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Troy Norcross says that with 30 billion devices to be connected within the next year, the Internet of Things and the blockchain have important opportunities to grow together in the future
There will be about 30 billion devices connected by 2020 that will produce a staggering of five quintillion bytes of data every day, according to Cisco Systems' Tim Stack.
So, what are these billions of connected devices? Think of all smart home devices like thermostats and lighting controls, sensors built into your cars and even simple Bluetooth devices that monitor temperature, humidity and movement on the containers.
Today's solutions to handle this growing amount of data from an ever-increasing number of devices is to extract information into one or more large central locations.
Google captures all data from Nest and Google Home. Amazon collects data from Amazon Alexa and everything related to the smart home based on Alexa.
Dozens (if not hundreds) of other small businesses are gathering their large data that they are desperately trying to figure out how to monetize.
But these are centralized third parties that may not have commercial interests in line with those of us who have all these sensors in our lives. A decentralized system is needed to store, manage and monetize data among multiple stakeholders. Blockchain is such a solution.
Current blockchain technology solutions are simply not designed to handle this level of raw data nor the speed at which it is produced. The bitcoin blockchain can handle only 3-7 transactions per second and the bitcoin register already exceeds 180 GB.
The current Ethchato blockchain protocol is limited to around 15-20 transactions per second. None of these and none of the other primary protocols are suitable for the purpose of the Internet of Things (IoT).
Fortunately, there are developments in blockchain technology like IOTA that are suitable for this explosive growth in the demand for performance and storage capacity.
IOTA promises a platform to allow machine-to-machine communications and payments without the direct involvement of any human in the process.
With transaction costs of zero, microtransactions become feasible in a wide range of applications. IOTA architecture is not like most blockchain technologies. In IOTA every single device is a fundamental part of the network and serves the functions of verification and validation of transactions across the network without requiring a high processing power and without having to keep a copy of all data in the network. This alternative to the classic blockchain approach is called tangle.
A secondary aspect of how blockchain technology will be instrumental to the success and growth of the IoT ecosystem is that of identity. Today we have the concept of identity for individuals, companies or businesses.
IoT will require each of these 30 billion devices to have their own identity which can be verified and authenticated as part of each individual transaction. The identity for an IoT device can include many things like the type of device, the type of data provided, the location of the device, the owner of the device and the connection points, and much more.
As part of communication and machine-to-machine payment, it will be necessary to engage logic in interactions. In the early days, this will be in the form of smart contracts.
By increasing the amount of data, there will be the possibility for artificial intelligence (AI) to play a more important role in the interaction between devices. There are already some AI solutions that dynamically write and publish smart contracts.
As artificial intelligence improves and more data is provided, we should expect more AI involvement and thus better performance of machine-to-machine networks.
As for the smart contracts, as already in production in many Ethereum protocols, EOS and other smart counterattack contracts, IoT exists as part of the Oracle services.
Oracle services connect smart contracts to the outside world to verify and verify conditions. An example of an IoT-based Oracle Oracle service would be to determine if the temperature in London exceeds 12 ° C on a given day.
Numerous sensors throughout the city collect their data and reach a consensus regarding whether the condition is met or not. This is a great way for the IoT to interact with existing smart contracts.
An application of the real world for IoT on the blockchain is possible in the hospitality industry. Using a series of IoT devices and smart payment contracts, hotel guests may automatically pay for and activate the services of a hotel room or an Airbnb apartment.
Examples include paying premium movie channels, unlocking a mini-bar and paying for high-speed internet. The hotel guest could interact with the network directly from a smartphone app and payments could be received directly from internal IoT devices that allow immediate access.
One of the immediate areas for IoT devices to be used with blockchain technology is in the supply chain monitoring area. Imagine that each shipping container has its own on-board sensor that collects data on temperature, humidity and movement.
This data can be reported to a central hub which then adds data to the blockchain by providing real-time tracking and the status of each container during the journey.
This data can then be used to accelerate customs processes, provide data on supply chain assurance and allow both shippers and receivers to promptly identify if there is a problem with a shipment and to engage properly.
The international shipping company Maersk, which works with IBM HyperLedger, is already implementing part of this in their blockchain platform known as Tradelens.
The use of IoT devices such as fitness trackers and other health / medical devices is a high-interest area with a range of complexities, particularly in the areas of data ownership, sharing and privacy.
Blockchain solutions often make transparency a key advantage. Particular attention must be paid to designing which data is stored in a blockchain and how such data is protected.
