Blockchain evolving Internet Of Things: IoTeX

IoT introduction and current challenges it faces:

“The Internet of Things (IoT) is taking the world by storm.”

Millions of connected sensors and smart devices are being deployed on a daily basis in homes, cities, offices creating opportunities in cutting costs, reducing energy consumption, improving efficiency and customer services, and better understanding how we interact with our environment.

Millions of connected sensors and smart devices are being deployed on a daily basis in homes, cities, offices creating opportunities in cutting costs, reducing energy consumption, improving efficiency and customer services, and better understanding how we interact with our environment.

In the future, devices without IoT capabilities may be more expensive because they’ll lack data that can not be harvested by manufacturers.

The IoT hailed as one of the biggest breakthroughs in the history of the tech industry, will soon be an inherent part of every aspect of our lives, from retail shops to hotels, to cars and airplanes and practically everything we interact with. But this added utility comes with its own set of caveats and requirements, which need to be met and overcome with the proper solutions and approaches.

Many new nodes are being added each day to networks and internet will provide the malicious actors with innumerable attack vectors and many possibilities to carry out their evil deeds, since a considerable number of them suffer from security holes. Our very lives can become the target of IoT hack attacks.

In addition, connecting so many devices will be one of the biggest challenges for the future of IoT devices. It will defy the very structure of current communication models and the underlying technologies. At present, we rely on the centralized, server/client paradigm to authenticate, authorize and connect different nodes in a network.

Such a model is sufficient for IoT ecosystems, where tens, hundreds or even thousands of devices are involved. But when networks grow to hundreds of millions of devices, centralized systems will turn into a bottleneck. These systems will require huge investment and spending in maintaining cloud servers that can handle such large amounts of information exchange, and entire systems can go down if the server becomes unavailable.

How IoTeX could revive IoT:

[inlinetweet] IoTex is the next generation of IoT powered by a privacy-centric blockchain platform which is fast, flexible and IoT friendly. [/inlinetweet]

By leveraging IoTeX blockchain technology, devices and systems will now be able to work together at scale with high efficiency and protection to realize the full value of the internet of things (IoT). This will be achieved through IoTeX smart contracts which enable autonomous coordination of devices to create functional values and quick to respond.

Retaining data within well-scope private blockchain eliminates the concern of IoT data being stored in the cloud and potentially being leaked or abused as control will be decentralized avoiding exposing data to centralized parties, irrelevant peers.

But solving these challenges alone will not be enough to make the Internet of things draw new users to the ecosystem or reach mass adoption without any “killer” application. That’s why IoTeX will be introducing token incentives for a global network of tech communities for developing new IoT applications utilizing IoTeX blockchain platform.

For more details, Check IoTeX website.