Blockchain and Internet of Things: Why a Perfect Match
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While blockchain gained a lot of interest particularly in the FinTech domain, it is in the IoT space that most of the advantages brought by blockchain could be exploited. In this talk you will see how blockchain can help in addressing some of the most challenging problems of IoT such as scalability, security, data privacy and why the decentralised nature of blockchain perfectly matches with the intrinsic distributed and decentralised nature of IoT.
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Blockchain and Internet of Things: Why a Perfect Match
- 1. Blockchain and Internet of Things: Why a Perfect Match Fabio Antonelli - fantonelli@fbk.eu Head of OpenIoT@ FBK - CREATE-NET Research Center
- 2. About me… Applied Research and Experimentation on Open Platforms and Enabling Technologies for the Internet of Things Fabio Antonelli Head of OpenIoT Research Unit in FBK – CREATE-NET Trento, Italy
- 3. Agenda • Brief history • Blockchain: what is and how it works • Blockchain for IoT • Main application patterns and cases • IoT Challenges and Blockchain • Main Benefits • A market perspective • Open challenges
- 4. Origins of Blockchain • 2008, Satoshi Nakamoto • Core component of the digital currency • The problem: – How to perform digital currency transactions between users directly, without an intermediary • Bank • PayPal • CC Circuit
- 5. Blockchain and Disintermediation • Only 1 person owns some money at a certain moment • Cash ca ’t be spent twice 10 Disintermediation: No central authority or 3rd trusted parties
- 6. Blockchain: How it works… Decentralized et ork of the ledger (decentralized transactions database) A B: 10 b B C: 10 b ……. ……. …… ……. Structure of the ledger Transaction logs Blocks Chained
- 7. What is Blockchain Technological infrastructure supporting transactional services bitcoin Asset tracking…. ….Services Contracts rules of the game • Decentralized network of nodes and ledger • Peer to Peer secure communication • Decentralized Consensus mechanism • Trustless playground
- 8. Blockchain: From BitCoin & FinTech Applications towards IoT
- 9. Blockchain: From BitCoin & FinTech Applications towards IoT Devices are entitled to autonomously execute transactions De ice Democracy Devices become part of the value exchange in the IoT ecosystem Eco o y of Things
- 10. IoT Device Empowerment: Examples • Trustfully recognized • Autonomous Behaviour • Autonomous Device Interaction Smart Locks Automatic e-car recharging and payment
- 11. IoT Device Empowerment: Examples The ADEPT Project by IBM and Samsung • Proof of concept platform • Decentralized marketplaces open to IoT devices
- 12. Immutable Asset tracking and Transactions Recording • Definition of rules and agreements • Tracking • Verification • Proof of value• Contracts • Transactions • Records At the basis of economic, legal and political systems: Many application domains: • Insurance • Logistics • Manufacturing (supply chain)
- 13. Immutable Asset tracking and Transactions Recording: Examples • Insurance Contracts: – simplified, automated processes, increased standardisation and automatic, electronic execution • Micro-Insurance: – Sharing economy scenarios • Fraud Detection: – Validate authenticity – Verifiable and trusted logging of events – Sensor-based insurance
- 14. IoT Challenges and Blockchain Centralized Control Need for certification authorities Communication from edge to cloud Centralized Data Management & need for trusted parties Exposure of data flows in the network Plethora of Device Identity solutions
- 15. Main Benefits Simpler, more direct processes Simpler transactional model Disintermediation • Costs reduction • New business models • Transactions acceleration Wider use of automatic transactions • Device Autonomy No need for hu a i the loop
- 16. Blockchain Ecosystem and IoT The Blockchain market size: Estimated grow: • 210.2 M$ (2016) 2,312.5 M$ (2021) • CAGR of 61.5% (MarketsAndMarkets, 2017) Blockchain for IoT: In an exploraroty phase
- 17. A Market perspective Big Players: investing Startups: limited numbers, but growing Stage: Innovation/Exploratory • Power grids • HealthCare • IoT platforms • Shared Economy Opportunities: • Insurance • Supply Chain • Industrial IoT
- 18. Challenges • Legal & regulations • Technology • Fragmented market • Lack of skills • No established standards • transaction processing time • decentralized storage • Limited blockchain platforms offering
- 19. Perspectives • Blockchain and Intelligent Things named by Gartner as strategic technology trends for 2017
- 20. Conclusions…