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How do blockchain and internet of things match?
- 1. How do Blockchain and Internet Of Things Match? Presenter: Bob Peters Blog: www.embedwise.com Email: bob@embedwise.com
- 2. 25 November 2016 www.embedwise.com 2
- 3. Conclusion • Have an idea about Blockchain • How Blockchain can be used in combination with IoT • (Money) Transactions • Smart contracts • Challenges • Benefits • Discussion 25 November 2016 3www.embedwise.com
- 4. Introduction • Bob Peters • Embedded System Enthusiast • Master in Embedded Systems (TUe) • Internet of Things • bRemote Beehive monitoring system, www.bRemote.eu • Embedded system/software development (Consultant) • Blog: www.embedwise.com • Email: bob@embedwise.com 25 November 2016 4www.embedwise.com
- 5. Blockchain – A short introduction • https://www.youtube.com/watch?v=WiRFuHXHBhk [2:07] 25 November 2016 www.embedwise.com 5
- 6. What is Blockchain? • Blockchain • Ledger • Consensus algorithm • Means to perform changes on the ledger 25 November 2016 6www.embedwise.com
- 7. The chain of transactions 25 November 2016 www.embedwise.com 7 Reference: Satoshi Nakamoto (2008), Bitcoin: A Peer-to-Peer Electronic Cash System, 2008
- 8. Consensus System • Double spent problem • Proof-of-work consensus 25 November 2016 www.embedwise.com 8
- 9. Transactions / Smart contracts • Register transactions and contracts • Automated contract enforcement 25 November 2016 www.embedwise.com 9
- 10. Applications blockchain • Currency: Bitcoin • Payment systems: Bitpay • Digital Assets Nasdaq • Identity: Blockstack (formerly known as Onename) • Verifiable Data: Proof of Existence • Smart contracts: Ethereum 25 November 2016 www.embedwise.com 10
- 11. Blockchain and Internet of Things • Logistic chain condition monitoring 25 November 2016 11www.embedwise.com Reference: http://www.ibm.com/internet-of-things/iot-news/announcements/private-blockchain/
- 12. Blockchain and Internet of Things cont’d • A car as a service • Electricity network (Smart City) 25 November 2016 12www.embedwise.com
- 13. Challenges • Number of transactions • Proposed workarounds are tested • Processing power / energy consumption • Change in thinking about business models • Cost development upfront 25 November 2016 www.embedwise.com 13
- 14. Benefits • Remove third party • Transparency and immutability • Faster transactions • Lower transaction costs 25 November 2016 www.embedwise.com 14
- 15. Conclusion • Have an idea about Blockchain • How Blockchain can be used in combination with IoT • (Money) Transactions • Smart contracts • Challenges • Benefits • Discussion 25 November 2016 15www.embedwise.com
- 16. Discussion / Questions? 25 November 2016 16www.embedwise.com • Which business cases can you think of? • Is blockchain technology something for you? • What positive / negative aspects do you see?
- 17. Thank you Presenter: Bob Peters Blog: www.embedwise.com Email: bob@embedwise.com 25 November 2016 www.embedwise.com 17
- 18. Sources • https://bitcoin.org/en/bitcoin-paper • developer.ibm.com/tv/convergence-iot-blockchain/ • dataconomy.com/wtf-is-the-blockchain-a-guide-for-total- beginners/ • https://en.bitcoin.it/wiki/Weaknesses • https://techcrunch.com/2016/06/28/decentralizing-iot-networks- through-blockchain 25 November 2016 18www.embedwise.com