Machine to machine payments

•

10 likes•4,001 views

Cryptocurrencies and blockchain tech in general have the potential to make machine to machine (M2M) payments very efficient. This talk explores different angles of M2M payments in the internet of things (IoT). Presented at Blockchain Week IoT conference, Barcelona, 6 Oct 2015 and M2M Digital Curreny Summit London, 17 Mar 2016.

1982: Carnegie Mellon University Coke machine

Industrial applications:
monitoring, tracking, telematics

After 2000: More features, faster, smaller

Proprietary solutions by
KORE, Gemalto, FTS

Revolving around vending machines and POS

Deep integration in business logic / contracts

“The current revision of the European Payment
Services Directive is not fit for M2M payments.”
Prof. Dr. Rolf H. Weber (Zürich)

Funds parked on multi-signature escrow address

Transaction drafts exchanged “off-chain”

Contract can be executed by both parties
at any given time

Sender Wallet Recipient Wallet
Escrow
Funding Tx

Sender Wallet Recipient Wallet
Escrow
Funding Tx
Refund Tx

Sender Wallet Recipient Wallet
Escrow
Funding Tx
Refund Tx
Payment Tx

Sender Wallet Recipient Wallet
Escrow
Funding Tx
Refund Tx
Payment Tx
Bitcoin Network

Sender Wallet Recipient Wallet
Escrow
Funding Tx
Refund Tx
Payment Tx
Signature Signature
Payment Tx
Bitcoin Network

Sender Wallet Recipient Wallet
Escrow
Funding Tx
Refund Tx
Payment Tx
Signature Signature
Payment Tx
Payment Channel
Bitcoin Network

Thanks!
@
m
einharrd
@
SatoshiPay
slideshare.net/m
einhard

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