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Blockchain Technology And IoT: What It Is And How It's Driving Development Of New Smart Systems

Solution providers need to be up to speed on emerging technologies as they relate to the Internet of Things. Here's a guide to blockchain technology and why it matters to solution providers.

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What Is Blockchain?

Blockchain technology is similar to an independent, transparent database that is shared by a community. Through this technology, banks and other third parties will not be required to facilitate or monitor the exchange of funds.

When someone uses blockchain to request a transaction, for example, the request is broadcast to a peer-to-peer network made up of nodes, which then validate the transaction and the user's status through known algorithms. Once verified, the request can then combine with other transactions to create a new block of data for the ledger, which is then permanently added to the existing blockchain, completing the transaction.

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