Do you knowThe Internet of Things (IoT) ? This is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect and exchange data, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions.
But more we can use IoT device or service more efficiency is that it have to change their payment model from monthly subscription to COD(cash on delivery) I think. Subscription model is collapse some day.
Existing financial processing unfit for purpose
The existing financial system is inadequate to use IoT. In order to transfer fiat currencies through traditional financial services, certain conditions must be met. These conditions prove to be inflexible and time-consuming.
In addition, the process more often than not requires intermediaries, leading to higher processing fees. Furthermore, the privacy of all parties involved is essentially non-existent as the traditional financial system requires a significant amount of information in order to process any transaction.
If we use IoT device with a monthly billing system, we have to be contracted one by one with a number of IoT device regardless of use or not in every month. If you stop to use IoT service, you can’t use anymore. So it have to pay as much as you use. This is the best way to pay.
Micro payment model is great
Micro payment model + cash on delivery is suit for IoT. But a critical problem is the high transaction fees in the Blockchain network when doing micro transactions. To reduce this impact, we present a single-fee micro-payment protocol that aggregates multiple smaller payments incrementally into one larger transaction needing only one transaction fee. The proof-of concept shows that trustless, autonomous, and ubiquitous thing-to-thing micro-payments is no longer a future technology.
And every company can use this micropayment system and we can launch cheap settlement for IoT device and some service. Some company say that they want to sell or launch service with more cheap one from 1 dollars but it is high cost to do. But Blockchain can do it more easy and low cost.
IoT + Blockchain project is coming up in worldwide
There is innovative Internet of Things (IoT) targeted Blockchain Dapps, products and development projects.
1.Chain of Things
A consortium that is exploring the role blockchain may have in providing security for the Internet of Things.See more
IOTA is a revolutionary new transactional settlement and data transfer layer for the Internet of Things. It’s based on a new distributed ledger, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system.See more
IoT Chain (ITC) is developed as a lite operating system using the blockchain concept and implementing PBFT, DAG, SPV and CPS technology, allowing data to be layered and stored in a decentralised manner and providing protection with the combined strength of the millions of IoT nodes within the network.See more
4. Integrate Watson IoT Platform with Blockchain
The Watson IoT Platform has a built-in capability that lets you add selected IoT data to a private blockchain.See more