Some current blockchain-IoT players and their use cases
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The technology behind sensors and smart chips is evolving rapidly, making them increasingly portable and applicable for real-time interactions with blockchain ledgers. The combination of blockchain and IoT has broad potential for the creation of a marketplace of services between devices, and gives companies the opportunity to create value from collected data. The growing number of emerging blockchain protocols, partnerships and IoT device providers already indicates that there is a good fit for blockchain in the IoT sector.
Some current Blockchain-IoT players and their use cases are described briefly below.(Please note that the partnerships and companies mentioned in this article should not be considered as endorsements by Deloitte.)
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- Chain of Things (CoT) is a consortium of technologists and leading blockchain companies. It investigates the best possible use cases where a combination of blockchain and IoT can offer significant benefits to industrial, environmental, and humanitarian applications. So far, CoT has built Maru, an integrated blockchain and IoT hardware solution to solve issues with identity, security, and interoperability. There are three developed use cases named Chain of Security, Chain of Solar and Chain of Shipping.
- IOTA is a protocol for fast transaction settlement and data integrity, with a Tangle ledger that eliminates the need for expensive mining (validation of transactions). IOTA is a promising infrastructure for IoT devices that need to process large amounts of micro data. Features of the Tangle ledger, which is the distributed ledger that supports IOTA, are machine-to-machine communication, fee-less micropayments, and quantum resistant data. IOTA has built a sensor data marketplace and is entering the market for data-driven insights, supported by more than 20 global corporations.
- Riddle&Code provides cryptographic tagging solutions for blockchains in smart logistics and supply chain management. Working on the integration between IoT devices and distributed ledger networks, Riddle&Code offers a combined, patented hardware and software solution that enables secure and trusted interaction with machines in the IoT age – by giving machines and any physical device a ‘trusted digital identity’. This technology breaks through the physical/digital divide to strike a balance between the demand for paper documentation and the advantages that blockchain technology has to offer.
- Modum.io combines IoT sensors with blockchain technology, providing data integrity for transactions involving physical products. The modum sensors record environmental conditions, such as temperature, that goods are subject to while in transit. When the goods arrive at the next transit point or end customer, the sensor data is verified against predetermined conditions in a smart contract on the blockchain. The contract validates that the conditions meet all of the requirements set out by the sender, their clients, or a regulator and triggers various actions such as notifications to sender and receiver, payment, or release of goods.