10 Nov More Scalable Blockchain Alternatives to Transact IoT Business
kay, our blockchain discussion isn’t quite over yet. Let me ask the question again, is blockchain ready to transact IoT business? The answer is still a resounding “no” but let me caveat it by saying, there are newer technologies that address blockchain’s bottlenecks and deployment weaknesses. Introducing alternative DLTs – distributed ledger technologies. In this episode of the IoT business show I speak with Ashish Mehta about the options available for those who want to incorporate blockchain-like functionality into IoT today.
In this episode of the IoT business show I speak with Ashish Mehta about the options available for those who want to incorporate blockchain-like functionality into IoT today.
Ashish is Chairman of the Blockchain working group of the Cloud Security Alliance. He has over a decade of experience managing & developing web and IT security projects and is a contributor to the Ethereum Enterprise Alliance, the IOTA project & the Energy Web Foundation.
Although I believe these alternative DLT approaches are still, at least, 2-3 years away from being commercially viable, they’re a lot closer than blockchain – in my estimation to be at least 5-7 years away. This is how technology evolves: great concepts are refined into workable tech. Alternative DLTs increase transaction speed and minimize/stabilize transaction fees. They also eliminate the middleman, with different trust mechanisms, to enable the same massive efficiencies as blockchain. What’s not to like? Same outcome but different tech. And that’s okay because as followers of Iot-Inc know, in business, it’s all about the outcomes.
Here’s What We’ll Cover in this Episode
- The four-main public blockchains.
- How blockchain contributes to security beyond maintaining data integrity.
- Why public and private blockchains scale differently.
- Alternative DLT (distributed ledger technologies) that can scale more than even private blockchains.
- The price today to complete an Ethereum transaction – it’s a lot higher than you think.
- The different bottlenecks facing DLT scaling.
- Smart contracts and how they work.
- Blockchain as a service – what it is and how it works.
Mentioned in this Episode and Other Useful Links
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