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Preparing the Blockchain for the Internet of Things

 

These days, beyond using the Blockchain to transform the way we look at and use money, one of the biggest pushes in the industry is to be able to use it to enable the Internet of Things.

 

If you’re not already aware of exactly what the Internet of Things is, take a moment to first think about the special abilities that having wireless internet has given our appliances.

 

We’ve seen reports on washing machines, televisions, and many more items being able to talk to each other over the internet and improve, based on how we use them.

 

The catch is, they can’t quite do this at scale yet. In other words, the Internet of Things hasn’t quite reached a point where it can support the myriad number of devices all talking to each other consistently, every day.

 

When this does happen, business professionals, especially those who work closely with IoT and Blockchain related projects, believe that we will have truly created a physical internet of value.

 

According to a report on the subject by Coindesk, the rise of the IoT would also mean that the ways that we transact with each other as well as with our devices, would change in a fashion which we cannot yet understand.

 

While the Blockchain is considered by some as being a way to facilitate this major shift, apparent disagreements in the teams that are working are such projects are keeping this shift at bay.

 

Judging by the same report by Coindesk which was previously mentioned, the biggest of these disagreements is exactly how devices with internet access should be tied to Blockchains.

 

To examine the possibilities of this implementation, they have used the key example of cars.

 

While many of us have heard of the concept of tying different kinds of identities including those of things to the Blockchain, a company called Riddle & Code has suggested that some industry professionals believe that a car battery could become a transactional system in and of itself.

 

In the context of the IOT and the Blockchain, this could mean that car batteries could trade percentages of their stored power amongst each other and therefore, eventually establish a special, secondary power market in this way.

 

On the other hand, companies like Deloitte, which runs its own Blockchain wing called the Blockchain Institute, have their own different ideas about how the Blockchain should be implemented in automobiles.

 

What they have concluded is that given that the Blockchain already enables quick, micro transactions through Cryptocurrency wallets, then the easiest way to connect cars to the Internet of Things involves the Blockchain.

 

More specifically, it’s been suggested that the best way would involve giving each car multiple Cryptocurrency wallets.

 

How this might come to be is that the engine, the battery, and several other parts of the car could all have their own dedicated wallets so that they could communicate with each other, as well as with other cars that have Cryptocurrency wallets.

 

In this way, every car that is connected like this could learn how to improve its overall quality through how it is used over certain periods of time. Furthermore, higher performing cars could stand as the examples to follow for lower performing cars.

 

All in all, it will be some time before any of this comes to pass, given that the Blockchain has not even technically been around for a decade and the Internet of Things is mostly a set of goals and ideas to be implemented later.

 

Even so, with these connections, one could easily see the rise of these two industries together, in a concerted effort.

 

 

 

By: BGN Editorial Staff

 

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