In today’s continuously developing digital environment, the Internet of Things (IoT) and blockchain technologies continue to transform smart homes. IoT has already touched our lives regarding how we control and live in our homes through internet-connected thermostats, lights, and even appliances that can dialog and take responses.

Blockchain technology, initially conceived to assist with executing cryptocurrencies, has stronger security, transparency, and decentralization qualities than IoT. When these two revolutionary technologies are integrated, future homes will be more intelligent, safer, self-governing, and consumer-oriented.

Thus, it is important to raise the possibility of projects that can be built to employ IoT and blockchain in smart homes to discover new ideas and the advantages of these applications. Let’s explore them:

IoT in Smart Homes

IoT in Smart Home iStock

The Internet of Things (IoT) can be described as a system of interconnected objects that can communicate with each other and with other systems to acquire and transmit data to perform a particular function. In smart homes, devices like watches, sensors, cameras, and smart appliances communicate over the internet to manage and enhance the home environment. For lights, security, temperature, and entertainment units, IoT makes it possible to operate these from a distance, often through the phone or voice prompts.

Blockchain in Smart Homes

Blockchain is an electronic database that can distribute records among linked computers in a manner that makes them challenging to alter. Blockchain has the potential to be used in smart homes to protect IoT systems from hackers and ownership and provide decentralized energy management and transparent transactions. Apart from the above benefits related to home automation, it is important to note that, because of blockchain technology, smart homes receive extra layers of security, management, and responsibility.

Possible IoT and Blockchain Smart Home Applications

Possible IoT and Blockchain Smart Home Applications iStock

1. Decentralized Home Security System

There is only one major issue linked to smart homes—their security. This includes situations where IoT devices can be easily hacked, as often happens to those centralized through specific servers.

A decentralized home security system developed with IoT and blockchain technologies can prevent the following risks.

In this system:

• IoT sensors: Door and window sensors, motion detectors, and even security cameras gather real-time data.
• Blockchain network: It is noteworthy that the data is stored in multiple nodes in blockchain format, so the violation of the system is practically impossible.
• Decentralized access control: With one service provider managing the smart home, homeowners would decide who has access codes to their security systems. This authority is provided through smart contracts and software applications that execute coded commands when certain conditions are triggered (for instance, unlocking a door in response to an owner’s biometric data).

This project enhances security and privacy, as personal data do not have to pass through third-party services.

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2. Fundamentally, the Smart Energy Management System

Energy consumption management is an important aspect of smart homes, where sustainability initiatives drive innovation. IoT sensors can keep track of the energy consumption of devices, bulbs, and heating systems, while blockchain brings decentralized, P2P energy trading systems into residential homes.

A potential project would involve:

• IoT energy monitors: These are installed on high-load appliances, including HVAC systems, refrigerators, water heaters, and other appliances, to monitor energy consumption in real time.
• Blockchain-based energy trading: Householders can sell generated excess power from rooftop solar panels to their neighbors with the help of peer-to-peer blockchain-based smart contracts.
• Decentralized grid: Rather than having an energy provider in the middle, the blockchain allows users to handle energy and its distribution independently to the areas that require it and at a fair price.

This project could significantly minimize the expenses associated with producing energy from non-renewable sources and promote the use of green energy in residential areas.

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3. Smart Home Automation Using Blockchain

Home automation is the use of Internet of Things technology to control various aspects of a home, such as lighting and entertainment. When blockchain is incorporated, these automations can be more secure and transparent.

This domain’s project could involve:

• Smart contracts: These could be used to automate home routines such as waking up, preparing coffee, preparing meals, etc. For example, a smart contract could be created to ensure that all lights are off and doors are locked once there is no movement in the house after a certain time interval.
• Blockchain registry: Every IoT gadget in the home could be addressed on the blockchain, maintaining a clear record of their use, who owns them, and the type of permission granted.
• Token-based system: Homeowners could decide to implement the token system, which would allow households to use tokens only to access certain features. For example, a guest or cleaner could be issued one-time tokens to open a door or switch lights in certain rooms.

The IoT is coordinated with blockchain to balance efficiency and security. That way, uncontrolled automation can be achieved, but hacking or misuse cannot.

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4. Smart Lock System as an Embedded Structure

The other significant potential project is in smart lock decentralization. Old-school smart locks require cloud computing, which hackers can penetrate. Blockchain systems would eliminate the use of third-party servers to increase security in an entry system for smart homes.

The primary characteristics of such a project are the following:

• IoT smart locks: IoT-enabled locks can be incorporated in doors, windows, and now cabinets.
• Blockchain-based authentication: Individual access permissions would be recorded on a distributed blockchain ledger rather than a cloud server, which would be far more difficult for hackers to manipulate or circumvent.
• Smart contracts: These contracts can allow certain folks (homeowners, friends, workers) in at certain times, giving complete control over who is permitted to enter the home.

The system is highly secured through decentralization, while the smart contracts provision enables granular access control.

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5. A Distinguished Decentralized Property Management System

First, owners of smart homes or apartments may face numerous challenges when managing the property, especially when dealing with multiple tenants.

Blockchain can streamline the process through a decentralized property management system by:

• Smart contracts: Smart contracts help to manage the lease agreements, or, in other words, rent payments. After you sign a contract, the payments and renewal can be processed automatically without the need for any influence.
• Decentralized access: Tenants could also program blockchain to allow smart home amenities, including door unlocking, temperature regulation, and appliance activation, all without the need for a central management application.
• Immutable records: Everything that happens with a tenant—maintenance issues, payments, security deposits—could be stored on the blockchain and be immutable and secure.

This kind of project is especially beneficial for real estate management, as it involves managing many occupants and leases simultaneously.

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Douglas Elliman is among the largest property management firms in New York City iStock

6. The Internet of Things and Blockchain for Home Insurance

Smart home devices can garner much information about how a specific home is utilized. This information can be more beneficial for the insurance company as it offers an exact picture of current risks connected with the property.

A blockchain-enabled IoT insurance project could involve:

• IoT risk monitoring: Such devices may include a smoke detector, water leak sensor, and security systems that may all positively monitor for possible dangers at all materials.
• Blockchain ledger: Information gathered by such devices can be stored in a blockchain to produce a chronology of events in the home and indicate safety measures in place and risks.
• Smart contracts: In theory, insurance policies could be encoded under smart contracts, which entail specific conditions that, once met (e.g., a water leak or fire), automatically initiate claims and release payments based on the evidence gathered by the IoT sensors.

Therefore, this project has the potential to enhance an efficient, intelligent, and effective insurance system by integrating IoT and blockchain.

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7. Smart Waste Management System

Waste disposal is one of smart homes' most crucial yet often overlooked aspects. IoT devices help improve the effectiveness of waste collection and disposal, while blockchain monitors the overall process.

A smart waste management project could involve:

• IoT waste sensors: Self-organizing rubbish bins could be equipped with sensors similar to those in self-organizing bins, which could sense when the bin is full and order a pick-up.
• Blockchain tracking: It could be utilized to capture waste disposal transactions in appropriately treating and recycling waste.
• Incentive programs: These solutions will likely open the door to using blockchain. For example, local governments or companies handling waste disposal could offer tokens or incentives, such as bonuses, to households that recycle their waste correctly or generate little or no waste.

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Guest Writer: Harikrishna KundariyaBiography:- Harikrishna Kundariya, a marketer, developer, IoT, Cloud & AWS savvy, co-founder, and Director of eSparkBiz Technologies. His 15+ years of experience enables him to provide digital solutions to new start-ups based on IoT and SaaS applications.