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.