Large International corporations all over the world are preparing for the transition to IoT technologies. As a result of this, we will witness an increase in the speed and volume of data by a hundredfold. There is no doubt that the Internet of Things will change our lives. What will the Blockchain and DUCATUR play in this?
Why the blockchain and IoT are best friends
According to a study by Gartner, blockchain will add $3.1 trillion in business value by 2030. At the same time, as stated by Forbes analysts, the global IoT market is expected to grow from $157B in 2016 to $457B by 2020. Is there any correlation between the growth of these two technologies? IBM — a major player in IoT insists that further development of IoT will be impossible without the help of the blockchain. The main problems faced by IoT are low security, lack of the authentication standards and сonsequently, lack of data safety.
Here are some ways in which the distributed architecture of blockchain can help solve many of these security and trust challenges:
- Blockchain can be used to track the sensor data measurements and prevent duplication with any potentially malicious data.
- Deployments of IoT devices can be complex, and a distributed ledger is well suited to provide IoT device identification, authentication and seamless secure data transfer.
- Instead of going through a third party for establishing trust, IoT sensors can exchange data through the blockchain.
- A distributed ledger eliminates a single source of failure within the ecosystem, protecting a IOT device’s data from tampering.
- Blockchain enables device autonomy (smart contract), individual identity, integrity of data and supports peer to peer communication by removing technical bottlenecks and inefficiencies.
- The deployment and operation costs of IoT can be reduced through the blockchain since there is no intermediary.
- IoT devices are directly addressable by the blockchain, providing a history of connected devices for troubleshooting purposes.
How blockchain companies are preparing for IoT
Many blockchain projects are actively preparing for the Internet of Things taking into consideration all the benefits that it can bring to the distributed ledger technology and its wider adoption.
For example, Qtum, a blockchain company based in Singapore, is developing an IoT ready platform that connects Ethereum smart contracts with Bitcoin’s prolific blockchain. Building connections like these make the blockchain more usable for businesses and more suitable as a system for IoT.
Another perfect example is IOTA which is a revolutionary new transactional settlement and data transfer layer for the Internet of Things. It’s based on a new distributed ledger, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system.
DUCATUR’s role
The role and the importance of data in the future will grow significantly. As a result of this, future applications and machines will need a special intermediary that will automatically provide them with the reliable and trusted data. This special intermediary will be an Oracle — the technology that connects any external data with the code of application or smart-contract.
DUCATUR is a MultiChain Oracles Framework. We first help IoT businesses get on the blockchain and then give them the opportunity to connect to different data-providers already existing on the blockchain in our ecosystem. The Ducat token is then used to by the companies to pay for Data and by the data-providers for staking in order to run their Oracles and Nodes.
IoT Needs the blockchain, and the blockchain needs DUCATUR
Blockchain and IoT are evolving together, and they are codependent on one another. IoT desperately needs the blockchain’s features while the blockchain is hungry for the big-time opportunity that IoT represents. Together they are working on something that have considerable potential to change our world and our reality. And DUCATUR can make it easier: we are creating an ecosystem of data-providers to increase the demand in our technology and to connect blockchain and not only to IoT but any business.
Follow us: Facebook Twitter Linkedin
Join the TGE (Token Generation Event) now and get +5% bonus tokens!
