The “Internet of Things” or “IOT” is no longer just a wordplay in tech vocabulary. In recent years, household electronics ranging from portable speakers to smoke detectors have been embedded with the ability to connect to the internet, and have become ubiquitous household products. These electronics can now communicate with their owners, often via an app connected through the internet.
Now, it doesn’t take much to imagine millions or billions of electronics communicating with each other, leveraging the use of blockchain technology. It not only makes it easier and safer, but infinitely scalable. This is where IOTA aims to leverage its game.
How is it different from the mainstream blockchain solutions?
On the basic level, IOTA is a cryptocurrency – a very popularly traded one. BUT, if you look at the use cases, it is actually very ambitious. It does not only allow the community to transfer tokens (and value) on a decentralized exchange and then exchange them for different pairs; it also enables individuals and organizations to create macro ecosystems, by facilitating machine to machine (M2M) payments.
Another great thing about IOTA is that unlike the mainstream blockchain networks, it is built to scale infinitely, with zero transaction cost and above all, it can transact offline as well.
The future – the internet of everything
Studying the current trends, there are already more machines than humans, and these machines are only getting smarter. While they are constructed and programmed using binary codes, we communicate in languages only fellow humans understand. As a society that is already highly dependent upon technology; communication (human-to-machine and machine-to-machine) is becoming increasingly IMPORTANT.
One of the key perpetuators of today’s society (and economy) include interconnectivity and portability. The introduction of blockchain, and its ability to manage distributed technologies (and network) now makes it invaluable in the world of IOT. Now, it is possible for anyone to benefit – walk into a coffee shop and the coffee machine immediately recognizes that you drink only a certain type of coffee, and it brews your favourite. Your phone will ping you to authorize payment for the coffee in an instant. Wouldn’t that be cool?
Cover photo by: John Baker/Medium
Journalist and Blogger. Azeem has a keen interest in blockchain technology and he frequently writes about different applications and services to make the general public aware of blockchain's extensive utility in daily life.