Leveraging IoT and Blockchain Technology
interact with DLT using protocols such as IoTex ’ s
W3bstream . Through IoT and its capabilities , the existence of smart cities , with smart harbors , allows for massive operational improvements . The information gained from IoT devices used in cities will also contribute to the adoption , efficiency , and efficacy of the metaverse . As more operable data from the physical world crosses into the digital , Ahoy will help usher in an era when assets , resources , and services can be tracked across both sides of this technological reality .
Distributed Ledger Technology ( DLT ) is an infrastructure and protocol that allows the secure functioning of decentralized digital databases . DLT is managed by multiple participants , across multiple nodes . Through DLT , records can be validated , updated , and simultaneously accessed by users across networks that span multiple entities or locations . DLTs allow for automation , replacing the need for slow central control , and accurately approving the process . Even more important is the removal of a single point of failure through decentralization . These capabilities allow for efficient , transparent P2P sharing ( blockchain is one type of DLT ).
Decentralized networks remove the need for protection by central governing authorities because all copies across the network would need to be manipulated simultaneously for a cyber-attack to be successful . In the case of risk management for nautical vessels , DLT ensures streamlined , tamper-free record insurance contracts and other record-keeping use cases such as storing and exchanging ownership records . A boat ’ s NFT can log the Builder ’ s Certificate , the MSO ( Manufacturers ’ Statement of Origin ), Engine Serial Numbers , and even the original paint used on the hull for later use in the network . This technology ’ s potential is already being rolled out to help track regulatory matters by agencies such as the California Department of Motor Vehicles . 10
Blockchain is a type of DLT where transactions are recorded with an immutable cryptographic signature called a hash . As the name suggests , blockchain is a new type of network that can execute transactional data , storing the information of these transactions in immutable blocks .
These individual blocks are linked together in a cryptographic chain with every block containing the hash of the block before . First developed for Bitcoin , blockchain keeps an immutable record of transactions by assigning each “ block ” of transactions a cryptographic signature known as a hash . Once finalized , that hash gets added to the chain . Each block contains a timestamp and detailed transaction data that cannot be altered without the adjustment of all subsequent blocks . Due to this interconnectivity between blocks , data manipulation , which is considered malicious behavior in the context of blockchain , can easily be identified .
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80 April 2023