Blockchain is an immutable distributed ledger to store records of value. This enables transparent, peer-to-peer, real-time transactions without the need for intermediaries. The crypto currency Bitcoin is the first application of Blockchain technology. It is just one example. Blockchain has many use cases in addition to currency including smart contracts, insurance, and smart escrows to name a few.
Applying Blockchain to the Internet of Things stack creates an autonomous and decentralized network, which could addresses key IoT challenges of security and privacy.
Security Decentralized architectures improve the security of IoT deployments, since there are no accounts to be hacked and no single point of failure at which a denial of service attack can be launched.
Privacy Blockchain users are pseudonymous and can perform transactions instantly without the need for any personal authentication, which provides additional privacy.
Great amounts of insight and learning come from prototypes. Take a look at these examples of implementations of IOT and Blockchain.
ElectriCChain Solar Case Study:The ElectriCChain is an open science project dedicated to the intersection of solar energy, IoT and Blockchain technology. One of the ElectriCChain’s goals is to connect the world’s 7 million solar facilities, watching the skies 24/7 and posting live data to one Blockchain for scientists, researchers and human progress.
IBM Adept: IBM and Samsung joined forces to create ADEPT, the Autonomous Decentralized Peer-to-Peer Telemetry project. This is one of the first demonstrations, at the Consumer Electronics Show, of the vision of an Internet of Things leveraging Blockchain (Ethereum), secure messaging(Telehash), and secure file sharing (BitTorrent).
Filament provides the software and hardware for a secure, private, autonomous, fully decentralized communication network with free exchange of value.
Here are some Twitter accounts to follow to stay up to date on the latest with IoT & Blockchain.
Vitalek Buterin Co-Founder Ethereum
Nick Szabo Blockchain Pioneer
Eric Jennings Filament CEO
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