How do Blockchain and Internet Of Things Match? · How do Blockchain and Internet Of Things Match?...
Transcript of How do Blockchain and Internet Of Things Match? · How do Blockchain and Internet Of Things Match?...
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How do Blockchain and Internet Of Things Match?
Presenter: Bob Peters
Blog: www.embedwise.com
Email: [email protected]
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Conclusion
• Have an idea about Blockchain
• How Blockchain can be used in combination with IoT • (Money) Transactions
• Smart contracts
• Challenges
• Benefits
• Discussion
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Introduction
• Bob Peters • Embedded System Enthusiast • Master in Embedded Systems (TUe)
• Internet of Things
• bRemote Beehive monitoring system, www.bRemote.eu
• Embedded system/software development (Consultant)
• Blog: www.embedwise.com • Email: [email protected]
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Blockchain – A short introduction
• https://www.youtube.com/watch?v=WiRFuHXHBhk [2:07]
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What is Blockchain?
• Blockchain • Ledger
• Consensus algorithm
• Means to perform changes on the ledger
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The chain of transactions
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Reference: Satoshi Nakamoto (2008), Bitcoin: A Peer-to-Peer Electronic Cash System, 2008
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Consensus System
• Double spent problem
• Proof-of-work consensus
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Transactions / Smart contracts
• Register transactions and contracts
• Automated contract enforcement
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Applications blockchain
• Currency: Bitcoin
• Payment systems: Bitpay
• Digital Assets Nasdaq
• Identity: Blockstack (formerly known as Onename)
• Verifiable Data: Proof of Existence
• Smart contracts: Ethereum
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Blockchain and Internet of Things
• Logistic chain condition monitoring
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Reference: http://www.ibm.com/internet-of-things/iot-news/announcements/private-blockchain/
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Blockchain and Internet of Things cont’d
• A car as a service
• Electricity network (Smart City)
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Challenges
• Number of transactions • Proposed workarounds are tested
• Processing power / energy consumption
• Change in thinking about business models
• Cost development upfront
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Benefits
• Remove third party
• Transparency and immutability
• Faster transactions
• Lower transaction costs
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Conclusion
• Have an idea about Blockchain
• How Blockchain can be used in combination with IoT • (Money) Transactions
• Smart contracts
• Challenges
• Benefits
• Discussion
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Discussion / Questions?
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• Which business cases can you think of?
• Is blockchain technology something for you?
• What positive / negative aspects do you see?
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Thank you
Presenter: Bob Peters
Blog: www.embedwise.com
Email: [email protected]
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Sources
• https://bitcoin.org/en/bitcoin-paper
• developer.ibm.com/tv/convergence-iot-blockchain/
• dataconomy.com/wtf-is-the-blockchain-a-guide-for-total-beginners/
• https://en.bitcoin.it/wiki/Weaknesses
• https://techcrunch.com/2016/06/28/decentralizing-iot-networks-through-blockchain
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