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How Blockchain is Revolutionizing the Internet of Things Industry

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How Blockchain is Revolutionizing the Internet of Things Industry

IoT and Blockchain are the hottest trends in the tech field today. Both of them have been around for some time now, but they are fairly new to many people. The Internet of Things (IoT) is a network of devices, vehicles, and more. These are embedded with sensors and have network connectivity that enable them to exchange data.

On the other hand, Blockchain refers to an online ledger that is used to record transactions across multiple computers. This technology has gained importance due to its ability to control cryptocurrency by making use of smart contracts that execute automatically based on inputs from different parties. Blockchain’s scope extends beyond cryptocurrency markets, cryptocurrency value, etc.

Here’s how Blockchain is disrupting the Internet of Things and becoming more relevant than ever.

The Internet of Things is Becoming a Part of our Lives

In the past decade, the Internet of Things (IoT) has become a part of our lives. It is a trend that shows no sign of slowing down and has been driving innovations in many industries including healthcare, transportation, and manufacturing.

IoT involves connecting everyday objects such as wearables (like Fitbit), smart meters on utility poles for monitoring energy usage, or even your coffee machine at home via Wi-Fi so you can check its status from wherever you are. And these things aren’t just limited to consumer products, they’re everywhere from automobiles that track your driving habits to sensors on bridges that monitor traffic flow across them. The possibilities are endless.

Blockchain Benefits for IoT

Blockchain is a decentralized and distributed ledger that records transactions across many computers. The technology removes the need for a central authority or middleman, resulting in increased transparency and trust. Blockchain can be used in multiple ways with IoT devices to improve security, data accuracy, transactions, ownership rights, and more.

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While blockchain has become well known as the backbone of cryptocurrencies such as Bitcoin. It has much broader applications than just digital currency transactions, as an immutable public record of transactions that are shared among all participants on a network rather than stored on any single server. Blockchain technology offers benefits for business operations ranging from supply chain management to employee management. As one expert put it, “Blockchain is like a spreadsheet magically shared by everyone involved.

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Blockchain-Based IoT Along With Cryptocurrency or Tokenization

This is where the blockchain and cryptocurrency come in. Blockchain technology is used to connect all of the different devices, but it also allows for data to be shared securely with anyone on the network. In this way, a blockchain network can act as an autonomous peer-to-peer system for sharing information and processing transactions between IoT devices.

The second major use case for blockchain technology in IoT is tokenization or crypto tokenization. It refers to using a cryptographic token (cryptocurrency) as an incentive mechanism for securing sensors and other smart devices from hackers or from tampering with their data streams.

One thing that makes IoT networks so vulnerable is that there’s no central authority controlling them. Rather they function more like temporary alliances between users that have agreed upon a protocol/standard among themselves. It means there are always potential threats lurking around every corner when dealing with such systems.

Blockchain Advantages for IoT

The benefits of blockchain technology go beyond a single company or industry. It has the potential to enhance every aspect of our lives. Blockchain is a decentralized technology that allows people to send money around the world without having to go through banks or other financial institutions. It also gives people complete control over their data and digital assets.

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It’s also important to note that there are many different types of blockchains. Some are public while others are private, but all share in common the fact that they use cryptography and digital signatures as part of their security measures and other processes within them (think about how your PIN works at an ATM).

Challenges Faced by IoT Solutions Due to Blockchain

IoT solutions are facing various challenges due to blockchain. Though the technology is in its early stages, some of the IoT solutions are still not ready to adopt blockchain. Some of these challenges include:

  • Security: The security of blockchains is questionable under certain conditions. For example, a hacker can hack into a private key by brute force and gain unauthorized access to your data or funds stored on it. This makes it difficult to implement in IoT as there is no way to ensure the integrity of the information being sent over the network and hence it cannot be trusted completely
  • Scalability: Blockchains have limited throughput because they are based on a decentralized peer-to-peer network. It means there is only so much processing power available at any given time from all nodes combined (the number of computers participating) within that network. This limitation makes them unsuitable for use cases where large volumes need analysis in real-time such as big data analytics or financial transactions etc.

Implementing Blockchain Into Internet of Things Will Revolutionize IoT Industry by Making It More Secured

You can use blockchain to secure IoT devices and the data they produce. By using blockchain, you can ensure that nobody has tampered with your IoT device after it was installed in your smart home. You can also ensure that no one is spying on you through your smart fridge or other smart appliances by putting in cameras.

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Blockchain security measures will protect your transactions, as well as any information exchanged between various devices in a network. For instance, if someone tries to use a fake ID card at a grocery store checkout counter today, chances are good that they won’t be able to fool the cashier. Because there’s not enough room for fraudsters to manufacture new IDs these days thanks partly due to biometric technology being used more widely than ever before.

The IoT industry is still in its infancy and has a long way to go before it can reach its full potential. You can make your predictions about the future, but one thing is certain: Blockchain will play an important role in how connected devices interact with each other, and vice versa.

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Old Navy to drop NFTs in July 4th promo update

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Old Navy to drop NFTs in July 4th promo update

Old Navy will update its yearly Fourth of July promotions by saluting the metaverse with an NFT drop, going live June 29.

In honor of the year they were founded, the retailer will release 1,994 common NFTs, each selling for $0.94. The NFTs will feature the iconic Magic the Dog and t include a promo code for customers to claim an Old Navy t-shirt at Old Navy locations or online.

“This launch is Old Navy’s first activation in web3 or with NFTs,” an Old Navy spokesperson told MarTech. “As a brand rooted in democratization and inclusivity, it was essential that we provide access and education for all with the launch of our first NFT collection. We want all our customers, whether they have experience with web3, to be able to learn and participate in this activation.”

Accessible and user-friendly. Any customer can participate by visiting a page off of Old Navy’s home site, where they’ll find step-by-step instructions.

There will also be an auction for a unique one-of-one NFT. All proceeds for the NFT and shirt sales go to Old Navy’s longtime charitable partner, Boys & Girls Clubs of America.

Additionally, 10% of NFT resales on the secondary market will also go to Boys & Girls Clubs.

Support. This activation is supported by Sweet, who’s played a major role in campaigns for other early NFT adopters like Burger King.

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The Old Navy NFTs will be minted on the Tezos blockchain, known for its low carbon footprint.

“This is Old Navy’s first time playing in the web3 space, and we are using the launch of our first NFT collection to test and learn,” said Old Navy’s spokesperson. “We’re excited to enable our customers with a new way to engage with our iconic brand and hero offerings and look forward to exploring additional consumer activations in web3 in the future.”

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Read next: 4 key strategies for NFT brand launches

Why we care. Macy’s also announced an NFT promotion timed to their fireworks show. This one will award one of 10,000 NFTs to those who join their Discord server.

Old Navy, in contrast, is keeping customers closer to their owned channels, and not funneling customers to Discord. Old Navy consumers who don’t have an NFT wallet can sign up through Sweet to purchase and bid on NFTs.

While Macy’s has done previous web3 promotions, this is Old Navy’s first. They’ve aligned a charity partner, brand tradition and concern for the environment with a solid first crack at crypto.


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About The Author

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

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