Crypto Academy / Season 4 / Week 1 - Homework Post for [Crypto Professor @yohan2on] Blockchain Technology and the Internet of Things (IoT)

Here is another new season of learning and acquiring more knowledge. Welcome back prof @yohan2on, I am very excited to take part in this course.

Explain why the future Internet of Things depends on Blockchain.

It is an interesting topic, which any tech-enthusiastic individuals need to look into in the future. Blockchain and the Internet of Things (IoT) are the transformations of technology in the future. When we talk of transformation, we are talking about the innovation that digital technology will acquire in the future with the two together.

Pxfuel Image edited by @fombae

Blockchain technology is the distributed ledger technology, which is picking the backbone position of many domains and not just cryptocurrency anymore. Examples

• Blockchain and finance
• Blockchain and the Internet of Things (IoT)
• Blockchain and cybersecurity
• Blockchain and logistics, etc.

Blockchain and the Internet of Things (IoT) is the main interest in this course, Like I mentioned above, combining Blockchain and the Internet of Things (IoT) means bringing two powerful deals together bigger than the internet. Blockchain is the faster-growing evolution, which is not just about financial services but covers other domains in technology. There are many blockchains now covering other sectors, and more than the blockchain technology powering bitcoin.

Trying to put the Blockchain and the Internet of Things (IoT) will mean " Distributed Ledger Technology meets Distributed Internet of Things". With the challenges, it is necessary to increase the role of IoT in the Blockchain, when looked at in an IoT context. It is a long-term innovation in business models to gain solid ground we can be expecting in the future.

Internet of Things is about devices or applications which are distributed by definition, Blockchain which is the distributed ledger technology plays the role of how the application communicate directly between each other. These applications offer the function for transaction and interaction, which has the basic designed model of Blockchain. Some of these applications are smart contracts that automatically carried our particular instructions on specific conditions or smart applications which support specific IoT processes. Bring the two together, Blockchain will improve IoT features and cost-efficiency in its processes. Before getting to the challenges, let look are the key features of the combine or say using Blockchain for IoT

Reduce cost: The middleman or intermediaries during the transaction will be removed thereby reducing the cost.

Accelerate transactions: Settlement time will be reduced during the transaction from days to almost instant.

Build trust: The risk of collusion and tampering during the transaction is reduced, and a high-level trust between parties and devices.

* Challenges faced by IoT and Blockchain.

Technology: In the context of IoT, security is a great challenge and it is an aspect to per attention to. It is because IoT solutions need scalable technology with a high level of security. Blockchain will look like a means to secure the internet of things when looking at the security of the device and that of the actual Blockchain. Sometimes the devices may have connecting problems or low computing powers to add up to the computing problem.

Legal Compliance Issues: this has a role to play because of the automation of functions in devices due to blockchain design. So if a wrong decision is taken, who will have to take the responsibility. Remember, the action is automated by a smart contract triggered by another blockchain program. The problem of who to take the blame will set in. We also have the quality of the programming of the smarm contract, and no real-world lawyers make it unaccepted in a law court.

Operational challenges: Putting this IoT and Blockchain together, the ecosystem is enlarged. Here we are talking about the business model, the number of actors and the number of operations to be carried out. For example, how can you verify that an off-chain operation s had not been tempered or let sey the technician who came around to fix an IOT was transparent in his function. There is the challenge to find a way to restructure the business model.

Like I mention, Blockchain and IoT together is an aspect for the industry to put an eye on, and why do I say so:

• Blockchain offers data protection
• Blockchain offers strong working relations with partners
• Blockchain offer greater efficiency of information provided
• Blockchain offers the ability for IoT devices to participate in a blockchain transaction.
• Blockchain offers a new platform for new digital interaction to be invented.
• Blockchain reduces the cost of operation
  Etc

Research and create content on the following IoT Blockchain use case.

• Filament

Several companies work hard for IoT devices to interconnect in a reliable way using blockchain technology. The ability to create a secure network, by so doing avoiding device spoofing and impersonation. An example of a company already using blockchain to power IoT networks is Filament.

Filament is a company that provides IoT hardware and software for industrial applications based in Reno Nevada founded by Allison Clift-Jennings. Filament develops tools for a large sector of industries such as manufacturing, oil and gas, and agricultural industries.

One of the Filament products is called Taps, it is a wireless sensor used to mesh networks by an enterprise to manage physical mining. This sensor can be used in an agricultural domain to distribute water over the agricultural field without depending on the central system.

"A successful product strikes a balance between the user, technology, and business."^source

Filament objective is design innovations, be it technology, experience, or business. This company is working to use the changes in development, manufacturing, buying, and selling to their advantage. Filament has a powerful team of Engineers who are working to have a Design Studio of the future. Filament processes are broken into Discover, Design, Deliver and Deploy

IoT of Filament
"Products are now more than the physical object."^source

Filament has used the trend of events to design innovations when it comes to how products were designed in the past years. The coming of IoT and connecting hardware is the part play by Filament to produces more secure operations. All to make sure users have a better user experience and customer experience. All Filament IoT products have the user at the center, making sure that innovation is the key. Filament is out to solve problems by providing users with products with innovative interactions. Some of these products are

• BERINGAR ^source

• HALO ^source

• SCOTTOILER ^source

Like I have been trying to explain, all about Filament is using technology to improve user experience. because of the wide range, Filament is been able to get into several sectors such as

• Energy, Climate, and Cleantech
• Digital Health and MedTech
• Retail Experience
  More details from the official website. filament

Conclusion

Blockchain is just the missing link to enable IoT transactions to be executed without the need for a third party to validate it. It has solved the problem of scalability, privacy, record, trust, single-point failure, and reliability in transactions. With all this, it is normal to conclude that the future Internet of Things depends on Blockchain.

Done by @fombae