Experts maintain that the blended IoT + blockchain technology is now taking its first steps, yet it has tremendous potential. Researchers at Forbes think that blockchain is not yet ready for large-scale reliable deployment, so this new market segment will only continue its moderate growth at around five percent.
In any case, what are the benefits of matching the Internet of Things with blockchain?
- Tracking device history (for example, registering the production cycle of solar energy)
- Blockchains enable smart devices to serve as independent agents that autonomously perform a multitude of transactions (for example, control the ability to purchase or access rental services)
- Blockchain networks themselves may become independent agents.
There are already a number of ICOs which have adopted the new comprehensive technology to disrupt traditional industries. Let’s look at some curious samples.
Augmate Connect. Established in 2013 in NYC, Augmate started off as a B2B-oriented firm to supply wearable devices. They gained due recognition as an original Google Glass Partner and Gartner Cool Vendor in 2017. As Google Glass Work’s associate, Augmate aimed to address the needs of workers wearing portable glasses. While the supply of individual portable goggles was overwhelming, no one actually cared to offer a gadget management platform for IT departments so admins could control most new devices registered in the system. That’s where Augmate Connect took the lead.
Augmate’s current objective is to create a one-stop management and IoT provisioning system leveraging the power of Augmate Connect and distributed ledger protocols. The platform will further expand to consumer-focused device management providing IoT home users with ultimate security and configuration capabilities.
HURIFY. This project was conceived by a team with a solid Intel background. It brings together a bunch of IoT professionals and helps them successfully market their solutions to innovative investors. Hurify is a blockchain-powered decentralized marketplace building on Ethereum. It enables IoT developers to monetize their IoT hardware and services via Smart Contracts.
The Hurify community also provides an extensive list of networking activities to contribute to ever-improving IoT. Members may review products in a crowdsourced catalog, share their tech expertise and design ideas.
Nucleus Vision. An IoT-based universal loyalty program, Nucleus Vision enables brick-n-mortar retailers to identify in real time any client who walks into a store, using a proprietary ION sensor technology (IoT sensor).
The technology helps retailers to discern your tastes and come up with a targeted offering, thus boosting ROI and conversion rates. Once you are identified with the proprietary IoT sensor, you may share your data through the smartphone and earn nCash crypto money — a loyalty utility token which can be redeemed with any of Nucleus Vision’s partners. The technology has already been adopted by 10 large retail chains and is poised for further proliferation.
Databroker DAO. Another decentralized marketplace for IoT sensor data, Databroker DAO helps sensor owners earn some cash. Data consumers and processors are given the opportunity to acquire data as a service. As a result, they can save thousands on costly equipment and obtain just the resources they need. Customers access the valuable information that would otherwise rot in sensor owner’s data silos. What are the numbers behind this? Sensor owners get royalties of 80 percent, gateway operators harvest their 10 percent, while the remaining 10 percent covers DAO’s operating costs.
Carblox. As you may judge by the name, Carblox is a blockchain platform to store and validate vehicle data. A decentralized vehicle registry leverages blockchain, cryptography, and IoT, and securely trades in vehicles and related services. You can even buy car insurance on the platform!
All calculations build on data stored in the Carblox ecosystem. Insurance companies will be able to target individuals and offer them tailored products, cutting their own costs and those of vehicle owners. In addition, an in-built repair search service enables car owners to detect the optimal maintenance or repair offering.
Ambrosus. A blockchain-powered IoT network for food and pharma businesses, Ambrosus ensures smooth communication between sensors, distributed ledgers and databases to boost supply chain transparency and process quality. At the core of Ambrosus, one can find a decentralized protocol that helps monitor, store and relay assembly-line and sensor information concerning food, pharmaceuticals and chemicals.
Hdac (Hyundai DAC). Backed by Hyundai BS&C, this solution performs smart contract functions for IoT devices and ensures their interoperability. Payment-wise, it relies on Bitcoin and Ethereum. Hdac enables micro-transactions with secure wallets and delivers payments really fast. Hdac positions itself as a crypto fintech ecosystem that raises the bar for transaction safety and performance.
Hdac really goes the extra mile to promote its IoT blockchain expertise. Their ads used to be consistently broadcast at halftime for matches on ITV and Eurosport, raising brand awareness among millions of viewers in Europe.
This is just a taste of what the alliance of IoT and blockchains holds for you. We’re positive that there will be more ICOs with IoT offerings in the years to come. While blockchain is gaining a strong foothold in the world of smart machines, you might as well satisfy your hunger and order your fridge to fill itself, apparently, by shelling out some crypto for food supplies. The wonders of blockchain!