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Trust & Disintermediation – Improving IoT With Blockchain

Trust & Disintermediation – Improving IoT With Blockchain

trust & disintermediation improving iot with blockchain image

Episode 94

There’s an evangelical tone surrounding blockchain and if you believe some of its biggest preachers, blockchain will completely change how the internet, and by association, the Internet of Things, will work, and in the process, will change the world. When I find myself slipping into this worldview I shake myself back into reality by looking at it from a business perspective. In this episode of the IoT business show I speak with David Snyder to better understand the tech in order to better understand the business opportunity blockchain represents.

In this episode of the IoT business show I speak with David Snyder to better understand the tech in order to better understand the business opportunity blockchain represents.

David is president of the consulting company 42TEK where he helps organizations develop and implement new technologies. His experience includes working with Apple, Google, Kaiser, PayPal, Yahoo, and various startups. David is investigating methods for using blockchain technology to ensure data quality and security for IoT devices, including remote patient monitors and environmental sensors.

So far what’s coalescing from an IoT business perspective is the ability to capitalize on two of blockchain’s natural outcomes: trust and disintermediation. Both of which help us make more money with IoT by increasing efficiency and reducing monetization friction. Trustworthy data eliminates the need of middlemen for verification and ensures data quality by reducing the garbage in – garbage out. Trustworthy relationships allow us to transact with software instead of humans, eliminating the need of middlemen to do commerce. Together, trust and disintermediation, and the enabling Ethereum protocol, make doing business with IoT tech more profitable.

Here’s What We’ll Cover in this Episode

  • What public and private blockchains are, including the differences in consensus.
  • Distributed ledgers versus centralized data lakes.
  • The concept of smart contracts.
  • The uses of data provenance and data integrity in IoT.
  • The use cases where it makes most sense to use blockchain in IoT.
  • The importance of logging events and the immutable time stamp.

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What blockchain tech do you consider to be most important for IoT?