Blockchain technology is the missing link to settle scalability, privacy, and reliability concerns in the Internet-of-Things.
According to Cisco, 50 billion devices are due to come online by 2020. With so many connected devices all sending, receiving and processing instructions to turn on, dial down and move up, the sheer amount of data due to come on-stream could come with unprecented costs. Other issues include how exactly we can track and manage billions of connected devices, storing the metadata that these devices produce, and do it all reliably and securely. Before mainstream Internet-of-Things consumer adoption can really take hold, these issues will need to be resolved.
Blockchain technologies could perhaps be the silver bullet needed by the IoT industry. Blockchain technology can be used in tracking billions of connected devices, enable the processing of transactions and coordination between devices, allow for significant savings to IoT industry manufacturers. This decentralized approach would eliminate single points of failure, creating a more resilient ecosystem for devices to run on. The cryptographic algorithms used by blockchains, would make consumer data more private.
Blockchain Internet of Things (IoT) Use Cases:
- Connected Vehicles
- Smart Appliances
- Supply Chain Sensors
Bitmain AntRouter R1
First Bitcoin Internet-of-Things Product
The AntRouter R1 is a wireless networking device containing a bitcoin mining chip. The R1 is preconfigured to mine on AntPool's solo mode, meaning that as long as the device is powered, you are competing for a chance to solve a block and win about the entire block reward of 25 bitcoins(after deducting the 1% fee).
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