Figure 1.9 IoT and blockchain in military.

      This planning is critical especially in times of an emergency. Another application is creation of smart bases; this is extensively helping in reducing man power and enhancing security. Here, sensors can be accommodated with everyday operation for better analysis and efficiency. Storing the sensor signals is a challenging task, since most of the military operations are highly confidential and the information, if leaked, may lead to extensive misuse and might become a threat to a nation. If we try to resolve the security issue with the use of blockchain technology, a public blockchain would not be recommended as it is decentralized and can be accessed by multiple nodes, so a private blockchain is the alternative that we turn to, but the security offered by it is not fool proof and thus cannot be 100% relied on [15]. Another application is that of data warfare, this comprises of any data that will be useful to the military ranging from tracking food supplies to keeping track of weather forecast at all times to make sure no operation or mission is planned during an unfavorable weather condition, for example, air defence practice or performance would be scheduled keeping the expected weather under consideration. The military is also required to maintain proper records of data pertaining to equipment availability, training of employed personnel, track of the enemy’s activity allowing them to observe any suspicious activity that may be performed, knowledge about the strength and equipment possessed by the enemy forces, thus on the whole boosting the intelligence and field forces of the military to be prepared and equipped for any possible threat well in advance.

      A suggested application is to attach a sensor onto the solider similar to a RFID (radio frequency identification) which will be extremely beneficial especially during times such as that of war. Even if any solider is martyred or abducted, there will be a better chance to tracking and retrieving the person. It will also allow to monitor the actions undertaking by any solider and to be able to cover all scopes of improvement. However, this is a sphere where deploying IoT will be very money intensive, the scope is very large and so is the required investment. While implementing any such model, budgetary constraints play a major role as a determinant factor. Looking at the changes that have been brought about, we may say that the military sector has undergone considerable advancement and specialization due to the incorporation of these technologies in this sphere. They can now be better equipped and prepared to face various adverse circumstances.

      1.5.6 Information Technology Industry

      In this part, we will be discussing about the IT sector. The information technology industry is also commonly known as the IT industry. It sector is one of the fastest growing sectors in India. It provides employment to major chunk of people in India. The main hubs of IT sector in India are Bangalore, Hyderabad, Gurugram, and Noida. In a cooperate office, the work flow needs to be efficient, fast, and secure. This can be obtained with the combination of blockchain, AI, and IoT, in this mode what we can do is we connect various sensors to make our work more efficient. We will be creating a network of sensors such as light sensors, motion sensor, Bluetooth, and projectors. To make an efficient work flow, we need all these variables under one umbrella. There are various programs that use Bluetooth to share data such as ShareIt and Airdrop. By interconnecting all these networks/nodes, we are creating a data sharing platform. All this data needs to be secure from a third party; this can be achieved using blockchain. For an information technology workspace, we will be using a private blockchain to secure our data from a third party. All the relevant data can only be accessed by the person authorized to. As the private blockchain is governed by a single entity, it is centralized which thereby ensures no access of data is taking place which is unnecessary. In the office environment, since we are adding various sensors such as motion sensors we are ensuring that the lights are automatically switch off when not in use, thus saving a valuable resource. At its very core, we are creating a system that is more secure efficient and user friendly than the existing one.

This model can be extremely helpful when incorporated with the banking sector. Since banks nowadays have undergone digitalization it is highly essential for such critical institutions to maintain highly secure servers. Blockchain can be an example of one such technology which can be used to securely log records in the database. All this can/cannot be encrypted as per the discretion of the bank. This technology has already been utilized in bitcoins and various other crypto currencies. The blockchain can be private or public depending upon the bank and the scope of its usage. The advantage of using public blockchain is that it is decentralized and anyone can view the transaction history creating a transparent platform for banking. Whereas the advantage of using a private block is that we can create a hub of users of only the ones who need to access the data base. The banking sector can incorporate both a public blockchain and private blockchain. The private blockchain can be used internal organization of the bank where as the public blockchain can be used in the customer interface to make the system transparent and make it easier for the customers to trust the bank.

1.6 Observing Economic Growth and Technology’s Impact

      An economy can be understood as a system of exchanging goods and services for monetary value. All countries maintain records of the overall economic activity throughout the course of each financial year. A parameter called as gross domestic product (GDP) is calculated based on certain criterion and formulation carried out by financial experts, this factor is used to determine the development of any country. The developed countries tend to have a higher GDP than that of developing ones. The more the active and working population, the better it is for the economy of that country. Low dependency ratio and a larger portion of the population in the working sector that is between the age of 15 and 64 years that are seen as the active section of population are known as the asset of the country, as the facilitate all productive activities provide goods and services and spend money according to their preferences and needs and thus keep the flow of capital active. Factors that play a role in shaping an economy are population, natural resource, physical capital, human capital, technology, etc [16]. As obtained from critical observation of the economy between 19660 and 1990 points toward several other critical determining factors, some of them are maintenance of law, higher initial schooling, and better life expectancy. Another major sphere that the economy depends upon is the utilization of resources and the flow of money. Industries hold a considerable contribution toward the economy because it is these industries that transform raw materials into useful products and thus add value to them and cater to the needs and demands of the population. Industries at all levels be it product manufacturing or those from the service sector contribute toward the net values.

      IoT’s adoption across industries promises economic returns as it facilitates waste management, both of time and resources. Since it will reduce manpower and upscale production with increased accuracy, the transformation of the product will, in turn, positively impact the monetary flow of the company. The better the quantity and quality, the more flourished will be overseas trade bringing in currencies from across the globe, thus acting as another boost to the economy.