Can Blockchain Help Solve the Problems of IDoT?
As the identity of things (IDoT) continues to drastically expand, there still remains uncertainties around the viability of existing cybersecurity measures to protect the transfer of data from network nodes to central servers.
With the explosive adoption of blockchain as a potential solution to this concern, many are expecting to see an even higher rate of adoption as companies such as Chronicled begin to successfully leverage existing blockchain networks to securely verify and authenticate the identity and addresses of network assets.
In addition to cyber concerns, Chronicled believes blockchain has the potential to solve the interoperability issues of IDoT systems. In a recent interview Samantha Radocchia, co-founder of Chronicled, told bobsguide “We’re the layer of digitisation where we interconnect and test the existence of these uniquely identifiable assets along with the necessary additional information. Until we can connect these assets on a common backend with common protocols we can’t collect the valuable rich data”
Solving these two challenges could be the key to unlocking the long awaited promises of groundbreaking levels of efficiency offered by IDoT. For example, imagine traveling in a car to an urban city, and you need to park. If the identity of things ecosystem was created on a central set of protocols, the car you are in would be able to find a parking garage, register the car upon entrance, and pay for itself when leaving, thus creating a fully automated reality. The car and the garage, in this scenario, would be registered as autonomous assets on the blockchain that would be able to process transactions with smart contract technology.
We believe it is important to consider blockchain use cases outside of cryptocurrencies, and explore the potential benefits it can have in IDoT. And as companies begin to solve security concerns and interoperability challenges, we will start to realize the true benefits of IDoT.