Blockchain is a public **** database (or public **** ledger) formed based on blockchain technology.
Blockchain can add an additional layer of accountability and security to IoT data and be a future enabler of IoT efficiency, scalability and standardization. It can also serve as an enabler for IoT applications such as supply chain track and trace. In healthcare, for example, blockchain-enabled IoT devices will allow patients to control access to data collected by those devices.
The technology would make the devices more resilient to cyberattacks and provide a detailed record of when another party accessed the data. In the supply chain, blockchain-based systems, supported by smart contracts, can automate payments based on specific conditions measured by IoT sensors.
Blockchain Knowledge Points
The main advantages of blockchain technology in the financial sector disintermediation and great cost reductions, first of all the financial sector is currently required to conduct layers of audits to control financial risks due to preventing single point of failure and systemic risks, but this also results in high internal costs.
And because of the ever-increasing number of regulations, especially the financial crisis of 2008, which led to an ever-increasing threshold of financial control, and the war on terror, which led to the scope of anti-money laundering and counter-terrorism financing, the breadth and depth of regulation has gradually expanded, leading to a sharp increase in the cost of regulation of the entire financial system.