The merging of blockchain technologies with the long-foretold Internet of Things resolves security concerns in a hyper-connected world, according to Amit Sharma, vice president and digital head of Indian technology solutions firm Tech Mahindra.
Data protection and privacy issues are often cited as a major roadblock to the complete adoption of an Internet of Things (IoT). But one solution comes in the form of a blockchain, which is a highly-secure and auditable form of data storage originally conceived for digital currencies.
“Sooner rather than later, blockchain and IoT will converge. And the cryptographic algorithms being used by Blockchain will obviously help us to protect this data,” Sharma, who directs and coordinates Tech Mahindra’s innovative business development activities, told “Squawk Box” on Wednesday.
This technology would give businesses a lock and key to data.
“We believe best is to give control to customers. So they can modulate their data and they would have clarity as to what to share and what not to share with the third-party service providers,” Sharma said.
Prototypes and discussions about this convergence are already happening between the ecosystem partners, and Sharma said it will be a matter of months before businesses can use this technology.
The idea of combining a blockchain with IoT solutions is not a new one — CNBC reported on studies to that effect in 2014 — but the likelihood of such an implementation appears to be nearing.
Despite concerns over how much people are willing to let technology into their lives, Sharma said that the digitally native, post-millennial Generation Z would be more open to sharing data.
Sharma, however, added that we “[would] have to wait for another four or five years when the Generation Z is more equipped and they’re ready to experience all of what is getting created.”