Blockchain has gained a lot of interest within the last years because of its transparency and immutability. This also helps a lot about the IoT economy to rise. Ethereum Blockchain gives a more secure place when compared to traditional systems against hijack and botnets. Developers are using Ethereum smart contracts for their aims. This is in result helping IoT devices to work with smart contracts with automated tasks.
Ethereum and IOT: Blockchain-driven data streaming
Everyone is on the same idea that Blockchain is more democratic according to traditional systems. Blockchain-driven data streaming platform Streamr provides decentralized means for just about anyone to buy and sell data. The platform allows data owners to easily connect to the peer-to-peer network and stream their data, the access to which others could readily purchase. Streamr’s marketplace uses blockchain smart contracts and tokens to facilitate transactions and incentivize data exchange respectively. According to a latest article published on Forbes, Cofounder and CEO and of Streamr Henri Pihkala says “For optimal operation, it constantly needs data from other machines, such as traffic congestion information from other cars, electricity prices on nearby charging stations, weather forecasts, and so on. Streamr provides a single interface for real-time data delivery and payment, making data streams tradeable by people and machines using the cryptographic token called DATA coin which lives on the blockchain. The car can autonomously get the data it needs and pay for it. In turn, the car can sell the data it produces, such as traffic data to other cars, road condition measurements to a smart city, location and battery level to advertisers, and so on. A data stream economy is born.”.
Streamr aims to tokenize the value in real-time data
Streamr aims to tokenize the value in real-time data. A good example to illustrate Streamr’s offering is a self-driving car. “For optimal operation, it constantly needs data from other machines, such as traffic congestion information from other cars, electricity prices on nearby charging stations, weather forecasts, and so on. Streamr provides a single interface for real-time data delivery and payment, making data streams tradeable by people and machines using the cryptographic token called DATAcoin which lives on the blockchain. The car can autonomously get the data it needs and pay for it. In turn, the car can sell the data it produces, such as traffic data to other cars, road condition measurements to a smart city, location and battery level to advertisers, and so on. A data stream economy is born,” writes Henri Pihkala, the CEO of Streamr.
IoT and Blockchain
The advantage of this decentralized approach is that it empowers data owners to freely monetize the data they collect and generate. They can do it out of their own volition and earn directly from their data without having to involve or be subject to conditions set out by intermediaries to do so.
Blockchain fosters trust among users
The transparency of blockchain also fosters a sense of trust among users. Mechanisms such as a reputation system can be put in place to help potential buyers identify sources of high quality data. Since the market is open to all, it could aid in creating market-driven pricing rather than having prices be dictated by a limited number of dominant entities.
More Place for IoT with Blockchain
This approach also has the potential to create a more inclusive ecosystem for the IoT where high quality data is exchanged more freely. More participants also mean more data sources become available. This, in turn, helps fuel improvements in apps and IoT devices so that they can perform better.
Blockchain will encourage open exchange of data among users
Blockchain as catalyst Integrations of blockchain services with IoT could just be the catalyst that would encourage open exchange of data among users. Blockchain’s decentralization could help inspire the breaking down of silos that limit access to useful data. More exciting innovations are bound to be developed given these new means of data exchange alongside the continued improvements in hardware and AI.
How Stremr Works
The way Streamr operates is by tokenizing real-time data. It is a peer-to-peer network that connects to data sources to data subscribers. It works in conjunction with Ethereum’s blockchain by utilizing smart contracts to help with security, monetization and control. Because Streamr is on a decentralized network, the bandwidth it uses to operate isn’t hosted by a single company making it viable to security threats. Instead it is controlled and run collectively by its users. This provides more security to the data while while simultaneously allowing anyone to buy and sell data on the blockchain.
Our world and the technology that run it is evolving. But in order for it to continue to evolve, there are a few hurdles to jump. The ability to generate, process, and utilize the mass amounts of information is one of those hurdles. Thankfully, Streamr is here to bridge the gap between the growing technologies of IoT and Blockchain, making our world a little more connected, and a little more evolved.
Tugba Kaplan - Tech Journalist
Tugba Kaplan is a journalist with more than 8 years of experience. She is an award winning correspondent. She has worked for Article 19 / The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.
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