Blockchain technology redefines transactions between things in the Internet of Things

For the application of blockchain technology, in addition to using cryptocurrencies for value storage or speculation, the biggest landing may be in the Internet of Things. After all, if BTC can redefine value storage tools and DeFi can redefine investment methods, Transactions between things in the Internet of Things can also be redefined through the blockchain.

The Internet of Things market is also huge. According to a report released by McKinsey in June 2015, by 2025, the total economic volume related to the Internet of Things will reach 11.1 trillion US dollars, and the market value of cryptocurrencies has just exceeded 2 It can be seen that there is a huge space for the development of blockchain projects based on the concept of the Internet of Things.

Voice | Jiang Biao: If American Express uses Ripple technology to pay for transactions, it will bring blockchain technology into a new era: Exclusive interview with Jinse Finance on the event that American Express obtains a business license in China and may use the Ripple blockchain system to settle electronic payment transactions Jiang Biao, an expert member of the China Blockchain Sandbox and a master of Tsinghua PBC School of Finance, Jiang Biao said: "If you use the Ripple blockchain system to clear electronic payment transactions, and deploy xCurrent to clear cross-border payment transactions. Then it means With the blockchain digital currency payment will enter a new era, it will no longer just stay in people's imagination space like the previous two years, but the Chinese government has always advocated the principle of trying if there are no taboos, so American Express entered The Chinese market is a bold move, and there is no doubt that while the Chinese market has adopted strict regulatory policies for cryptocurrencies, Ripple has begun to try to enter the world's most valuable developing market, and it has moved in the right direction. That’s fine. This also means that in the future, more and more blockchain payment companies may focus on providing diversified forms of bank clearing, settlement, and foreign trade in other countries on the premise of government core endorsement, but they cannot Neglecting that there will be many failed experiments is also a risk that investors need to take.” [2018/11/10]

News | New Zealand launched a distribution system using blockchain traceability: According to BusinessDesk, New Zealand Post, New Zealand state-owned food company AsureQuality and New Zealand Trade and Enterprise Development Agency (NZ Trade and Enterprise) jointly developed for 11 Maori wine and food companies A distribution system for purchasing products online, which can record the source of each product through blockchain technology. Chinese online shoppers will then be able to purchase New Zealand goods such as honey and wine and have their provenance secured through blockchain technology. The service will launch in China during Singles' Day on Nov. 11, with blockchain technology to be integrated ahead of this year's Lunar New Year holiday. [2018/10/31]

Taking Helium as an example, it connects low-power routers and chips through blockchain technology, provides a decentralized wireless network all over the world, and provides the underlying network support for global IoT devices. According to its map, Helium currently has more than 20,000 nodes around the world. Even in China, many people are "mining" by providing Helium hotspots. This mode of IoT mining also makes the community's ideal of decentralized distribution for mining a reality.

Successful Trial Run of Samsung Blockchain Project: Samsung SDS announced the successful trial run of the government blockchain project in the shipping logistics industry. [2017/12/26]

Challenges of IoT Blockchain

Although the concept of the Internet of Things is not new, after all, the blockchain is still a new thing, so the blockchain project of the Internet of Things concept is also facing huge challenges, mainly in several aspects.

1. Stability

When the blockchain is applied to real life, the requirements for stability will be very high. Imagine applying the blockchain of the Internet of Things concept to smart cities. If there is a problem with the blockchain, it will inevitably affect the lives of countless people. . IOTA, an old blockchain project with the concept of Internet of Things, once faced such a problem. In February last year, the main network of IOTA was suspended for 11 days. Such reliability obviously cannot be applied in real life.

Security

The Internet of Things involves massive data transmission, and the data is often related to people's daily life, and if a data leak occurs, it will inevitably have a serious impact. At the same time, the decentralized nature of the blockchain has also brought difficulties to supervision. For example, when an accident occurs due to the blockchain concept of the Internet of Things and causes losses, how to be held accountable becomes a problem that the regulatory authorities need to consider.

3. Scalability

In an era when every chip or sensor is an IoT device, the scalability of the IoT blockchain is bound to be very important. In an idealized conception, solar power panels can sell excess electricity, and users in need (such as bitcoin miners) can automatically buy excess electricity and complete settlement automatically without human intervention. For such massive amounts of data and small amounts of money, the scalability of the blockchain concept of the Internet of Things is very important.

Four. Competitiveness

In all fairness, almost none of the current blockchain projects combined with real-world applications has succeeded, largely because the team’s focus is often on the token issuance and financial side, and the current Helium also has some such tendencies. Investors and public opinion pay more attention to the design of its financial model, but pay less attention to whether its application layer is competitive.

In 2017, the Internet of Things blockchain led by IOTA was once hot, but it died down with the arrival of the bear market. With the development of Internet of Things technology, the demand for blockchain is bound to increase day by day, and it may become another hot spot in the future.

Tags：

OKB