Select a field in WOB — — IoT Industry

The previous article introduced the application of blockchain technology in the energy field. As the second article in this series, this article will present players the combination of blockchain and IoT industry.

The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. It enables all ordinary objects with independent functions to be connected through the Internet. IoT enables items to communicate and collaborate with each other through information-sensing devices and agreed protocols. IoT is seen as another wave of information industry development after computers and the Internet. It continuous to expand and has received strong support from governments. Through the IoT, you can use the central computer to manage and control machines and equipment. You can also remotely control home devices and cars, as well as locate items and keep them from theft, etc.

The current obstacles in IoT industry

High infrastructure costs

1. Chips and sensors do not have scale advantages, and the research cost is huge;

2. IoT has extremely high computing requirements, which sets a high standard for the current centralized service providers.

Complex industry solution technology

The industrial chain involved in IoT is lengthy and tedious, and the applications are wide and various. Therefore, the implementation process is complicated, resulting in the slow growth of large-scale commercialization.

Industry standard fragmentation

Due to the wide and complex application scenarios and the lack of uniform industry standards, the software ecosystem is underdeveloped and applications are difficult to deploy.

Data privacy

Most of the current IoT platform data is mastered by centralized service providers, which poses a potential threat to user privacy and security.

Blockchain + IoT Industry

Protect privacy and mine data

Blockchain technology is a distributed ledger technology. On-chain data cannot be tampered with. Users can create authentication and authorization mechanisms on the blockchain so that they can bind their IoT devices and determine the identity of the collected data. After the data becomes a digital asset, the user can analyze the data and become the true master of the data.

Working across silos and forming industry standards

With the blockchain technology, equipment manufacturers can create a common database following a consensus mechanism for data collection and computing, and jointly maintain operations, promote multi-party collaboration on industrial information, break down information silos, and accelerate the formation of industrial standards.

Instant sharing of resources

With smart contracts, IoT devices that join an account system achieve automatic transactions along with resources and services. For example, the charging spots can communicate with each other and sign over transactions. When a charging spot does not have enough power, the transaction can be transferred to another one. Then the charging spot that performs the power transmission gets paid, which realizes the instant sharing of resources. However, the current implementation problem is that the operating costs and handling fees are relatively high.

The current blockchain technology application in the field of IoT are mainly in the field of micropayments and data authentication.

Both IoT and the blockchain are revolutionary technologies that will have a huge impact on our lives. But the combination of the two is still in its early stage.