Blockchain technology is applicable to many applications beyond Bitcoin and cryptocurrencies, notably IoT, but it is the business implication of cryptocurrencies that drove many of decisions within the technology. Would these be the same decisions if IoT applications were driving the process? Doubtful. In this session, we will revisit those decisions to tailor Blockchains specifically for IoT applications. Blockchains are not a fixed, inflexible technology but rather it is a collection of technologies that can easily be reworked to better suit an application.
In order to apply Blockchains to IoT, this session will first cover the basic technological elements of Blockchains. We will examine how these elements are used in cryptocurrencies and why many of these technology processes/decisions support cryptocurrency applications. Next, we will examine the similarities and differences between cryptocurrencies and IoT applications. Cryptocurrencies are public ledgers detailing financial transactions for a large, anonymous user base. IoT applications on the hand have constituencies that are private or semi-private groups with limited and known members whose transactions while having a financial underpinning are typical non-financial data. These differences drive the need to rethink Blockchains and to reformulate them to better serve IoT applications.
By going “back to the basics” of how IoT applications work and understanding the business needs driving the application, we are ready to adapt Blockchains to IoT applications. We will create a Blockchain that is ideally suited to IoT