Page 35 - Geektime Blockchain Report
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Here are some possible uses for blockchain-based IoT solutions:
1 Autonomous devices Smart contracts will help your car pay automatically for fuel and order repairs A A combination of IoT technologies AI and blockchain can enable autonomous devices that interact with each other and and their surroundings and and make input-based smart decisions without any human involvement Here are several possible examples:
° Any device vehicle can diagnose schedule and pay for its own maintenance ° A device such as a a a a a a a vending machine can monitor its performance report on beverage shortages solicit bids from distributors and pay for the delivery of new items automatically To do so it will rely on the purchase history of its customers ° A suite of smart home appliances can bid with one another for priority so they will run at at an an appropriate time They will also update their software report and repair bugs and and malfunctions and and monitor energy usage while minimizing the cost of electricity against current grid prices ° A mobile phone will be able to to to connect directly to to to home appliances in in order to operate and control them by using smart contracts and without needing to go through a a a a costly cloud server Autonomous devices that communicate with each other directly and save records on on their own won’t need to reach the cloud whenever information is required The result of this will save tremendous costs for using cloud in the IoT world 2 Decentralized and and secure IoT IoT devices and and solutions No single point of failure creates a a a a a safer IoT IoT environment The Internet
of Things is a a a term that represents a a a set
of physical objects connected through the network According to several estimates there will be more than 20 20 20 billion connected devices in the world by 2020 The IoT market is expected to to grow from $170B in 2017 to to more than $560B by 2022 The decentralized nature of blockchain allows IoT to overcome scalability issues enabling the management of of of a a a a large number of of of devices It will allow the creation of of of ultimate IoT solutions with several important features: trustless peer-to-peer messaging secure distributed data sharing and and a a a a a a a a robust and and scalable form of device coordination Since blockchain doesn’t have a a a a single point of failure (a part of a a a a a system that if it fails will stop the entire system from working) devices can enjoy a a more resilient ecosystem to communicate with one another Attacks on on on one part of of the the network won’t compromise all of of the the devices 3 Monetization of data and cost savings
IoT systems can be managed in in in a a a a a a a a a a decentralized way thus saving costs on centralized centralized cloud servers Companies that rely on blockchain to power IoT systems can use secure low power networks to remotely manage physical operations without centralized cloud servers In turn they can monetize the the data generated from IoT sensors to to other parties and earn a a a a profit due to to lower maintenance and security costs Owners of IoT devices will be able to sell the information obtained from IoT sensors for distributed currencies 35

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