Interest in simplifying the process of modern life is relevant in all periods of human development. At the current stage, technological progress has led to the advent of the Internet of Things. Demand for technology is constantly growing, which implies certain risks.
Technologically, any risks are primarily associated with data leakage, which is caused by both targeted illegal actions and system failures. The homogeneity of current infrastructures and the lack of full data protection leads to loopholes for fraudsters, which causes significant costs. The IoT sphere contains both advantages and weaknesses, for which for the time being, there was no comprehensive solution. With the advent of blockchain technology, the industry has received a new incentive to develop processes for tracking multi-functional activities through autonomous control and a decentralized concept.
Discussions on the use of blockchain in the field of IoT continue to be led by many experts, while the solution is already on the surface. One of the promising blockchain platforms due to its technological characteristics is Credits, which has recently developed a product based on its blockchain infrastructure, the IBM cloud system, and IBM Watson. The combination of IoT and blockchain is an effective solution to ensure the proper level of safe process automation and increase processing speed.
The IBM Watson infrastructure, IBM cloud system and the Credits blockchain platform have merged as a potential solution. The prototype of the system has proven that it boasts the necessary processing speeds and the storage capacities essential to handle a huge number of transactions related to IoT. In the proposed model, high efficient data collection from sources and consensus reaching provided by the capabilities of the Credits platform allow modern businesses to conduct current processes to the appropriate new level, increasing economic productivity.
The Credits, in conjunction with the IBM cloud system, solve the problem of data manipulation due to the process of hashing and subsequent storage of the hash code on the blockchain platform with its immutability and high-security features. The system is most applicable in retail and logistics chains requiring large user databases.
Interest in blockchain technology is at its height of leading companies, which encourages them to conduct action research in the field. The introduction of an innovative component in the supply chain is an effective answer to the question of security and reliability of supply and transportation processes.
Avoidance of possible losses arising from human or technical factors allows reducing a high percentage of costs. The reputation and profits of logistics and management companies are directly related to the timely and correct delivery of packages.
One of the first companies that will have the opportunity to benefit from the new solution will be LLC Globaltechexport and IVHIMPROM, who were among the first in their field to show a desire to implement blockchain technology. The application allows to identify quality problems in the production process and even automate quality control and certification.
The use of the Credits blockchain for validating metrics obtained from IBM sensors and sharing product quality data with supply chain participants is a vital improvement on existing mechanisms. The current solution, according to the preliminary forecasts, helps to reduce companies’ monthly costs up to 17%.
Jennifer Trelewicz, former IBM Director & present CBO at Credits said,
“I see a lot of potential in implementing projects based on the Credits platform. A project with IBM, a leader in software, cloud technologies, and services, is a rethinking of how modern business practices work. The solution complements IoT and makes it more flawless. As a result, we get maximum value to enterprise clients, leveraging the strengths of all partners to solve complex business issues.”
The key component of such an implementation is the solution to the question of trust between participants in business relations. As a result, the proper execution of transactions and the achievement of the economic goals of the company are ensured.
The usage of blockchain and Credits smart contracts is an opportunity for organizations to automate and simplify current business processes, strengthen partnerships, improve payment systems, and improve results through verifiability and data security.
Partnership for Development
The combined use of blockchain and IoT provided by Credits and IBM helps solve the problems faced by modern healthcare and supply chain companies. The implementation is a phased process leading ultimately to the achievement of a universal and useful solution that is applicable in various industries and is an inevitable process of technological development. This solution fully meets the increased demand for data security and privacy and aims to improve the performance of the private and public sectors.
Disclaimer: This article has not been written by AMBCrypto. Readers are advised to do their due diligence before making any financial decisions.