Blockchain technology is growing at a rapid pace, right along with the Internet of Things (IoT). These two technologies are changing how business on the internet gets done. DATAVERSITY brought this interesting information to our attention in their article, “Blockchain Offers Internet of Things Data Quality and Data Security.”

Blockchain provides data security and data quality at levels not previously achieved. This can be useful, especially as security remains a primary concern for IoT ecosystems, which expose a variety of devices and huge amounts of data to security breaches.

For example, in Japan nearly 50 banks have partnered with Ripple, which is an open source blockchain organization. This alliance enables the use of blockchain technology to provide instant, risk-free transactions at minimal costs. Traditional financial transactions can be quite expensive due to the large number of hacking risks involved. This partnership allows the banks to decrease the processing time of a transaction significantly and reduces associated security costs.

Melody K. Smith

Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.