Will the Internet of Things Need Its Own Blockchain?

chips, electronics

To some, a machine-to-machine economy is inevitable.

Given the increasing trend toward automation, proponents reason, it’s only natural that connected devices will become better coordinated into smart, adaptive networks. And with the advent of blockchain, the so-called Internet of Things (IoT) industry has found a new tool to make its vision into reality.

But a key question remains: are existing blockchain designs sufficient to meet the needs of the IoT industry? Or are specialized designs needed to mitigate use case-specific issues?

Innogy Consulting, an innovation and consulting group based in Berlin, for example, believes dedicated technology is needed.

The firm’s technology lead, Carsten Stöcker, told CoinDesk that he believes unique blockchain use cases will be adopted by industries, and to that end Innogy has partnered with a project called IOTA.

Stöcker said:

“In general we believe in the concept of ‘special purpose blockchains’. These platforms are designed to meet industry standards and requirements, and to integrate different assets.”

It’s the high transaction throughput provided by IOTA’s network, an improvement over current cryptocurrencies, that attracted Innogy to partner with the initiative.

Stöcker predicted that, in future, distributed ledger tech like IOTA’s will be necessary for smart meters, communication devices, telematics boxes, objects tags, 3D printers,

Read more ... source: CoinDesk

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