Application of IoT and Block Chaining for Business Analysis
K. Sheela, M. Mubina Begum, C. Priya · 2022
Internet of Things (IoT) and blockchain technology have their own uniqueness in their methodology. When we consider the collaboration of technologies, IoT and blockchain play an iconic role in our environment. As we know, blockchain provides great security with its distributed and immutable nature. This integration in Business Process Management (BPM) satisfies many key requirements such as scalability, security and openness. IoT devices embedded in blockchain technology exhibits specified functionalities in various application areas such as business, healthcare, ambient assisted living, banking, agriculture and intelligent transportation. This in turn reflects a huge benefit in business analysis where the data can be stored and accessed securely without worrying about the privacy and integrity of the data. Automation can also be promoted with the integration of artificial intelligence with these technologies. Implementation of IoT faces certain challenges in ensuring privacy and security, which can be tackled by blockchain technology. This chapter briefs out the applications of IoT and blockchain for analysis in the business sector.