As everyone knows there is no such frontier to blockchain technology for giving birth to ever constant technological progress. This Continuous advancement of technology has been being one of the most important endeavors so far and bettering the way we live our lives.
Blockchain, the Irrevocable technology having its flag of victory in various industries. Following that the real estate is on the next move, that is the combo of blockchain and smart home with the internet of things seems to be an upliftment to our standard of living.
Obviously, in the next few years blockchain will be a dominant factor of all the business development in the world. In this 21 century everything is digitalized and we also more capable of handling smart devices. Although blockchain is associated with cryptocurrency Now it becomes a flexible platform to operate your house with smart appliances.
It is important to understand how Blockchain Can improve Smart Home, Let us get into the topic.
What is Smart Home
Smart Home is referred to as a residence or a modern home, where appliances and devices can be controlled by an owner remotely from anywhere in the world with an internet connection using any smart devices like mobile or laptop.
In 2016, the global home automation market was estimated at about $16 million. But by 2020, the market could be expected to reach about $80 billion, due to the adoption of internet-enabled devices.
Usually, the signals convey commands to the corresponding devices such as when and how the device should operate. Knowing its beneficiaries, companies including Amazon, Apple, and Google have released their own Smart product like Amazon Echo, Apple HomeKit and Google Home.
List of Smart Home Technologies
Smart Tv - can control video and music, which also include voice and gesture recognition.
Smart lighting - Detect and adjust lighting when occupants are in the room.
Smart thermostats - monitor and remotely control the home temperature. Also, learn the homeowner's behavior and provide comfort and efficiency.
Smart locks - detect when residents are near then lock and unlock the doors for them.
Smart Security Cameras - monitor the home and the smart motion sensor to identify the difference between residents, pets, and burglars. If it found any suspicious activities then notify authorities.
IoT In Smart Home
IoT or Internet of Things, an interconnection of physical things that can be accessed through the Internet.
In this Modern busy lifestyle, IoT is widely deployed in smart homes to automate various home tasks. Moreover, the survey in the US also reported that more than 50% population ready to spend $500 on Smart hone devices and appliances.
Even though we have a powerful IoT Technology that promises a lot of conveniences to end-users, the security, and privacy making a concern here. Do you remember the Wannacry ransomware attack that happened in 2017, it is obvious that IoT devices are being an opportunity for hackers to attack.
Challenges of IoT adoption in Smart Home
Lack of Standardization
Data Security Issues
Data Storage and Ownership issues
Return On Investment
Lack of Privacy
Technical Issues like maintenance and workload
How Blockchain helps IoT Challenges
Due to data tampering, Several Smart home companies believing that Blockchain could be the future of Smart home.
Blockchain Technology has the potential to offer a solution for security issues in IoT. No one needs to worry about data hack and data compromise as Blockchain provides a more dynamic range of automated profiles.
In technical, Blockchain is a decentralized platform and thus the smart home is enabled with a smart hub. This solution allows smart appliances data to be stored on the blockchain. A Unique identifier will be sent to each device and the user will receive a private key that will be accessible through their smartphones.
With that private key users can store preset configuration and can securely access via a blockchain ledger. Thus, embedding blockchain in the IoT system will bring much more secure and sophisticated use cases in the automation industry.
Benefits of Blockchain in IoT
High Security and trust
Increase Data Integrity
No third party intervention
Features of Blockchain in Smart Home Software:
Peer to Peer Transmission
Peer to peer network is a decentralized platform that allows connected computers to receive and send data simultaneously. Hence the uninvolvement of the third party ensures high security with its transmission strategy.
Providing a fully automated process reduces the manual process and streamline the operations. Blockchain technology and smart contracts eliminate the need of middleman to verify transactions, enforce contracts and perform background checks.
Get an Impressive dashboard with the following features such as completed repairs, total damage, parts, amount and status like leak resolved, pending insurer action which helps owners to track their transaction status.
Pop Up Message notification will be sent to everyone who involved in the transaction, even though if there are any issues in the transaction.
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