Bitcoin apart, can Blockchain increase the adoption of IoT Enterprise and accelerate ROI?

An abstract closeup of a mainboard electronic computer background to illustrate the Internet of Things (IoT). (Image: Shutterstock). [19659002] There is certainly a lot of excitement these days surrounding the Internet of Things (IoT), which has become one of the most praised expressions of technology in all areas and even in government .. Projected to have 25 billion endpoints connected to the global network 2021, its growth is driven by the adoption by consumers and businesses.

Highlighting what is in store, was predicted by IDC that in 2025 will generate a total of 180,000 billion new data in that year from about 80 billion connections and the amount of data coming from the IoT that will be analyzed and used to change business processes will be as big as the amount of all the data created in 2020. [19659004] On the consumer side, more and more people are buying smart gadgets. Top appliances and electronics manufacturers such as Haier which now owns GE Appliances, and Samsung should continue to integrate intelligent functionality and connectivity to their products.

The increase in convenience is also reducing the barriers to consumer adoption. We take the smart home appliance market, estimated around $ 18.82 billion the last year. It is expected to reach $ 49.12 billion by 2024.

But despite projections of rapid growth in consumer applications, it seems that corporate adoption has not been as rapid as many supporters of 39; IoT hope it is. In fact, after evaluating 26 IoT suppliers, the technology research company ISG found that the rate of adoption of IoT in business is late the rate of development.

The use of IoT in business is often trivialized as simply inserting smart light bulbs and thermostats in the workspace and placing an intelligent coffee maker in the break room.

However, the IoT use cases in the company include various processes, including production, supply chain management and analysis. There are also industry-specific applications such as in the healthcare and logistics sectors. Therefore, there is no shortage of areas for implementation.

Projects that are oriented towards these critical business processes are often complex and take time to implement them . Gartner a global research and consulting firm based in Stamford, Connecticut (United States), expects that 3 out of 4 IoT projects will last twice as expected in 2018 while organizations they try to understand the technology.

Interestingly, the blockchain technology seems to be quite in the same boat as the IoT. Both are emerging and both have yet to see mainstream adoption. As the IoT, the adoption of the blockchain has yet to achieve a critical mass in enterprises.

So, could there be opportunities for these two technologies to find synergies and encourage enterprise adoption?

Dr. John Bates CEO of the automation company for eggplant testing and the PhD of the University of Cambridge, commented: "Despite some incredible IoT industrial projects, the story of "IoT everywhere" was a wet squeak.In fact, the IoT has been the disappointment of the decade so far! "

Clearly," all-as-service "is a" great opportunity ", has placed the dott. Bates, who splits his time between the United States and Britain for Eggplant and was CEO of Plat.One (an SAP company), adding that it requires secure microtransactions.

"Thus, connected coffee machines trust, speak and are billed by the intelligent bean distributor and the intelligent milk distributor (run by separate companies)," he explained. "And intelligent vehicles are loaded by intelligent roads and intelligent filling stations – this must be simple and reliable – a blockchain / IoT combination offers this possibility."

The & nbsp; fintech pioneer added: "At the moment IoT is like the Internet without the world wide web to provide a consumer-oriented business framework.A blockchain + IoT framework for" all-as-service "offers irresistible possibilities."

Siim & Otilde; unap, an FX trader and crypto who is the COO of the marketing agency blockchain Savii Digital noted: "Making things" smart "by linking them to a grid (like the Internet ) is a much older concept of blockchain as technology, and unlike blockchain, it is already widely used in cases where most do not even realize, for example, many countries already have automated toll payment systems and a number of government services are interconnected through data. "

Estonian added:" Blockchain is an excellent way to store and process data, which is a great advantage for many IoT companies that use it. "

When it comes to using our intelligent everyday devices for mining, some like & Otilde; unap express doubts about practicality, although he added that "the concept is interesting and could be used in and blockchain specific."

Blockchain-IoT Focused Projects

There already exists a number of blockchain projects focused on IoT. IOTA described as an open source distributed ledger that was built to power the future of the Internet of Things with endless micro-transactions and data integrity for machines, is perhaps the most popular of these IoT-related cryptographic projects. This enterprise aims to create what is described as "machine economy" by allowing IoT devices to interact with each other.

