYBIL, DDoS and most anti-attack. Easy to use in manufacturing and business-related applications. Hasgraph technology introduces the fourth-generation blockchain technology, which is very helpful for creating fairness in the blockchain network. Polkadot has a multi-chain function, which maximizes the use of Wumart equipment. Although the fourth-generation blockchain technology has many interesting features, they still cannot properly address the main challenges of IoT technology.
They cannot provide the scalability and flexibility needed to integrate IoT networks with blockchains. Therefore, they still have restrictions to help the mass adoption trend of the material science network.
Therefore, the fifth-generation blockchain technology was developed with the birth of the Free TON blockchain network. Free TON has a lightweight blockchain architecture, which is very useful for IoT to eliminate the overhead of the blockchain while maintaining security and privacy solutions.
The potential of IoT technology
Let's find out how free tons have the potential to accelerate mass adoption of IoT technology from two perspectives:
Free TON is the first multi-chain blockchain to introduce game-changing functions such as dynamic sharding, instant hypercube routing, and self-healing vertical blockchain mechanism. It can provide huge scalability, so it is very beneficial to the P2P ecosystem. IoT applications in the system to handle the overload of big data and instructions. Free TON provides ultimate computing with smart contracts. If the IoT application is designed to process payments, it can quickly handle all issues without the presence of any third party. Technology is advancing to produce high-quality sensors and smart chips. In order to preserve its information and prevent data leakage, the Free TON blockchain can be the best choice because it allows so many applications to communicate with the layers of the blockchain. Due to the low latency and high throughput efficiency of the Free TON blockchain network, each new block is formed within 0.2 seconds. Since it is decentralized, it prevents single point of failure problems, such as a centralized client-server model managed and operated by a central entity, so this feature is very desirable to eliminate the privacy problem of material and space. The transaction is handled in such a way that each transaction only pays a very low cost of about a few cents, so there is no additional service fee for exchanging services based on IoT devices. It is more transparent and distributes tamper-proof data through the ledger. Every IoT-related stored data (any data supported by Free TON (multi-blockchain network)) has better traceability. Therefore, Free TON can meet all the following goals of the IoT application blockchain network:
Picture from: What's new in the block
The following figure shows the practical application of Free TON, which is the key to stimulating the trend of IoT applications:
Free TON solves the main challenges of using blockchain in IoT applications, but due to the following facts, there are still some challenges that have not been solved. The IoT covers a wider range of real-world applications, which is beyond our imagination. Tamper-proof malicious attackers can analyze the public transaction history in the blockchain to detect users or IoT devices, so the advanced AI-enabled next-generation blockchain can be the best choice application to solve any persistent challenges in adopting IoT .
The combination of advanced next-generation blockchain technology and the Internet of Things has great potential and applications to create a global market. Blockchain technology can meet the needs of more IoT applications such as smart cities, healthcare systems, identity management, voting, smart homes and more. Blockchain technology can overcome many challenges, thereby contributing to the mass adoption of the Internet of Things.
New Aspects of the Block: Analysis of the Blockchain Business Model