Applying the blockchain concept to the world of IoT offers fascinating possibilities.
Blockchain has been under-rated since innovated. But its future, with regard to investments, use-cases and startups, is bright and promising. LTP has always been at the forefront, hiding every update of financial space. Assets of real-world can be linked to the blockchain and traded digitally in numerous ways. Yet, the best non-financial use case of blockchain is its application in IoT.
According to a paper by IBM, “Applying the blockchain concept to the world of IoT (Internet of Things) offers fascinating possibilities. Right from the time a product completes final assembly, it can be registered by the manufacturer into a universal blockchain representing its beginning of life. Once sold, a dealer or end customer can register it to a regional blockchain (a community, city or state). By creating and matching the supply and demand for physical assets in real time, the IoT will create new marketplaces“
Blockchain has variety of applications for IoT and smart systems. When linked with Internet of Things, the concept of blockchain paves way for inventions. Blockchain technology can be used in investigating the history of individual devices. It may be used for transactions and coordination between participating devices. The technology lead to independence of IoT devices by recording the ledger of data exchanges between devices, services and human users, and by enabling them to conduct transactions.
Reputed technology firms and startups are investigating multiple ways of using these use cases. They are investing extensively to research all possible solutions that the technology could be leveraged into. The main aim of these use-cases is to link the home network to the cloud and electrical devices nearby (home automation). Some of these firms are:
IBM is one of the earliest companies to announce prospection of blockchain. It has developed multifarious partnerships at every stage proving their interest in blockchain. It has published a report claiming blockchain as an elegant solution for the IoT. In January 2015, it revealed a proof-of-concept for ADEPT, a research project for IoT using P2P blockchain technology. It has also partnered with Samsung for establishing a proof-of-concept system for the next generation of the IoT. The system will be based on IBM’S ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry). The ADEPT platform consists of three elements: Etherum, Telehash and BitTorrent. With the platform, both the companies wish to innovate a set of devices which can automatically signal operational problems and retrieve software updates without any human intervention. These devices will also have the ability to communicate with other neighbouring devices in order to facilitate battery powering and energy efficiency.
The company brought up a sensor device TAP which enables the deployment of a secure, all-range wireless network in seconds. The device can directly communicate to another TAP device at up to 10 miles, and can connect directly to a phone, tablet, or computer. The company is extending operations on its blockchain-based Technology Stack. Blockchain technology allows Filament devices to transact and enable smart contracts ensuring the trust in transactions independently. Founded in 2012, the company recently raised $5 M in Series A funding which was led by Bullpen Capital, Verizon Ventures and Samsung Ventures.
- Ken Code – e plug
ePlug is a Ken Codeproduct. According to a white paper by Ken Code, ‘ePlug is a tiny circuit board that resides inside “ePlug-certified” electrical outlets and light switches’. The product has a wide expanse of options for Meshnet, distributed computing, end-to-end data encryption, dead zone-free Wi-Fi, timer, USB ports, temperature, touch, light and motion sensors for safety and security, and LEDs for notifications and night lighting. The product uses blockchain-based login to ensure security. Upon entering the correct Internet address/URL, the ePlug owner will be presented with a login screen. Initially, blockchain platforms such as OneName.io and KeyBase.io will be used for ID authentication and access to the ePlug.
The company has successfully designed a micropayments platform. Tilepay is a decentralized payment system based on the bitcoin blockchain. It can be downloaded to a user’s personal computer, laptop or mobile phone. Every IoT device will have a unique authentication token that can accept payments via blockchain technology.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.