Intelligent Internet of Things (IoT) Data Management with Blockchain

The blockchain data management framework for the open, multi-party, and decentralized industrial & commercial markets. Blockchain has been introduced to support distributed, peer-to-peer (P2P) database in which no single entity maintains data and transactions of the system. Instead, all parties in the network can generate, verify, secure, and share the data with privacy and integrity.

The success of blockchain results in achieving privacy, security, and integrity of data and transactions without relying on a third party. Some important features to support the industrial and commercial markets include data collection, data analytics, visualization, and transaction management, working together with enterprise service systems. Additionally, to support the blockchain data management framework, a communication and computing system platform based on decentralized architecture is also required.

With the complete solution for blockchain data management framework and market mechanism, the local businesses will benefit from the adoption of blockchain technology. The framework can have applications in logistics, transportations, education and healthcare. For example, the logistics industry involves multiple carriers, suppliers, retails, and wholesales. The blockchain framework can be applied to maintain data security and integrity among these parties.

The blockchain is enabling a completely new level of information exchange both within and across industries. As connections are made between blockchain and other emerging technologies, particularly the cloud and automation, the potentials for blockchain to help organizations create and realize new value for businesses are beyond anything imaginable with existing technologies.

Deloitte’s 2018 global blockchain survey of more than 1,000 blockchain-savvy executives globally, is a leading indicator of where blockchain is heading, and the level of innovation and efforts to build scalable enterprise blockchain solutions is exploding. In summary, the survey was conducted across seven countries with total respondents of 1053. The statistics include Canada 103 respondents, United States 284 respondents, United Kingdom 150 respondents, Germany 132 respondents, China 205 respondents, Mexico 103 respondents and France 76 respondents. The figure shows the approximate blockchain investment that these organisations will make in the next calendar year with thirty-nine percent of the respondents commented $5 million or more in blockchain technology. 

The blockchain technology and system helps industry to improve productivity in terms of information management and certainly achieve data security, privacy, and integrity from blockchain. In addition to the Singapore market, the industry collaborators will gain expertise and know-how to package the blockchain data management framework and platform for global markets as well.