Blockchain: The next step in the development of The Internet of Things

Abstract

Blockchain is the notorious technology behind cryptocurrencies such as Bitcoin. A large industrial chain ecology is growing around innovations of blockchain. However, given that it is being developed exponentially the challenges businesses are facing finally have a solution - blockchain. Blockchain is undeniably revolutionary in a sense that it brings convenience to customers and companies. Due to its characteristics of decentralization, trustworthiness and collective maintenance, it provides a trustworthy platform in order to achieve a reliable peer-to-peer delivery of value without relying on a single centralized organization. With this in mind, blockchain is foundation businesses need to establish new relationships. The objective of this paper is to explore how blockchain plays a role in different business applications by illustrating what blockchain is as well as exactly how it can be applied to businesses in the current day.