Moreover, with the General Data Protection Regulation (GDPR), companies are rightly concerned about how data that are immutable (impossible to change) can be in compliance with the "right to oblivion". Blockchain solutions can be designed to be fully compliant with GDPR data whether it is patient data, general health data or data used for advertising.
So does the blockchain suck when it comes to IoT? Not necessarily. Yes, blockchain technology is just beginning. There are limitations in terms of scalability, performance and adoption.
There are also a wide range of applications in which blockchain adds significant value to the IoT ecosystem today. With the continuous development of new technologies, even better solutions will be available in the near future.
IoT and blockchain have significant opportunities to grow together in the future.
Troy Norcross, co-founder of Blockchain Rookies, is one of the speakers at the Beyond IoT2 conference on January 21st at Páirc Uí Chaoimh, Cork. It will be on a panel led by Joel Briggs of TechCrunch talking about "Blockchain Sucks"
The Nimbus center offers 60 internet projects every year
The Nimbus research center exists within the CIT research and innovation ecosystem, as part of the Faculty of Engineering and Science.
The main objectives are the end-to-end applications for the Internet of things, the ICT for sustainability and the IoT software platforms.
The center itself was established in 2007, but the Nimbus activity really began in 2000, with researchers working from a small room in the F Block of CIT. Fast forward of 18 years and Nimbus is now the largest dedicated research center of IoT in Ireland.
The Nimbus Gateway is a self-contained unit that works exclusively on our industrial projects.
The center is entirely self-financed through national research programs (eg, Science Foundation Ireland, Enterprise Ireland) and the EU (eg Horizon 2020, Interreg) and industrial partners.
Nimbus's main research and innovation strength resides in hardware systems, integrated and cloud-based software, wireless / mobile networks, data analysis and artificial intelligence, all targeted at the internet. of objects and the application space of cybernetic systems.
Energy management, water and the environment and smart cities and communities have been the dominant themes of IoT in the last three years, with the applications of Industry 4.0 an emerging theme. The secondary themes with potential future include infrastructure security, tourism, agri-food, edtech, health and assisted life and wearable devices.
On average, it offers 60 projects every year, with 70 active projects in collaboration with companies, from start-ups to multinationals.
Nimbus took over the task of delivering an exemplary event in January 2018, creating Beyond IoT, sponsored by SteriTrack (Matrix IT).
The goal for 2019 is to capitalize on the success of the 2018 out-of-stock event and to offer an even bigger and better event, starting with a formidable array of speakers from across the Atlantic and from all over the world. Europe, to bring technology gurus from Silicon Valley, and other global players to Cork.
Nimbus has global ambitions and aims to bring the Beyond IoT conference to the United States and Asia by 2020. The event is run by Richard Linger, Nimbus industry director. He has over 25 years working in high-tech industries around the world, with Deloitte, BP, Shell, and Ernst & Young, and has several start-ups under his belt. Understands the importance of bringing together global technology leaders and Irish industry to learn from each other.
Beyond IoT 2, in Pairc Uí Chaoimh, offers opportunities for multinationals, SMEs, start-ups, entrepreneurs and academics to hear what international entrepreneurs, war experts, technologists, investors and dedicated researchers expect from the next wave of technological innovation and investment, and to learn how their organizations can benefit from it.
Among the speakers are Vitaly Golomb, CEO and global head of major investments at IEG Investment Banking Group, who spoke of the inaugural Beyond IOT, John Biggs (TechCrunch), Dave Troy (the man who saved Twitter), Jon Soberg (MS & AD Ventures), Stuart Hillston (ConCap), Helen McBreen (Atlantic Bridge) and more. Topics will include the internet of things, blockchain, space, security, artificial intelligence, augmented / virtual reality, financing and business expansion.
The clinics will offer a unique opportunity to get expert advice from experts in the field of technology, investment, funding, entrepreneurship and academic research.
These sessions will provide valuable advice and guidance on how participants can facilitate investments, drive technological innovation, create partnerships and foster new business relationships. Participants will include researchers, investors, entrepreneurs, academics, start-ups, business owners and senior managers of large multinational companies.
The event is approved by Engineers Ireland, which provides continuous professional development (CPD) in areas relevant to engineers.
Start-ups can register for free tickets. Limited number only, so book now. The event proved to be extremely useful for networking and collaborative training, particularly in industrial research, where SMEs can access funding through technology gateways.
To register for Beyond IoT 2 on January 21st and to book your tickets, visit the website: http://beyond-iot2.com or find out more at https://twitter.com/BeyondIoT2019
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