Why do autonomous vehicles need the IoT? The short answer is that without it, it would be hard to consistently and effectively update their software and hardware without it. If all autonomous vehicles are connected to each other via the IoT, they can share data with each other around the clock to help each other improve.
With this in mind, the blockchain can also be thrown into the mix as a foundational framework for data transfer. Without getting too lost in the weeds in a technical sense, think “blockchain equals mini-Internet of Things.” If you’re wondering why this is the case, then it might be because of how you have been conceptualizing the IoT.
The IoT is not a single platform. It is also not another internet. It is, however, a way to describe any sort of platform or network in which a multitude of devices are connected over a foundation like a blockchain and transact with each other unendingly. For a contemporary example of how this might work out, check out what Fetch.ai is doing here.
Essentially, projects like Fetch are looking to build fast blockchain networks that can support a horde of micro-transactions and therefore, support the continued development of the IoT. One of the issues with such projects is that their success would hinge on the development of industry standards, so that large-scale car companies would feel comfortable using such networks.
Considering this, the fact that a startup called Filament has recently partnered with the University of Nevada to do just that bodes well for the scaling of the IoT. What these two groups aim to do is set the blockchain up as the backbone of the greater part of the IoT over time. If they are successful, we just might see the dawn of the next stage of the global economy as countless blockchain projects have already promised, but failed to deliver.
By: BGN Editorial Staff