Blockchain with Internet of Things can accelerate economic development

Blockchain as a backbone with Connected things on Internet can be effectively used with other Blockchain based application to establish a true democracy in this world. Democracy is a base for overall development. With a true democracy established with corruption-free governments, IoT and Blockchain technologies are offering numerous opportunities to solve the practical issues in transforming low income population of this world into a progressing and developing force.

Today, the challenges involved in producing a product, delivering a service and exchanging values are related to raising capital, access to technology, access to loans, fulfilling the regulatory/environmental requirements, managing resources, handling the supply-chain or logistics, handling other factors like natural or man-made disasters, macro-economic factors and extreme inequalities.

Having smartthings or devices available on the internet and possibilities of all the combinations of interactions like things and things, things and systems and things and humans from IoT along with the features like decentralization, immutability, autonomous, distributed ledger, cryptographic security, private key based access and smart contracts from Blockchain, provide opportunities to build cost effective, secured, trustful, easy to use, simple, meaningful and realistic solutions to handle the challenges effectively.

Corruption free voting system by the combination of smart voting machines and digital identity/ authentication based on Blockchain based solution is the primary achievement to conduct an in-expensive and transparent elections to establish democracy.

IoT and Blockchain based citizen information and identification/authentication system and transparent government welfare execution systems help to create an ecosystem where poor, under developing and developing population get access to information, capital, technology and loans that creates an ecosystem of entrepreneurship for developments.

IoT and Blockchain based investment platform can bring the investors from all part of the world to invest with confidence and trusts. Distributed cloud storage, smart contracts, secured remote access and crypto tokens established on the Blockchain system can help to build a successful entrepreneurial ecosystem that will help economic development which is one of the core base for social development.

As we know that the Internet and Mobile are revolutionary technologies, Today IoT with Blockchain are in the same line and complementing with these technologies contributes to the next level of overall social economic development.

IoT offers to build intelligence in Edge side with Machine Learning, Artificial Intelligence and Analytics. This intelligence helps to build numerous applications that will help to cut cost, bring accuracy, cut wastage, offer quality and build efficiency. The combination of these capabilities of IoT and Blockchain can make it affordable for a under developed and developing population that will help for economic development that will offer social benefits.

As we have seen here IoT and Blockchain based applications can be built in all kinds of areas from public to private, government to non-government, s and Agriculture to Space. This requires a robust platform with all necessary components with expertise consultation and vast use case sample implementations to quickly build any kind of IoT and IoT on Blockchain applications.

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