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A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.

Blockchain and distributed ledgers have a bright future. As real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.

Cloud computing technology allows people to use the digital resources stored in the virtual space by way of networks – often satellite networks. It allows people to share information and applications across the internet without being the restriction of their physical location.

An IoT system consists of sensors/devices which “talk” to the cloud through some kind of connectivity. Once the data gets to the cloud, software processes it and then might decide to perform an action, such as sending an alert or automatically adjusting the sensors/devices without the need for the user.

Big data has been used in the industry to provide customer insights for transparent and simpler products, by analyzing and predicting customer behavior through data derived from social media, GPS-enabled devices, and CCTV footage. The Big Data also allows for better customer retention from insurance companies.

Communicating by using information technology in various ways produces big amounts of data. Such data requires processing and storage. The cloud is an online storage model where data is stored on multiple virtual servers. Big data processing represents a new challenge in computing, especially in cloud computing.

It’s decentralized nature and cryptographic algorithm make it immune to attack. In fact, hacking a Blockchain is close to impossible. In a world where cyber security has become a key issue for personal, corporate, and national security, Blockchain is a potentially revolutionary technology.

The main enabling technology for cloud computing is virtualization. Virtualization software separates a physical computing device into one or more “virtual” devices, each of which can be easily used and managed to perform computing tasks.

Flexibility of work practices

Cloud computing allows employees to be more flexible in their work practices. For example, you have the ability to access data from home, on holiday, or via the commute to and from work (providing you have an internet connection).

Not all IoT devices need an internet connection to function properly. … Connecting it to the internet would give you control over it from outside the local network. An IP camera on the local network can do its job perfectly without a web connection.

As long as the device is able to connect to the internet and has sensors that transmit data, it can be considered an IoT device. Although your smartphone can do both, it’s not an IoT device.