IoT becomes BIoT
The biggest mistake most prognosticators make is
underestimating the potential for fast growth in our hyper-connected world.
Automobiles took time to catch on because would-be drivers had to wait for
roads and gas stations to be built.
But today’s disruptive innovations rely on existing
infrastructure for mobile devices that puts most companies just a few clicks
from billions of consumers. One of those is the Internet of things (IoT), which
involves adding smart sensors to connected devices so that users can do things
like ask Amazon’s Alexa digital assistant to turn off the lights or order a
But blockchain, one of the underlying technologies
for the hot cryptocurrency bitcoin, can make IoT devices even more useful. It
creates a digital record across hundreds or thousands of computers, vastly
reducing the risk of hacking.
Combining IoT with blockchain —or BIoT—ushers in a
whole host of new services and businesses. For example, BIoT can be used to
track shipments of pharmaceuticals and to create smart cities in which
connected heating systems better controls energy use and connected traffic
lights better manage rush hour.
In 2018, companies will begin to use Application
Programming Interfaces, or software used to connect different databases and
computer services. Combined with the blockchain Internet of things, it will be
as easy to get data from sensors in a warehouse as accessing websites on our
When manufacturers, retailers, regulators, and
transportation companies have real-time data from sensors imbedded on products,
trucks and ships, everyone in the distribution chain can benefit from insights
that they were previously unable to get. With BIoT, companies and consumers can
also be assured that their most valuable data on the blockchain cannot be