IoT

Real-time, High-resolution data through:

• Hardware: Sensors & Devices
• Connectivity: Information transfer
• Software: Analysis of data
• User Interface: Window for users to interact with IoT

Gaps & Problems

• High maintenance overhead
  • Updates to millions of devices
• Time-consuming workflow
• Not enough transparency

How Can Blockchain Help?

• Decentralized network
• Trustless => Fast reconciliation
• Self-executing scripts

Blockchain

• Every node keeps copy of Blockchain
• Chain of validated transactions
• Ledger of who owns what

Public

• Anyone can participate
• One person can impersonate multiple entities
• Expensive consensus mechanism

Private

• Only whitelisted participants
• Varying degree of role: Mine, transact etc
• Less expensive consensus mechanism

Smart Contracts

"Computerized transaction protocol"

• Scripts on blockchain
• Enable general computation
• Data-driven interactions

Smart Contract: Trade

• Smart contracts have unique address
• Contains 3 functions
  • Deposit
  • Trade
  • Withdraw

• Service & Resource Sharing
• Workflow automation

IoTxBlockchain:

Applications

Service Sharing:

Firmware Update

• All IoT devices on Blockchain
• Firmware served by manufacturer's node
• After propagation, stop serving
• Newer nodes get firmware from network

Resource Sharing: Slock.it

• Smart contracts sell tokens to unlock properties

Solar Power Sales

• Smart contracts sell solar energy

Shipping Workflow Automation

• Problem: Each stakeholder maintains own database
• Result: Reduce dispute among stakeholders

Shipping Workflow Automation

• Performance
• Privacy
• Miner set
• Legal enforceability
• Complete autonomy

IoTxBlockchain:

Issues

Performance:

Throughput & Latency

• High volume: Logistics & Shipping
• Time-sensitive: Manufacturing 
• Solution: Reduce blockchain network size and consensus compute

Privacy

• Security through transparency but no security through privacy
• Solutions:
  • Separate blockchain whenever possible
  • Content encryption

Miner Set

• Miners may collude to block transactions
• Solution: Separate legal contract to penalize collusion

Legal Enforceability

• Legal enforceability of smart contract is limited
• Solution: Include reference of real-world contract in smart contracts

Complete Autonomy

• Free-running train can become Runaway train
• Solutions:
  • Privileged Users to revoke smart contracts
  • Smart contracts that change based on inputs

IoTxBlockchain:

• DNS service: pointers to resources
• Secure communication (telehash) & file exchange (IPFS)

Other Parts

• Potential in several domains
• Current applications are limited
• Possible solutions are worth exploring

IoTxBlockchain:

Conclusion

IoTxBlockchain

Q&A