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According to Cisco, about 50 billion devices are due to come online by 2020. With the Internet of Things getting closer the world will never be the same again. The underlying concept for IoT is basically connecting any device to the Internet and/or to each other — everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices to almost anything you can think of.
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And it’s been going on for quite a while already with companies like Google producing all sorts of smart household devices and smart self-driven cars. Many of the larger corporations have also expressed strong interest in Internet of Things technology. For example, Bosch’s most recent annual report set out a vision to be “one of the world’s leading IoT companies” by focusing on sensor technology, software and services, while Cisco, known for making networking equipment, has a clear interest in being at the forefront of machine-to-machine interactions.
The potential value of IoT cannot be overestimated. What if your office equipment knew when it was running low on supplies and automatically re-ordered more? What if your car knew where the nearest car shop was and drove itself there to get fixed? What if your fridge knew when it was running out of food and automatically purchased food at the closest grocery store? Or imagine a vending machine that can not only monitor and report its own stock, but can also arrange for the delivery of new items automatically based on the purchase history of its customers or their online reviews.
But the Internet of Things would never be even real if not powered by the latest blockchain developments — it is blockchain that enables smart contracts providing for M2M interactions. IBM IoT latest blockchain development enables devices to participate in transactions to communicate to blockchain-based ledgers. For instance, as an IoT-connected package moves along multiple distribution points, the package location and temperature information could be updated on a blockchain.
But as IoT opens the door to huge opportunities, it does also to many challenges — security being the biggest. With billions of devices connected together how can we be sure that their information stays secure? Blockchain technology has the potential to solve this in the same way it works for cryptocurrency: making sure that data is legitimate and the data processing is well-defined. Therefore, blockchain technology is the missing link to maintain privacy and address reliability concerns of the Internet-of-Things.
Remember the example of a vending machine and a fridge? Machines might be smart, but for now they still need some human help when making a purchasing decision. Where would you turn to if you’re having difficulties when making a choice?
Probably Yelp or Google reviews, but unfortunately these platforms are not able to deal with robotic requests. Moreover, it’s a proven fact that 60% of all the reviews are fake either ordered or generated by millions of bots. The Internet of Things threw down a new challenge and REVAIN accepted it bringing in a new generation review platform. Reviews on REVAIN are based on human opinions and available for robot requests, which means that the machine sends the question and gets the answer as if it was a human request. So a vending machine will be able to go online, scroll down the reviews on chocolate bars and choose the one with the highest review rating. Plus REVAIN reviews can’t be faked or altered. This is truly revolutionary for the future machine communications and as we see technology is booming so the application of these developments is universal. REVAIN crowdsale started 3 days ago and already accumulated 1020BTC proving that the platform with this kind of functional features has been awaited and receiving huge support from the community. The sale will last till September 6. If you wish to support the development of the platform, feel free to join here:
Well, it looks like the future is now. We might not be able to evaluate the whole impact the blockchain is going to make on human — to — machine and machine — to — machine interactions now, but the amplitude is super intriguing.
REVAIN crowdsale is scheduled to last till September 6, 2017.