For example, an intelligent car should be able to automatically pay for a smart highway toll using IOTA. It is an ambitious vision but, if implemented, would create an IoT landscape with unprecedented levels of automation according to some experts in the field. And, even if it is something that the IOTA has expressed, it is considered highly speculative.

The project also has a good deal of criticism including issues related to its technical direction, security and effective utility. So how it is, IOTA's proposal seems more suitable for companies that undertake innovation projects and not for those looking to improve their routine processes. Indeed, while this could be a minority sport, & nbsp; The IOTA has been described as a cryptocurrency without blockchain with its security built on a tangle. "" This is ultimately explained as a concept or mathematical idea called & nbsp; Directed Acyclic Graph (DAG).

When new technologies are adopted, most companies deal with applications for specific use cases that could have the most positive impact on their activities. They also have to worry about maximizing the return on investment (ROI) if they decide to make the investment.

So, in addition to making processes more efficient, companies might be more interested in how IoT and blockchain can offer them ways to monetize their IoT projects. In this regard there are other projects that try to do it.

Take a new project "IoT-meets-blockchain" IOTW for example. It seems to enable micro-mining via IoT devices and uses a so-called Proof-of-Assignment (PoA) consent protocol. The PoA protocol selects only a limited number of candidates to solve a cryptographic problem, which is said to promise a "fairer" distribution of minus tokens.

In contrast, Bitcoin's Proof-of-Work (PoW) protocol requires miners to have immense computing power just to compete in solving a cryptographic problem and "winning" coins as rewards.

PoA makes it ideal for low power devices. In addition, the IOTW extraction software can be installed on IoT devices through firmware (that is, the software) that allows owners to earn cryptocurrencies as long as the device is online. While this may also affect consumers wishing to have a residual income, companies could enjoy a new revenue stream simply by using their existing IoT devices on mine.

A software update is sufficient to integrate IOTW. On the other hand, with IOTA you would need hardware (ie a real chip).

Witness Protocol

IOTW CEO Frederick Leung ventured that: "IOTW is fast and capable of supporting a large volume of devices, it is also safer than the most common blockchains at Because of its testimony protocol, a single company can add hundreds of IoT devices to its infrastructure.Without additional costs to my material, a company could readily exploit the advantages of micro-mining using existing IoT devices. "[19659004] In terms of protocol of witnesses, instead of validating a new transaction simply verifying via IoT micro -mining and validation by reliable nodes, at least one witness that is not the data mining node will be invited to testify the new transaction using the digital signature (private / public key pair).

With this implementation, a 51% attack is required to simultaneously attack both the transaction log and the associated witness blockchain to obtain a hostile takeover. Thus, this will greatly improve the security of the IOTW blockchain ecosystem.

IoT and amp; Data Monetization

Another possible IoT adoption product that businesses could monetize is data. Just think that IoT devices are now equipped with various sensors that can collect and generate immense amounts of information. And, by 2025, the data generated by IoT could reach 180 trillion gigabytes with about 80 million connected devices according to

So rather than let the data be unused, the companies they could – or should – perhaps use them instead to feed their data and analysis projects.

Information collected from IoT devices can even be streamed using the transmission capabilities of these devices.

Blockchain-based platform Streamr for example, has created a data transmission mechanism for IoT device owners to transmit data in real time in a secure and simple way. Here he thinks of a logistics company, which can transmit data from the devices to locate his fleet. This can help a navigation app optimize the driving paths for its users & nbsp; based on real-time traffic conditions.

Streamr was also built to automate some aspects of data exchange. If a device needs data from an external source, the platform will be able to easily facilitate this exchange. These machine-to-machine transactions are performed using DATAcoin. Furthermore, to help buyers and consumers of data, Streamr also has a data market linking all the parties.

Now there is a huge demand for information in real time. For businesses, the potential for additional revenue increases as the enterprise makes more IoT devices available to stream data.

It is hoped that these developments will show how the two technologies – Blockchain and IoT – could work together to provide greater value to companies that adopt IoT. Undoubtedly, however, these options can make the adoption strategy more complex. The monetization perspective can easily become a priority for the effort on the goals of bringing efficiency into their business processes.

