How is the IoT affected by Bitcoin

The IoT is taking over more and more of our lives, but very few of us truly know what this stands for or what it could mean for our futures. Bitcoin and the relevant Altcoins have taken the world by storm, with consistent buzz around price changes and as leading trading platform eToro launch USA activity and dominate the current news, there’s no denying that the future is looking bright for cryptocurrencies as we know them. With plans to expand its cryptocurrency capabilities and bring crypto offering to the U.S. market, eToro plan to add more coins over the coming months in addition to the ten cryptocurrencies currently on offer. However, for those of us who are a little apprehensive about stepping into the digital coin limelight,there’s no need to panic – we aren’t missing out completely! In fact, IoT and oursmart home technology could benefit the most from these new technologies, and here’s how.

What Is Blockchain Technology?

We’ve spoken a lot about cryptocurrencies, but it’s not actually this form of payment that could change how we interact with our smart home technologies. In fact, it’s the technology that these coins operate from that we’re going to focus on now and this technology is called blockchain.

Blockchain technology is essentially a form of ledger that cryptocurrencies operate within. This chain of blocks contains a full history of every transaction that has ever taken place with a certain cryptocurrency and makes this information available to absolutely anyone with access to the network. What’s more, this ‘chain’ is hosted across a network of nodes without the need for any third party hosting or interference. It’s private, decentralised, and most importantly in this case, not part of an online system.

Convenience

So, we know what blockchain is and now poses the question as to just how this could further improve our smart home technology as we know it. Well, one of the biggest perks that blockchain within smart technology can provide is simply convenience. By providing a decentralised network that links every piece of technology within your home to one another, this can improve integration and ensure that information is shared across each one. A single phrase or triggered sensor can launch multiple pieces of technology into action depending on what is needed at any one time, preventing users from needing to utter multiple phrases or use more than a single app.

Increased Security

If there is any one thing that is stopping a lot of people from investing in smart home technology, it’s the simple fact that security isn’t necessarily the most well-developed of things as of yet as far as IoT is concerned. Just like any other internet-based technology, smart home tech is prone to hacking and malware and after investing in these fairly high-ticket buys, very few are willing to take that risk.

However, blockchain takes a smart home network and takes it offline. By connecting each piece of tech to each other, you can form your very own network without the need for the internet or a third-party hosting service to make these ‘smart’ things happen. Instead, each home could have its own form of blockchain with their tech essentially hosting itself. This way, there is an extremely low chance of malware or hacking, thus protecting your home network.

The IoT and cryptocurrencies have been changing the way we live as of late and together they have the potential to revolutionise our everyday home lives. What do you think could happen in the future?

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