Explain why the future Internet of Things depends on Blockchain
The term internet of Things (IOT) Basically means the enhancement of our living experience, It is dynamic these days we Are adopting new technologies really fast which helps in enhancing our living experience.
In simple Words internet of things technically describes the network of Physical objects, that are interconnected through softwares networks, sensors and many other technologies with the purpose of Connecting and helping exchanging data with other devices through the internet.
Alternatively, IOT is becoming the next phase of internet which
has the ability to collect, analyse and spread data that can be turned into
information and knowledge
Examples on IOT
One of the best Example of Internet of things is our Google assistant and Amazon's Alexa voice assistant, one of the most comprehensive IOT services that we use in our daily life. I mean we can literally control home appliances easily with our Google assistant, Either it's Switching on bulb or switching off Air conditioner.
Another Example is Smart watches, New smart watches provide so many features that we use in our daily life, we can easily manage calories burn during workout session or calibrating mobile device through Smart watche, Or locating a location in smart watch using GPS or contacting Emergency Helplines automatically through Artifical Intelligence and designed software.
Blockchain Technology and IOT
This year has been great for Crypto Space we see so many adoptions, Countries like EL Salvador made Bitcoin a legal tender which makes EL Salvador first country with It's GDP Fluctuating Every second.
As mentioned by professor we are still The initial stages of Blockchain Technology and IOT, But in the upcoming days it will be major, as we literally see new devices being launched almost everyday with new features.
Problems In IOT
IOT is still in developing phase But it can be better if collaborated with Blockchain.
- IOT Problems in security - These days Security on internet is seems like Myth, In IOT there are central Authorities or Units Where data is stored and these can be easily Targeted by the Hackers, They always finds loopholes in the network easily penetrate a secured network.
Let's see through an example which happened Recently, Where the company's claims that they keep the Users credentials Very secured and still it hacked in a sophisticated Cyberattack.
In February 2021 Air india(Airlines) Suffered a Data breach Which led to compromising the KYC details on around 4.5M users, the leaked data was collected between August 26, 2011 And February 20, 2021 and later on the data was put on sale on dark web, hence Easily Penetrative in a Cyberattack.
- Less Scalable - Well Current IOT has Centralized nature which can barely scale a billions of transaction happening everyday, It is because Mostly It's controlled By a Central unit And Makes it less scalable because of increasing number of users.
The Scope of Internet of things is great But challenges like Data security and Scalability prevents it from Significant growth.
- Limited Bandwidth - Connectivity is another one of the major concern that challenges IOT, As the market is growing rapidly the number of users is just increasing but IOT Servers still being Centralized and connected with Single Central unit, so sometime as more and more devices begin to connect to these networks they often struggle to bear all the network load.
Risk of Data being modified - Having centralized mature where a central unit has control over your information, you can't rely on that person of unit that it will not modify or leak your data, On the other hand In the Blockchain technology the data once recorded Can't be changed, Hence makes it immutable.
Issues in Transparency - These days we love transparency everyone wants to know what is actually happening with their stuff, is it even safe or not you can't just rely on someone's statement, The data can be easily changed deleted or modified and you won't even know, where comes blockchain technology to tackle this because Distributed ledger on chain provides transparency to see everything in details, hence gains users trust (Customer base).
- Audit problems - If you are working in a organization that works on a larger scale then it can be really stressful for you to manage all the data, plus it will consume a lot of time and being human you also commit mistake in the Audit, while Blockchain technology will keep a record of the data since data is immutable you can trust it and become of Blockchain algorithm it will provide more accuracy than any manual audit can.
Advantages of Blockchain In IOT
Adopting Blockchain technology can be very beneficial as we all know blockchain technology uses decentralized ledger providing more transparency and copies of data is shared with the all nodes in the network.
- Cost effective - Reducing cost is may be one of the Beat benefits of Adopting Blockchain, Because Blockchain allows data to be submitted on a peer-to-peer basis without centralizing control which directly reduces the bussines expenses, because when you hire People to manage all the data you have to pay, so adopting blockchain technology is beneficial and cost effective.
- Improved Security - Using blockchain technology Adds an extra layer of security to any network, having a central unit to control and record transaction data makes it single point failure and be vulnerable against cyberattack so adopting blockchain will prevent single point failure.
- Highly Scalable - If they adopt the blockchain Technology they can easily maintain the load because in the Blockchain technology Load can be easily shared between the connected nodes with its decentralized Nature.This will not only speed up the transaction but will also provides transparency And most important part is that the recorded into the Distributed Ledger is immutable And prevents single point of failure
IOT Blockchain use case Filament
Before attending this lecture I never heard about this Filament company, i made some research and i found the following information about Filament Which is a blockchain based hardware company founded by Allison Clift Jennings in the year 2012.
Technically, Filament Is a provider of enterprise blockchain solutions for the Internet of Things, Filament Designs Enterprise Blockchain solutions Called Blocklet Specifically designed to Support the use of Blockchain through the internet of things(IOT).
Filament provides the necessary blockchain tools and technology that allows enterprises and industrial corporations to securely process and record all the digital transactions directly from connected hardware devices connected vehicles, IOT managed manufacturing equipment and other connected machines, to ensure complete digital transparency right from the edge to drive
The main objective of Filament is to Enhance the Data security of IOT Devices, it also tackles the major problem of delayed transactions, basically working as a middle man to support the Internet of things with blockchain technology.
Filament partnership with EEA
On March 19th 2019 They release a statement in a press conference and announced joining the Enterprise Ethereum Alliance (EEA), which is the largest open source blockchain initiative in the world, to advance Ethereum-based enterprise blockchain deployments.
Allison Clift Jennings CEO of Filament also said, “Our solutions feature turn-key support for Ethereum and Hyperledger Fabric, enabling devices to transact natively with multiple enterprise blockchain platforms. The EEA’s efforts in evolving Ethereum into an enterprise-grade technology helps advance blockchain adoption with our customers and partners worldwide”
In other words, Filament's Blocklet products provide blockchain suitable tools and technology for the Enterprises that allows them to securely process and record transaction directly through IOT Devices.
Some Objectives of Filament
Enhancing Security - Like i said above Security seems like a myth these days, The main objective of Filament is To Enhance the Security, It names sure that the days shared between the connected network is secured and reliable. Technically working as a middle man in blockchain technology and internet of things.
Solving Compatibility issues - Filament provides blockchain Solutions, It designs products that tackles the compatibility issues and make sure that the device can be easily paired with any other devices. Along with the new changes they also adopt these changes and make a compatible Version.
In this Homework task i learned that we rely on internet of things since we use them in our daily life although it is still in it's early phase and in my opinion the future for IOT and blockchain technology is Bright, there will be a mass adoption of it in the upcoming years.
Filament eliminates The compatibility issues and enhance the security of products and make sure the shared between the devices is safe and secured and it's partnership with EEA has proved it and we all understand the power of Ethereum based projects.
Thank you prof @yohan2on for this wonderful lecture, loved it.