IoT and blockchain

Alex Puig

Alex Puig is CEO of the Digital Currency Summit

Alex Puig, CEO of the Digital Currency Summit, writes about blockchain and its potential to disrupt a variety of industries.

Right now there are three different Internets: www (Internet of information), IoT (Internet of Things) and blockchain (Internet of Value).

Most conferences and experts always take an independent approach to them, and the truth is that there are still few points of real connections between these three internets.

But that is going to change soon. I believe in the near future, and this is where it gets interesting, we will progressively see the collision of these three internets until a point where we can’t make a difference.

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Blockchain – the underlying technology behind bitcoin

And the catalyst for this will be blockchain, the underlying technology behind bitcoin. You have probably already heard of it, and if not, you should. I’m not saying you need to understand how the protocol works, everybody uses the world wide web, but few really understand TCP/IP; what I’m saying is you should be aware of the potential it has to disrupt a myriad of theoretically not connected areas, such as: finance, real estate, trading, advertising and, of course, IoT.

Let’s go with an example, a simple weather station. It gathers information for its owner to collect. But it could serve this data directly to different clients in exchange for a nanopayment, a payment of a few pennies or less.

Transactions

The information can be sent just as it is, like an API, or maybe inserted into a website as a html block. So with each payment a piece of code is returned with all data available. In just one blockchain transaction you can have a piece of HTML code (www), coming from a connected device (IoT) which gets paid (bitcoin) for its data.

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“In a blockchain transaction you can have HTML code coming from an IoT device which gets paid (bitcoin) for its data.”

In fact, a web page could be a blockchain transaction. Instead of paying for a hosting service you can create as many transactions as page views you expect to have (or do it on demand). Every time a browser wants to show the webpage, already stored on a blockchain, it just starts a transaction and pays a small amount to retrieve the page.

Sounds like science fiction? Maybe. The truth is that companies like Ethereum are developing tools to make this possible in less than a year. Of course, getting people to use it is a completely different story.

If you are interested in learning more on the subject, you can join us on 17 March at the Digital Currency Summit: M2M with the Blockchain Conference, where we will debate about the future of M2M transactions using the blockchain.

Alex Puig is CEO of the Digital Currency Summit. You can follow him on Twitter @alexpuig. Don’t forget to follow us too @DigiCatapult.

2 Comments on:
“IoT and blockchain”

  1. Venkat says:

    Good article. It will be better if we can explain other use-cases of core blockchain technology such as distributed blockchain database. One of the best implementation is with IoT, how the IoT devices store data and how they exchange data and how the blockchain database can help in keeping the data integrity

  2. Hilaria Mungle says:

    outstanding leadership abilities

    bit.ly/1TXLQwj

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