Fridges that re-order more of your favourite yoghurt or connected cars are just two examples of the use of internet of things (IoT) – everyday gadgets and appliances with simple computing installed that allows them to make transactions via the net.
At the moment IoT devices do not operate on the blockchain, but thanks to the transparency and security the technology offers, consumers would trust such devices more, according to Pilar Santamaria, CTO and VP Innovation at Dell EMC.
Smart contracts, a key component of the blockchain, enable transactions without involving third parties. Santamaria says this will allow users to reduce bureaucratic overheads.
She sees blockchain more as adding value and co-existing with currents systems rather than replacing them. She also says that it encourages a more customer-centric attitude.