Streamr is looking to address some of the current challenges faced by the Internet of Things. Specifically, they want to use the blockchain to bring stability to the ecosystem.
The Internet of Things or IoT is the new ecosystem where most devices in the home and industry will be connected to the Internet. Already, plenty of gadgets are available in our home which are connected to the internet like the Nest Thermostat.
The advantage of Streamr is that it uses Smart contracts in order to enforce proper connectivity as well as security in the gadgets which are connected to the Internet. As it is decentralized, this means that round-the-clock connectivity is provided as well. Thus, the application is actually trying to provide a tangible extension to the blockchain technology by integrating it with the Internet of things.
The main advantage of the Internet of things is that it can easily automate a variety of different functions as well. This ensures that the efficiency of these gadgets as well as devices increases significantly. Moreover, the security of the blockchain-based platforms is significantly higher as well. This ensures that the devices cannot be misused or hacked.
Even though, IoT is still in the initial stages, there have been plenty of opportunities as well as evidence of scalability. Due to this reason, even big corporations are showing interest in connecting various devices. This decentralized model of connectivity would ensure that you are able to control your devices from anywhere around the world with the help of cloud hosting. This would provide not only greater control over the devices but also would provide the users the opportunity to use the devices more efficiently as well which would not only reduce energy consumption but also ensure that the devices can be used for the correct functions quite easily.
Streamr is aiming to provide further connectivity and control with the help of blockchain technology. This would ensure that the decentralized processing system would always keep these devices online irrespective of the availability of resources. The devices would not depend on a single server in order to remain online which would ensure that they are always online and available for use.
The success of this venture would be dependent on the level of integration between the Ethereum based application and the Internet of things devices.