Since the inception of bitcoin in 2009, blockchain has served as a disruptive technology by crossing almost every industry's boundaries. Blockchain as a distributed ledger technology is now being utilized in all main industries, including retail, insurance, healthcare, life sciences, agriculture, and scientific research.
Blockchain is a technology that duplicates and shares transactions and records through the network system. The transactions in blockchain technology are secured and encrypted, providing transparency and not allowing a third party to access these records or modify them.
First off, What is Blockchain? Blockchain is a decentralized technology that combines with IoT to allow machine-to-machine transactions. It uses a collection of registered transactions, checked by numerous sources in a database and entered into a shared repository spread across each node. The combination of IoT and blockchain provides various potential advantages and makes it possible for a smart device to operate independently without a centralized authority being required. It can also track how devices interact with each other.