Blockchain And IoT: A Perfect Match?

Blockchain And IoT: A Perfect Match?

12/20/16 7:43 AM 2016-12-20 16:06:39
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of BlockgeeksBlockchain has become a media buzz

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of Blockgeeks

Blockchain has become a media buzz due to its unique and powerful qualities. While a lot of excitement exists for its use in both financial and identity applications, a new and more exciting area for this technology has emerged. It is predicted that more than 20% of businesses will deploy security solutions for protecting their IoT devices and services by 2017, IoT devices and services will expand the surface area for cyber-attacks on businesses, by turning physical objects that used to be offline into online assets communicating with enterprise networks. Businesses will have to respond by broadening the scope of their security strategy to include these new online devices.

The cost of regulatory compliance and the need for governance creates a tremendous burden on enterprise resources. Companies need to invest in various system products, system admins and incur added maintenance costs. With the blockchain, the message is the inscribed recording – an unchangeable record combining both features as one, creating an impenetrable non-modifiable entry. Hardened against tampering and revision, the record is irreversible even by operators of the data store’s nodes. This record is cryptographically enforced and hosted on machines running the software. The inscribing mechanism typically happens within 10 to 30 minutes of message initiation. This is extremely rapid for governance and regulatory purposes, with no further intervention, which reduces regulatory and compliance costs while achieving the highest level of governance.

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One such example is:

Cooperatively Owned Self-Driving Cars

Using current technologies, a company like Uber or Google maintains the servers necessary to run a self-driving car.

 

Using a blockchain-based service, any number of individuals could form an agreement between themselves to purchase a self-driving vehicle and share its maintenance amongst themselves. Each cooperative group could from contracts with other groups and share usage of their vehicles amongst a wider group of peers.

Conclusion

Adoption in the IoT space for blockchains has been slow. Many of its technological features are not widely known and integration with such cryptographic ledgers present difficult engineering challenges. Blockchains of Things, Inc. is changing this with its introduction of Catenis

Andre De Castro is the CEO & Co-Founder of Blockchain of Things, Inc. He is a long-time crypto currency specialist who has an expert’s insight as to the field’s potential and is working towards making that potential a reality. Andre has been an active participant in the Bitcoin community and industry since 2010.His experience includes being a software developer, investor, trader, advisor, and U.S. policy influencer. Andre is also an avid public speaker and panelist for financial and technology events including: GE Global Research, Perkins Coie, Wedbush, and the NY Bitcoin Center. His early grasp of the unrealized potential of blockchain technology to revolutionize multiple sectors of industry led him to found the Blockchain of Things in 2014 and drive the development of the Catenis Enterprise platform. Andre graduated with honors from the State University of New York at Stonybrook, earning a B.S. in Computer Science, with concentration in artificial intelligence. A prolific inventor, he is the holder of two U.S. Patents that streamlines the installation of electronic products in automotive circuits.

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