- Introduction
- Scope and Application of IoT
- Cyber Security
- Scope and Application of Cybersecurity
- Blockchain Technology
- Bitcoin (Application of Blockchain)
- Car Leasing using Blockchain (example)
- Blockchain (Scope and Application)
Introduction
The Internet of things is a system of interrelated computing devices, mechanical and digital machines provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
An IoT ecosystem consists of web-enabled smart devices that use embedded systems, such as processors, sensors and communication hardware, to collect, send and act on data they acquire from their environments.
Scope and Application of IoT
Scope of IoT Internet of Things has emerged as a leading technology around the world. It has gained a lot of popularity in lesser time. Also, the advancements in Artificial Intelligence and Machine Learning have made the automation of IoT devices easy. Basically, AI and ML programs are combined with IoT devices to give them proper automation. Due to this, IoT has also expanded its area of application in various sectors like healthcare, automotive, Agriculture etc
Healthcare
IoT has proved to be one of the best tools for the healthcare industry. It helps provide advanced healthcare facilities to patients, doctors, and researchers. These facilities include smart diagnosis, wearable devices for tracking health, patient management, and many more. Furthermore, IoT devices have reduced unnecessary strain on the healthcare system.
The healthcare devices can directly send the patients' data health to doctors over a safe network. This allows the doctors to diagnose the patients from remote locations.
Agriculture
One of the three basic human needs is food. To fulfill the need for food, we do farming. However, now, as the population of the world is increasing, the agricultural industry is facing many challenges. Also, changes in weather conditions and climate hugely impact the agricultural industry. To meet the rising demand for food, the industry has hence adopted technology to increase productivity. It includes the use of following
Cyber Security
Cybersecurity is branch of Computer engineering which encompasses following:
Cyberwarefare
Scope and Application of Cyber Security
Estimates and prediction
Blockchain Technology
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, a car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Why it is Called Blockchain?
Blockchain owes its name to the way it stores transaction data - in blocks that are linked together to form a chain. As the number of transactions grows, so does the blockchain. Blocks record and confirm the time and sequence of transactions, which are then logged into the blockchain within a discrete network governed by rules agreed on by the network participants.
Each block contains a hash (a digital fingerprint or unique identifier), timestamped batches of recent valid transactions, and the hash of the previous block. The previous block hash links the blocks together and prevents any block from being altered or a block being inserted between two existing blocks. In this way, each subsequent block strengthens the verification of the previous block and hence the entire blockchain.
The method renders the blockchain tamper-evident, lending to the key attribute of immutability. To be clear, while the blockchain contains transaction data, it's not a replacement for databases, messaging technology, transaction processing, or business processes. Instead, the blockchain contains verified proof of transactions. However, while blockchain essentially serves as a database for recording transactions, its benefits extend far beyond those of a traditional database. Most notably, it removes the possibility of tampering by a malicious actor (for example, a database administrator).
Bitcoin (Application of Blockchain)
Bitcoin is actually built on the foundation of blockchain, which serves as Bitcoin's shared ledger. Think of blockchain as an operating system, such as Microsoft Windows or MacOS, and Bitcoin as only one of the many applications that can run on that operating system. Blockchain provides the means for recording Bitcoin transactions - the shared ledger - but this shared ledger can be used to record any transaction and track the movement of any asset whether tangible, intangible, or digital. For example, blockchain enables securities to be settled in minutes instead of days. It is also used to help companies manage the flow of goods and related payments or enables manufacturers to share production logs with original equipment manufacturers (OEMs) and regulators to reduce product recalls.
The takeaway lesson: Bitcoin and blockchain are not the same. Blockchain provides the means to record and store Bitcoin transactions, but blockchain has many uses beyond Bitcoin. Bitcoin is only the first use case for blockchain.
Car Leasing using Blockchain (example)
Car Leasing / Purchasing Without Blockchain Technology (Centralized, Unconnected Ledgers)
Tracking Vehicle Ownership using Blockchain (Distributed / Connected Ledgers)