IoT Chain Use Case
A walkthrough around the IoT Chain medium channel saw me getting attracted to some articles basically on the major updates of July 2018 and some use cases of the IoT Chain project that I would like to share with you guys.
Firstly, there were three use cases in which the IoT Chain project was found to be applicable to. Namely the Photovoltaic Energy, Share Economies and Supply Chain Finance. There are other several use cases in which the IoT Chain project can be related to if you are interested look out for the articles on the medium channel https://medium.com/iot-chain
The Photovoltaic Energy- The Problem
There is a waste in the energy generated from the photovoltaic cells because the produced energy rarely matches the demand as a result excess or less energy is produced.
The Solution
With IoT Chain, the energy patterns can be used to build a decentralized green energy sharing communities. There would be a peer to peer transaction that is able to match users based on their demands and to those with surplus energy.
In the community, ITC tokens will be used for settlement and there would also be a smart contract that optimizes energy matching to reduce waste during transactions. Data on assets and equipment’s are also shareable but the data classification solution of IoT Chain makes sure that sensitive info are controlled and secured always.
Share Economies- The Problem
Price discrimination and lack of transparency during benefits distribution opened various shared economy market to criticism and this is mainly due to the presence of third party agencies. Use of undisclosed market mechanisms and its centralization also has an effect on the way the benefits are distributed.
The Solution
With IoT Chain, there is a decentralized resource sharing solution that provides a peer to peer value exchange in which user can conduct peer to peer exchange for resources without the need for any third party. The incentive mechanism of IoT Chain is open, transparent and tamperproof due to its storage on the blockchain. The incentive income of users, protection of values from bad actors, and control over the ecosystem rules are always preserved by the IoT Chain.
Supply Chain Finance- The Problem
The model of the traditional financial model makes it difficult for small, medium, micro business entities to demonstrate their credit capabilities because of inappropriate capitals.
The Solution
With asset digitalization and creditization users can be able to share data using upstream and downstream entities. Items such as operating assets, inventory, orders, transactions, invoices etc. can be shared. The data is synchronized with a transparent, traceable, and tamperproof dedicated data store. The nature of IoT chain data classification scheme does not allow financial institution to acquire, use, and verify credit and asset information without the data provider go ahead.
July saw IoT Chain team introduce the IoT Chain chip to the community. In the introduction, it is stated that the main role of the IoT Chain chip is data acquisition, storage and edge computing. The chip will implement a distributed identity generation function that gives each device unique ID and also use a trusted execution environment and secure operating system. Here is the link to the introductory video
Also, IoT Chain had a discussion with ARM China. Topics that where discussed include security, AI, and IoT. They both came to the conclusion about the current security threats affecting IoT which includes Communication attacks, software attacks and physical attacks. Read more about the meeting here https://medium.com/iot-chain/iot-chain-and-arm-china-discussing-the-security-of-digital-assets-and-the-internet-of-things-3e468f30b064
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