Companies must clearly keep their primary objectives in mind. But at the very least, being able to micro-mine and sell IoT data should be treated as a positive event that could help companies recover their investment. Furthermore, the promise of ways to accelerate ROI should make IoT much more attractive to businesses and ultimately stimulate broader adoption. Carpe Diem.

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There is certainly a lot of excitement in these days that surrounds the Internet of Things (IoT), which has become one of the most eloquent expressions of technology in all industrial and government sectors.Proposed to have 25 billion end points connected to the global network arrive in the 2021, its growth is driven by consumer and business adoption.

By underlining what is in store, it was predicted by IDC that a total of 180,000 billion new data will be generated in 2025 About 80 billion connected devices, the data coming from the IoT that will be analyzed and used to change business processes will be as large as the amount of all data created in 2020.

On the consumer side er, more and more people are buying smart gadgets. urers like Haier which now owns GE Appliances, and Samsung should continue to integrate intelligent functionality and connectivity to their products.

Increasing accessibility is also reducing the barriers to consumer adoption. We take the smart home appliances market, valued around $ 18.82 billion the last year. It is expected to reach $ 49.12 billion by 2024.

But despite projections of rapid growth in consumer applications, it seems that corporate adoption has not been as rapid as many supporters of 39; IoT hope it is. In fact, after evaluating 26 IoT suppliers, the technology research company ISG found that the rate of adoption of IoT in business is late the rate of development.

The use of IoT in business is often trivialized as simply inserting smart light bulbs and thermostats in the workspace and placing an intelligent coffee maker in the break room.

However, the IoT use cases in the company include various processes, including production, supply chain management and analysis. There are also industry-specific applications such as in the healthcare and logistics sectors. Therefore, there is no shortage of areas for implementation.

Projects that are oriented towards these critical business processes are often complex and take time to implement them . Gartner, a global consulting and research firm based in Stamford, Connecticut (United States), expects that 3 out of 4 IoT projects will last twice as long as planned in 2018, while organizations try to understand technology out.

Interestingly, the blockchain technology seems to be quite in the same boat as the IoT. Both are emerging and both have yet to see mainstream adoption. As the IoT, the adoption of the blockchain has not yet reached a critical mass in the company.

So, could there be opportunities for these two technologies to find synergies and encourage enterprise adoption?

Dr. John Bates, CEO of the test automation company at Eggplant and Cambridge The university doctoral, commenting, said: "Despite some incredible IoT industrial projects, the story of" IoT everywhere "was an excess of wet squeaks. In fact, IoT has been the disappointment of the decade so far! "

Clearly," all-as-service "is a" great opportunity ", has placed Dr. Bates, who splits his time between the United States and Britain for Eggplant and was CEO of Plat.One (an SAP company), adding that it requires secure microtransactions.

"Thus, connected coffee machines trust, speak and are billed by the intelligent bean distributor and the intelligent milk distributor (run by separate companies)," he explained. "And intelligent vehicles are loaded by intelligent roads and intelligent filling stations – this must be simple and reliable – a blockchain / IoT combination offers this possibility."

The fintech pioneer added: "At the moment IoT is like the Internet without the world wide web to provide a consumer-oriented business framework.A blockchain + IoT framework for & # 39; everything-as-service & # 39; offers compelling possibilities. "

Siim Õunap, an FX trader and crypto who is the COO of the marketing agency block3 Savii Digital, noted: "Making things" smart "by linking them to a grid (like the Internet) is a much older concept than blockchain as technology and, unlike blockchain, it is already widely used in cases that many do not even realize, for example, many countries have already automated toll payment systems and a number of government services no interconnected through data. "

Estonian added:" Blockchain is an excellent way to store and process data, which gives a great advantage to many IoT companies that use it. "

When it comes to using our intelligent devices for mining, some as Õunap express doubts about practicality, although he added that" the concept is interesting and could be used in selected and specific blockchains. "

Blockchain-IoT Focused Projects [19659005] There already exists a series of blockchain projects focusing on the IoT IOTA described as an open source distributed ledger that is built to power the future of the Internet of Things with micro-transactions and data integrity for machines, it is perhaps the most popular of these IoT-related cryptographic projects.This enterprise aims to create what is described as "machine economy" allowing IoT devices to interact with each other. [19659004] For example, an intelligent car should be able to automatically pay for a smart motorway toll gate using IOTA.It is an ambitious vision but, if realized, would create an IoT landscape with unprecedented levels of automation according to some experts in the field. And, even if it is something that the IOTA has expressed, it is considered highly speculative.

