Cisco has predicted that One devices and objects will be connected to the internet by 2020, and that with this huge number of connected gadgets all sending, receiving, and processing instructions to turn on, dial down and move up, the sheer amount of data due to come on-stream could come with huge costs. The servers that will handle the data produced not just by users, but by homes and workplaces may buckle under the extra load. This article suggests that in light in this, many 'Internet of Things' companies could use the blockchain in order to prevent these large costs from accruing. Blockchains could be used to provide ledgers to track all the information processed by these devices, which would remove the need for these companies to keep records in more old-fashioned and more costly ways.
Cisco has predicted that 50 billion devices and objects will be connected to the internet by 2020, and that with this huge number of connected gadgets all sending, receiving, and processing instructions to turn on, dial down and move up, the sheer amount of data due to come on-stream could come with huge costs. The servers that will handle the data produced not just by users, but by homes and workplaces may buckle under the extra load. This article suggests that in light in this, many 'Internet of Things' companies could use the blockchain in order to prevent these large costs from accruing. Blockchains could be used to provide ledgers to track all the information processed by these devices, which would remove the need for these companies to keep records in more old-fashioned and more costly ways.