IoT is a network of physical objects containing peripherals and sensors combined with embedded devices connecting with software and transferring the data to other receiver devices through the internet. It is very useful for real-time applications.

Blockchain technology is used to store digital transaction records and their details. Blockchain comprises blocks where they are connected to one another along with their database.

 Another aspect of blockchain is the digital wallet which allows only storing cryptocurrencies so that we can transfer them to another wallet.  This helps to avoid third-party intermediaries. It's secure and faster, Transparent, peer-to-peer transactions. 

If these technologies are combined, there will be secured transactions, which can also be implemented in smart devices. These two emerging technologies hold tremendous potential for the industry

Working:

IoT-integrated smart devices are readily used to implement blockchain technology where the data will be stored in a block & will carry forward to the subsequent blocks. This technique helps to safeguard your data in the blocks. 

This process works under the decentralized process,  for example, sensors send the data to the other IoT devices through the blockchain network and keep the record securely.

Top use cases of IoT-enabled blockchain technology:

The IoT device which is integrated with blockchain technology will have transparency and data security. Some of the real-time use cases are given below:

Freight transportation:

The storage of data starts from Freight arrival time, and shipping status departure time, and these details will be stored in the IoT devices through a blockchain network which helps to prevent freight theft.

Pharmacy:

Medicine is an important thing in the pandemic period but still has issues for the medicine industry to export and import, since blockchain is transparent, it has the ability to monitor every shipment and prevents corruption.

smart homes:

Smart home technology is used to control home appliances. By integrating blockchain technology in smart homes for face and voice recognition, it helps to safeguard appliances in an advanced manner.  

Supply chain management:

Components are essential for manufacturing, the automobile industry, or aircraft. IoT has the ability to track the components and it can be shared with digital ledgers so that all parties can see the shipping details.

  Insurance:

The process of insurance is to manage claims, check fraudulent activities, and check property & if satisfies the agent, then further steps will be taken. So these processes will be stored in a decentralized manner using blockchain technology to secure and manage insurance claims.  

Conclusion:

Blockchain and IoT is a transparent-to-store transaction store digital–ledger that helps with security, and quick data change. Based on my research I found the Blockchain & IoT development company that is a Clarisco provides the solution for your satisfaction.