The project also has its fair share of criticism including issues related to its technical direction, security and effective utility. So how it is, IOTA's proposal seems more suitable for companies that undertake innovation projects and not for those who wish to improve their routine processes. Indeed, although all this may be a minority sport, IOTA has been described as a cryptocurrency without a blockchain, with its security built on a "tangle". This is explained as a concept or mathematical idea called Directed Acyclic Graph (DAG).

When new technologies are adopted, most companies deal with applications for specific use cases that would have the most positive impact on their activities. They also have to worry about maximizing the return on investment (ROI) if they decide to make the investment.

So, in addition to making processes more efficient, companies might be more interested in how IoT and blockchain can offer them ways to monetize their IoT projects. In this regard there are other projects that try to do it.

Get a new project "IoT-meets-blockchain" IOTW for example. It seems to enable micro-mining via IoT devices and uses a so-called Proof-of-Assignment (PoA) consent protocol. The PoA protocol selects only a limited number of candidates to solve a cryptographic problem, which is said to promise a "fairer" distribution of minus tokens.

In contrast, Bitcoin's Proof-of-Work (PoW) protocol requires miners to have immense computing power just to compete in solving a cryptographic problem and "winning" coins as rewards.

PoA makes it ideal for low power devices. In addition, the IOTW extraction software can be installed on IoT devices through firmware (that is, the software) that allows owners to earn cryptocurrencies as long as the device is online. While this may also affect consumers wishing to have a residual income, companies could enjoy a new revenue stream simply by using their existing IoT devices on mine.

A software update is sufficient to integrate IOTW. On the other hand, with IOTA you would need hardware (ie a real chip).

Witness Protocol

IOTW CEO Frederick Leung ventured that: "IOTW is fast and capable of supporting a large volume of devices, it is also safer than the most common blockchains at Because of its testimony protocol, a single company can add hundreds of IoT devices to its infrastructure.Without additional costs to my material, a company could readily exploit the advantages of micro-mining using existing IoT devices. "[19659004] In terms of protocol of witnesses, instead of validating a new transaction simply verifying via IoT micro -mining and validation by reliable nodes, at least one witness that is not the data mining node will be invited to testify the new transaction using the digital signature (private / public key pair).

With this implementation, a 51% attack is required to simultaneously attack both the transaction log and the associated witness blockchain to obtain a hostile takeover. Thus, this will greatly improve the security of the IOTW blockchain ecosystem.

IoT and monetization data

Another possible for IoT adoption product that companies could monetize is data. Just think that IoT devices are now equipped with various sensors that can collect and generate immense amounts of information. And, by 2025, the data generated by IoT could reach 180 trillion gigabytes with about 80 million connected devices according to

So rather than let the data be unused, the companies they could – or should – perhaps use them instead to feed their data and analysis projects.

Information collected from IoT devices can even be streamed using the transmission capabilities of these devices.

Blockchain-based platform Streamr for example, has created a data transmission mechanism for IoT device owners to transmit data in real time in a secure and simple way. Here he thinks of a logistics company, which can transmit data from the devices to locate his fleet. This can help a navigation app optimize the driving paths for its users based on real-time traffic conditions.

Streamr was also built to automate some aspects of data exchange. If a device needs data from an external source, the platform will be able to easily facilitate this exchange. These machine-to-machine transactions are performed using DATAcoin. Furthermore, to help buyers and consumers of data, Streamr also has a data market linking all the parties.

Now there is a huge demand for information in real time. For businesses, the potential for additional revenue increases as the company makes multiple IoT devices available to stream data.

These developments hope in some way to show how the two technologies – Blockchain and IoT – could work together to provide greater value to companies that adopt IoT. Undoubtedly, however, these options can make the adoption strategy more complex. The monetization perspective can easily become a priority for the effort on the goals of bringing efficiency into their business processes.

Companies must clearly keep their primary objectives in mind. But at the very least, being able to micro-mine and sell IoT data should be treated as a positive event that could help companies recover their investment. Furthermore, the promise of ways to accelerate ROI should make IoT much more attractive to businesses and ultimately stimulate broader adoption. Carpe Diem.