Deloitte, one of the “Big Four” accounting organizations and DLT innovative solutions provider, has recently released a report entitled “IoT powered by Blockchain”, focusing on how the Internet of Things, particularly digital twins, can be combined with Blockchain and its distributed ledger technology, which provides the required security and transparency to serve as a commonly shared platform.
Currently, most information generated within the IoT ecosystem is stored in fragmented data silos. This fragmentation needs to be abolished and replaced by an integrated ledger technology, like the Blockchain, in order to truly leverage the benefits provided by digital twins.
In this report, a newly introduced framework model, the Blockchain-User Interaction Model, is used to demonstrate the requirements and benefits of, and relationships among, stakeholders. Illustrated use cases further support how digital twins benefit from connecting Blockchain technology with crypto hardware.