Labeled as the 4th industrial revolution, we are moving towards a more data-oriented world powered by the advent of the Internet of Things (IoT) and by the Blockchain technology. The phenomenon is further amplified as 5G is bridging the world with unprecedented internet speed.
With billions of interconnected devices, the Internet of Things (IoT) has paved the way to massive optimization. Large-scale projects such as smart roads are being implemented across major cities. Smart cities around the globe are pursuing ongoing goals to reduce traffic, increase energy efficiency, and monitor public safety based on live data. In short, almost every sector will be impacted by IoT.
Smart water, smart lighting, and smart cooling, have made their way to our very homes. Smart homes empower owners to remotely control and monitor many aspects of their house using their smartphones. They can also use voice command to operate their home handsfree, and benefit from lower energy consumption.
It is estimated that more than 70 Billion devices will be interconnected by 2025 – more than twice that amount today. As we become increasingly internet-dependent, data privacy develops into a growing concern.
A smart future is promising as long as it does not compromise people's identities.
The internet has powered exchange of information to unbelievable levels. In the midst of the innovation, Blockchain has brought an unprecedent improvement to modern technology; A Decentralized Ledger Technology (DLT).
Rather than sharing simple information, the blockchain’s DLT nature allows it to share encrypted information that can take shape in the form of digital money - giving birth to a new asset class.
All information is timestamped on the ledger, double entries or fraud are thus made virtually impossible. A Blockchain can be programmed by algorithms as referred to as “Smart Contracts” that execute transactions on the ledger once a specific set of conditions are met. Given its secure, decentralized and transparent nature, the blockchain technology does not involve any third party. In other words, the exchange of data can be done faster than ever, provided proper regulation. Some of the best blockchain platforms are Ethereum, Hyperledger Fabric, NEO and ERC20 to name a few.
The true potential of the blockchain technology has yet to be seen. But one thing is certain, its future is promising.
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