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Assalamualaikum steemians
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How are you? Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah...
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Crypto enabled IoT devices is my today's topic to share in which I am going to discuss about their benefits and associated challanges.
.jpg)[Source](https://pixabay.com/photos/bitcoin-business-money-currency-4647175/)
Integration of cryptocurrency and Internet of Things is that technology which has given more enhancement to new generation of devices
which are crypto enabled IoT devices. These are some devices which have combined benefits of blockchain and crypto with functions of IoT so it is going to enable more secure, decentralized, and autonomous interactions.
Now I am going to talk about some of examples of crypto enabled IoT devices and these are;
- Smart home appliances which can autonomously transfers order and give payment for them by usage of cryptocurrency.
- There are some of the industrial machines which can transmit data and receive payments in most safest and secure way for rendered services.
- There are some wearable devices which are rewarding users with crypto for achievement of fitness aims.
- There are some autonomous vehicles which may transfer value for services and data in most secure and efficient way.
There are some of the benefits of crypto enabled IoT devices which are;
- Secure data transformation and storing by the usage of blockchain technology.
- Decentralized and autonomous decision making without need of any central authority or intermediate entities.
- Incentivizing and reward mechanism by use of cryptocurrency.
- One of the most efficient and secure processing of transactions.
- Enhanced level of security and privacy.
- More enhanced efficiency and automation.
[Source](https://pixabay.com/illustrations/bitcoin-crypto-cryptocurrency-7242132/)
If I talk about some of the challenges and limitations then they include;
- Issues related to scalability in a blockchain technology.
- Regulatory and legal uncertainty.
- Risks related to security and potential vulnerabilities.
- Interoperability related challenges in between different blockchains.
- High power consumption and environmental effects.
- Restricted level of awareness and understandability of technology.
As we know that technology is going to be advanced then we may expect in seeing diverse adoption of crypto enabled IoT devices in multiple industries which may lead to enhanced efficiency, security, and innovation.If I talk about manufacturers and developers then these are already searching potential of crypto enabled IoT devices in multiple sectors so it includes Industrial automation,smart cities,Healthcare,Supply chain management,Consumer electronics etc.
In my final words I want to say that crypto enabled IoT devices are representing a potential leap forward in integrity of blockchain and IoT technology but drawbacks or challenges will still remain, potential benefits of secure, decentralized, and autonomous interactions are making this technology one of most exciting and promising development in world of internet of things.
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Thanks
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