Use blockchain to support credit transactions on the Internet of Things

The recent development of the computer industry has paved the way for blockchains to help transform the Internet of Things into a trusted environment.

The edge commerce is growing rapidly in our lives. Every time we adopt a new smart product that can be connected to other devices, and use this product to buy or sell goods on the Internet, we are one step closer to the marginal business model.

Conversational business models, such as Amazon’s artificial intelligence voice assistant Alexa, are the premise of a marginal business model that will be widely used in our lives in the future. As every new IoT device appears on the network and expands its automated capabilities, our individual edge nodes begin to lead our lives. Smart devices continue to acquire, configure, re-save, update, optimize, repair, and manage every important aspect of our lives, virtually every level. Smart devices are even critical when we quantify assets with money, especially with regard to data, computer computing, storage, and other quantification of resources derived from this new connected economy.

In fact, the Internet of Things has become the most extensive trading platform in the world. However, the Internet of Things has no way to achieve its goals unless rapid dissemination, alliances, and a wide range of trusted infrastructure are available. Trust is lacking in an environment where everything can now take advantage of the Internet of Things. Because marginal facility communications and other facilities typically belong to many different units, these units do not have any trust relationships. In this case, concerns about confidentiality, privacy, malware and smart financial protection will come to the fore. Similarly, the lack of real guarantees such as two-way commitments, high efficiency, fault tolerance and congestion management can create risks for unregulated marginal business applications.

The blockchain is the missing piece in the IoT trading puzzle today. When applied to a marginal business environment, the blockchain can facilitate trusted transactions on IoT nodes in the following ways:

Data mining : Blockchain can accelerate the creation, maintenance, execution of smart contracts and share transactions between different IoT-mediated entities through one or more alliance-based marginal business networks.

Protection : When applied to IoT devices and paths, blockchain technology can protect data that has been acquired, stored, and processed at the node level.

Predictability : When applied to a cloud-to-edge environment, the blockchain can automate complex transactions through smart contracts that have embedded intelligent agents on each node. Smart contracts are programs that are automatically executed on the blockchain and are protected by encryption techniques.

See the original text: https://www.informationweek.com/big-data/using-blockchain-to-support-trustworthy-transactions-on-the-iot/a/d-id/1333339

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