The use of fog computing for blockchain applications can work wonders in driving the technology forward as both these technologies operate on a decentralized framework for operations.
Although it is currently the era of blockchain 3.0, it has still not become widely popular. Blockchain 3.0 looks to only fix the flaws in the older blockchain framework and doesn’t bring anything new to the technology. But, advanced technologies like artificial intelligence and fog computing for blockchain will usher in a new era for blockchain technology called blockchain 4.0. Blockchain 4.0 will seek to innovate instead of just improving. With features such as the ability to modify the blockchain data without affecting the transparency, mass adoption by businesses and individuals alike, and integration with technologies like AI and fog computing can completely change the way blockchain operates.
Benefits of Fog Computing for Blockchain
The integration of fog computing for blockchain applications capitalizes on the decentralized structure of blockchain technology. With fog computing, a large number of devices can be incorporated in the blockchain framework, vastly improving the productivity of businesses while reducing operating costs.
Heterogenous Devices Connection
Fog computing allows for a distributed node of the network closer to the edge. Fog is faster, lighter, and energy-efficient when compared to cloud computing. With fog computing, the need for a centralized data server is eliminated. Smaller devices such as smartphones, tablets, and various other smart devices can act as nodes on a fog computing network. These devices can thus be incorporated into the blockchain framework. Fog computing for blockchain eliminates the restrictions of traditional cloud computing. Blockchain and cryptocurrency mining is not restricted to high-end desktops and laptops with fog computing technology. This also provides for cross-platform support as devices working on different operating systems can be used in the blockchain framework. Businesses are already leveraging blockchain support on multiple platforms by developing blockchain smartphones.
Customer Rewards System
With fog computing for blockchain, users and businesses can maximize the commercial value of idle digital resources. Businesses can offer token as rewards for users who lease their idle equipment resources such as bandwidth, CPU and GPU, or storage space for the organization’s business processes. Devices can gain different rewards based on the resources contributed by them. As a large number of devices are incorporated in fog computing for the blockchain framework, it provides an opportunity for a large number of users to integrate their devices on the chain. Every idle smartphone, tablet, or other mobile gadgets can be utilized to access blockchain applications. Thus, businesses too can hugely benefit from the availability of a large number of blockchain-enabled IoT devices.
These devices can also serve as a platform to exchange cryptocurrencies between users. Users can easily buy or sell their cryptocurrencies with other users on the blockchain platform. It provides an easier method for trading cryptocurrencies without being dependent on big data service providers. Tokens too can be exchanged for blocks of cryptocurrencies with other users if the user feels the token will go unutilized. Fog computing for blockchain expands the network with the inclusion of devices previously unimaginable benefiting both the consumers as well as businesses.
The use of fog computing for blockchain opens up a whole new dimension for the functioning of the blockchain framework. Leveraging other advanced technologies like big data or artificial intelligence can help blockchain technology in going mainstream. It can completely transform the way internet devices store and transfer data while also bringing significant changes in the cryptocurrency segment.