The Internet of Things (IoT) and cryptocurrency like Bitcoins are two of the most popular developments in the technological sphere. Both these technologies have revolutionized numerous aspects of life in their own ways. Of late, it has been discovered that when these two amazing concepts are combined, miracles can happen.
What is Bitcoin?
Bitcoin is one of the first cryptocurrencies to be discovered. It is an open-source platform that allows transactions in the absence of a centralized controlling entity and works on blockchain technology. It can be said that bitcoin is “programmable money” and with constant developments, it can soon revolutionize the financial infrastructure.
To know more about Bitcoins, visit the official site
What is IoT?
Numerous physical devices around the globe are now connected to the internet and aid in the collection and sharing of data. This technology is known as the Internet of Things (IoT). Due to the easy availability of computer chips and wireless networks, everything can now become a part of the IoT, ranging from a tiny pill to a big airplane. The devices in IoT can communicate with each other without the involvement of a real human being. The world is a whole lot smarter and more responsive due to IoT technology.
Convergence of IoT and Bitcoin
For any transaction to take place, establishing a secure environment is one of the most important things. Point of Sales has to be maintained in order to increase the value of Bitcoins within the financial infrastructure. Point of Sales aid in the easy exchange of currencies with the help of the internet. Assisted by programming and connectivity with the physical world and online interpretations, these points of sale can increase the effectiveness of any currency.
Simple day-to-day activities such as fuelling your car, getting groceries, or loading detergent into your washing machine can be accomplished by the combined use of IoT and Bitcoins.
Human interaction in such simple procedures is greatly reduced as there is no need to send out physical currency to accomplish such tasks. Integrate your devices with the internet and enable transactions through cryptocurrency like bitcoins.
Needless to say, IoT has greatly bettered the prospects of use of bitcoins in small-screen personalized uses. Even for businesses, IoT can aid in the seamless handling of data and the proper utilization of blockchain technology. While IoT can continuously send and receive data from various devices, the centralized network for IoT is not the most secure in nature. On the other hand, blockchain technologies like bitcoins have a highly secure network. Therefore, incorporating IoT with Bitcoins makes the entire process of data transfer extremely secure and efficient at the same time.
Moreover, IoT botnets can help users to mine cryptocurrency with the help of hashing power of your computer. It is important to bear in mind that the greater your computer’s processing capacity, the greater is its hashing power which can help you in acquiring cryptocurrency like Bitcoins. In order to acquire significant units of cryptocurrency, several people need to mine at once and IoT helps in simplifying the entire process by eliminating the need for human interference in the procedure. However, the downside of this technology is that due to large-scale mining, the values of cryptocurrency can change dramatically and this gives rise to an unstable cryptocurrency economy.
The concept of incorporating IoT into Bitcoin and other cryptocurrencies is complex in nature and there is still a lot of technological development necessary to make it easily accessible. With the advancement of Artificial Intelligence (AI) and Machine Learning applications, it is anticipated that the world as we see it today will be greatly digitized in the future. There is also a need to develop laws and regulations all across the globe with respect to such technologies in order to prevent misuse of the same. It is exciting to see how advanced the industries of today will be in the future.