What is an important of blockchain technology in Internet of things?

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Step-by-step explanation

Question 
Importance of blockchain technology in the Internet of things
Explanation 
A blockchain is a ledger that involves different parties coming together and trusting each other. It is a type of market that joins people virtually, making it impossible to get each other's data. Therefore using blockchain to store data helps in enhancing security. 
Attackers are not able to get access to this information stored there. It, therefore, helps the IT experts to be able to protect personal data. 
When IT and blockchain integrate, they make it possible to reduce the rate of inefficiencies that people experience in their daily activities. 
The coming together of these different technologies provides a physical basis where it could easily track the raw materials that get mined.

It helps in reducing the costs incurred in enhancing security. The whole ecosystem becomes active at a lower price by automating all transactions and the blockchain steps of processing.
It leads to an increased Speed of making transactions. It is seen when the supply chain makes transactions that have many suppliers, manufacturers, and clients. The blockchain serves as a shared ledger that is shared. At some point, strangers can take away essential data. Therefore, removing the manual procedures and increasing transactions speeds could help solve this challenge.