fbpx

Innovative Applications that are combining Blockchain and IoT

By 2020, the number of Internet of Things gadgets is expected to rise to more than 20 billion. Characteristically, the Internet of Things solutions can be classified under consumer and industrial categories.

For a considerable period, the focus was centered on Industrial Internet of Things Solutions, which are typically, High-Value Assets. Nonetheless, the Internet of Things can only realize its true potential by providing mass utility.

Mass adoption of the Internet of Things means that it can disrupt the world and offer both efficiency and transparency in various workplaces as well as in different aspects of life. However, for this to be realized, standardized infrastructure, open application programming interfaces (APIs), as well as partnerships among stakeholders are critical. Therefore, it is only natural when blockchain technology appears to be possibly the most appropriate and practical approach to create, oversee, and exchange the Internet of Things solutions. Why? Basically, blockchain comes with desirable features such as auditability, security, and immutability.

The Internet of Things stands to benefit from these attributes of blockchain technology because they permit the transfer of information and value of any form over the internet without control from intermediaries. Furthermore, these features mean that the exchange of data happens with a high level of transparency.

As of now, I cannot say there is a device being used that combines both the Internet of Things and blockchain technology. However, there are a couple of interesting projects seeking to leverage these two technologies. The ones I am paying close attention to are;

  • Matrix AI Network
  • Waltonchain
  • IOT Chain

Matrix AI Network

While its description as an open-source, shared, and smart platform may not offer much from a cursory glance, the truth is that this project is developing several ingenious crossovers between blockchain technology, artificial intelligence (AI), and the Internet of Things.
In fact, Matrix AI Network is being developed using AI algorithms that will consistently iterate the platform, resulting in independent self-optimization in relation to safety, effectiveness, and flexibility. Furthermore, this project is designing applications that will make it possible for the network’s mining power to be utilized for big and sophisticated AI computations.
However, the special and high-potential innovation associated with this platform is the launch of a first-language smart contract. What does this mean? Simply put, Matrix AI Network’s smart contracts will offer users the capability to draft an agreement in their native language, after which an algorithm with the ability to process natural language will translate it into a smart contract.
If this objective is actualized, it will ease the complex procedure of creating smart contracts, making them available to a new category of entrepreneurs and enterprises.

IOT Chain

This is yet another exciting project focused on the Internet of Things using a configuration dependent on both DAG and blockchain technologies. With the help of these technologies, this project is focused on creating a secure platform for the lite operating system that is being developed for the IoT.
The lite operating system will make it possible for devices with low computing power on the network to connect to the gadgets that are in close proximity as well as remote ones.
Basically, while everyone is driving towards achieving machine economies that require minimal human intervention, there is a need to ensure that the platforms on which these economies function is safe. This aspect represents the primary reason why IoT Chain has adopted blockchain technology because it offers an appropriate structure for information storage, automated procedures, and encrypted communication.
For IoT chain, the ICT token serves as the ecosystem’s unit of account and currency. This token will be responsible for machine-to-machine transactions depending on their engagements. Of course, this currency remains an ERC-20 token. However, once the mainnet is operational, which is projected to be around mid-2019, it will be changed into an IoT native token.

Waltonchain

This project is arguably the trailblazer for the combination of blockchain and RFID technologies, as well as big data to drive the Internet of Things. For this goal to be accomplished, this project is focused on changing how supply chains are controlled.
A unique aspect of Waltonchain is the fact that it is focused on developing both software and hardware. In fact, Waltonchain’s first hardware chip is already in mass production, in addition to the fact that two additional chips with unique specifications are expected to reach this level within the next two years.
The chips in question will be hardwired in products of firms collaborating with Waltonchain to transform them into smart objects that can transfer data. This information will be gathered and held on the project’s decentralized ledger, with the whole procedure being automated using smart contracts.
With this capability, businesses that incorporate Waltonchain’s solution can monitor all their commodities. What this means is that increased mass use of these solutions can enable entire supply chains to be tracked and overseen, resulting in a significant increase in efficiency when the current processes are taken into consideration.

Apart from the chips, the Waltonchain network is also earmarked to provide a platform for ‘child chains,’ which are systems with particular attributes tailored for a specific client or sector. As of now, the child chains are in the pilot phase of development. It is evident that gradually, but steadily, Waltonchain is working towards its vision of achieving a business ecosystem controlled by data.

Conclusion

Anything in relation to the convergence of IoT and blockchain is still in the realm of possibility. Nonetheless, the various projects in development offer cause for intrigue and expectation.

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.

Menu