What is Blockchain?
Blockchain is a chain of blocks that, quintessentially, contain cryptically coded records and data. Because data is constantly being collected, new blocks containing new information are constantly being added and related to existing chains to form new chains. Whilst the consumer hunger and curiosity for IoT devices have been on the rise and creators such as Amazon and Google have been quick to respond with devices that simplify lives and facilitate day-to-day tasks, most creators and consumers alike are failing to recognize the possible use cases of combining blockchain and IoT devices for a business.
Blockchain and IoT
Two of the most common questions we get asked by our telegram communities are: what are the use cases of blockchain and how does blockchain relate to Internet of things devices?
When blockchain and IoT devices join forces in the business world, it can be most prevalently seen in the adoption of IoT devices for supply chain management, analytics, procurement, construction, manufacturing and quite possibly, any sort of task that require analytics, data science and artificial intelligence of logistics and quantities of goods or services. Blockchain comes into this space to assist in the development of IoT devices that can accomplish this list of tasks and anticipate what’s coming. This is one blockchain and IoT synergy we see.
So then, how do electronics and devices connected to the Internet change how a person lives? IoT devices have the safety net that is the World Wide Web and all its consumer data and first-person accounts. Unlike corporations where majority of consumer data is made certain to be protected and deadbolted from any type of usage–even for social good, data from the Internet is often times originating from actual consumers and participants of products and services. Thus, the Internet collects and sorts experiences to provide a grand picture that answers who, what, when, where, why and how. In light of blockchain, the consensus protocol–Proof of Assignment–permitting IoT devices to micro-mine is strictly performed peer-to-peer. What this means is that in-network users are required to successfully solve a cryptographic problem in order to micro-mine, whose purpose is to contribute to the decentralization of micro-mining and thus the marketplace of IOTW currency. The blockchain protocol drives security, privacy and most importantly, accuracy.
One of many reasons for the existence of the open-source concept is just that: to utilize information for building upon existing information and/or for filling in information gaps so that information can become more symmetrical and accessible for reaching a project’s maximum potential.
Take GitHub, for example. GitHub is a platform that provides open-source pieces of code to engineers and developers to assist in the formulation of other code. Granted the most popular question our sales connection working at GitHub revealed they get asked is “how does GitHub make money (if they’re free)”, their reason for being open source lies in the fact that the world of technology made by individual developers and developer groups cannot advance alone. A lack of collaboration poses as a harm more so than a help. In such scenarios where developing any IoT device could spawn, blockchain solves IoT devices’ toughest development challenges. Blockchain solves IoT’s need for tangible and credible data and the speed that allows for efficient processing and storing of data. IoT devices implementation of blocks can only strengthen the performances of technology.
In 2019, Project IOTW will become open-source. We welcome developers to utilize our code for building something much bigger. Stay tuned.
Real-life Scenarios and Smart Homes
Imagine you are running late to a dinner party, rushing to throw on your heels and are about to call a cab to the party. Just as you’re about to call, you flash back to that night when you forgot to bring your jacket in Seattle that summer. The city of bipolar weather conditions, you simply never know until it’s too late. So you reach out to your Google Home and say, “Hey Google, what’s the weather right now?” and Google responds with, “Weather is in low 40s with 20% chance of rain and moisture for the rest of your night”. You process the information, decide to return to your closet to grab a jacket and this thought stops you right in your tracks. How in the world did Google know how long I will stay out?! “Rest of your night” sounds like something an intelligent person might say after scanning your calendar and asking a follow-up question about how I foresee my night involving. The IoT device not only uses Internet connection to connect to your calendar and streamline your events and ideas, but it also uses information gathered from external sources to assist in efficient planning and execution.
This is our notion of how a smart home containing IoT devices operates… knowing what you want before you know it yourself.
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Learn more about and experiment with our testnet (the first version of our MainNet) at https://iotw.fun/ & sign up for our Testnet at https://vdd.iotw.fun/