06 Oct The Trusted IoT Alliance – Standardizing Blockchain for IoT
Episode 93
Want to incorporate blockchain into IoT? Well, that’s a pretty tall order but you have two ways to go about it. Go it alone to build the world’s best IoT blockchain protocol and hope it’s adopted or join others that have similar goals to build the world’s best IoT blockchain protocol in hopes that it’s adopted. In this episode of the IoT Business Show, I speak with Zaki Manian about the technology and business advantages of blockchain in IoT and the approach the Trusted IoT Alliance is taking to make them a reality.
In this episode of the IoT Business Show, I speak with Zaki Manian about the technology and business advantages of blockchain in IoT and the approach the Trusted IoT Alliance is taking to make them a reality.
Zaki is the Executive Director of The Trusted IoT Alliance, the cofounder of Skuchain, and advisor to numerous blockchain projects. Zaki is a software engineer and cryptography expert focused on the community and governance functions needed for blockchains to succeed.
Blockchain is a method of record keeping that bridges the gap between the value generated from operational execution and the associated financial transaction. It eliminates the “middleman” by establishing trust between the two or more transactional entities – and this is the basis of its efficiency. The main use case being discussed is applying this tech to data to ensure the data transported by the Internet of Things is truthful. If practical, this will be a game changer.
But the other game changer is establishing the financial structure for an ecosystem. To deliver outcomes, IoT’s killer app, requires that multiple companies’ products are orchestrated to work together. Well, IoT tech has that covered but what about sharing the wealth exchanged for this value? IoT tech makes this operationally feasible but to complete the transaction today requires a complicated legal structure and a whole lot of middlemen – both of which are highly inefficient and unpleasant for everyone involved. Blockchain, if practical, can bridge the operational value created with the financial transactions that follow to enable an ecosystem to operate in a far more efficient and practical way.
Here’s What We’ll Cover in this Episode
- The biggest challenges facing blockchain (in IoT).
- Blockchain transaction processing speeds – today, tomorrow and what’s needed.
- How blockchain is being sped up.
- Useful mental model for understanding blockchain.
- The main concept behind smart contracts.
- Differences between bitcoin and blockchain.
- The purpose of the Trusted IoT Alliance and the upcoming deliverables.
- Early use-cases of the Trusted IoT Alliance.
- The history of blockchain protocol engineering.
- Estimates for when blockchain for IoT will be ready for commercial usage.
Mentioned in this Episode and Other Useful Links
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