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How important will blockchain/DLT be in IoT developement?

  • 1.  How important will blockchain/DLT be in IoT developement?

    TM Forum Member
    Posted Aug 02, 2018 04:52
    In the thread on "What thing would you connect?" Discussions within the IoT community seem to have died. Either everyone is hunkered down and working...
    blockchain came up and so I thought I'd start a new thread to discuss what role this technology will play in IoT and how important it will be to its development.

    Any thoughts, comments, concerns - bring them to the table!

    Through several conference panel discussions and workshops around the world, I found it interesting that while there is a contingency of blockchain skeptics highlighting concerns around trust, necessity and cost across Europe and North America, these were not expressed in rapidly developing markets across South East Asia and India for example, where there seems to be a general consensus that it is vital and inevitable that blockchain be exploited and at great advantage as well.

    I'd be very interested to gauge opinions in this global community and try to get a sense of what makes blockchain so attractive to some, and simply hype to others.



    Thandi

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    Thandi Demanet
    TM Forum
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  • 2.  RE: How important will blockchain/DLT be in IoT developement?

    TM Forum Member
    Posted Aug 03, 2018 04:25
    ​​Hi Mohammed,

    Is Hyperledger Sawtooth more suitable for IoT than Hyperledger Fabric?

    Regards

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    Sudhir Kumar Mittal
    Reliance Jio Infocomm Ltd
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  • 3.  RE: How important will blockchain/DLT be in IoT developement?

    TM Forum Member
    Posted Aug 06, 2018 07:38
    ​Hi Sudhir,

    Sorry for the late response. Since most of the DLT frameworks are in their infancy, for me it would be too early to say one is better than the other. However so far I know, Sawtooth is more scalable, good for big networks and supports both permissioned and permissionless deployment. It is a good fit for supply chain management too. However many also vouch for Fabric considering its better security capabilities. You may find more in IBM website. Please do let me know what do you think :-)

    https://www.hyperledger.org


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    Mohammed Fahim Momen
    Robi Axiata Limited
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  • 4.  RE: How important will blockchain/DLT be in IoT developement?

    TM Forum Member
    Posted Aug 06, 2018 12:43
    Hi Sudhir,

    How're you doing?

    It would depend on what type of IoT applications you are planning. For a simple connected devices kind of application (typical asset LCM), I think Sawtooth is better suited wrt to scalability & simplicity. However, if you are more focused on business aspects and confidentiality facilitating multi-party contracts, I would recommend Fabric. Fabric has a concept of channels that supports transaction privacy. It also appears Fabric is complex to set up and manage.

    Cheers,
    Vish

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    Viswanath Kolur
    Ericsson Inc.
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  • 5.  RE: How important will blockchain/DLT be in IoT developement?

    TM Forum Member
    Posted Aug 06, 2018 18:50
    Hi Sudhir,

    I am not sure about hyperledger, after a quick glance, it's hard to decipher what components these different marketed builds contain. What you specifically do not want, is to keep the blockstore on the IoT device. This is due to the potential growth of the blockstore. Synonymous to syslog filling up local storage.

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    Brian LaVallee
    INVITE Communications Co. Ltd
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  • 6.  RE: How important will blockchain/DLT be in IoT developement?

    TM Forum Member
    Posted Aug 06, 2018 18:31
    There is a lot of hype around blockchain technologies, including it's use with IoT. Necessity and cost are surly concerns, where blockchain technologies do not bring many advantages when compared to more traditional device technologies.

    When it comes to trust, the immutability of blockchain technology is a wonderful concept. Which may make it very attractive to areas of the world where corruption perceptions are higher. But it's important to understand that a blockchain is not a single player game.

    Adding a blockchain to some 'thing' does not automatically establish trust. Trust can only be achieved when a blockchain has many participants. See '51% attack'. To attract participation, a blockchain must contain information that's useful to others.

    IoT developers are probably drawn to the potential that blockchain immutability and trust may provide IoT security. Security is a very important part of IoT development. While a blockchain may offer better security, compared to other approaches... Blockchain is not required for IoT development, security is.

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    Brian LaVallee
    INVITE Communications Co. Ltd
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  • 7.  RE: How important will blockchain/DLT be in IoT developement?

    Posted Oct 03, 2018 06:29
    Consider the following scenario – a private blockchain for a driverless connected car that will enable secure and real-time interactions from the car starting with car startup, driver authentication, smart contracts to exchange insurance and maintenance service information and real-time location info to track safety.
    thumbnail image

    Blockchain-Based Distributed Ledger Technology (DLT) Fills in Five Critical Gaps in IoT


    1. trust, record of ownership, transparency, and the overall (decentralized) communication backbone for IoT.
    2. IoT architectures that relied on centralized servers to collect and store data will be able to write to local ledgers
    3. All IoT transactions on the Blockchain will be timestamped thus ensuring that they are available essentially – for posterity.
    4. Smart contracts can then be applied to the data in the blockchain to enforce business conditions on the IoT interactions.
    5. Blockchain due to its background in high-end cryptography helps with IoT security.

    For More blockchain Solution you can visit LeewayHertz - Blockchain Development solution 

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    Akash Takyar
    CEO LeewayHertz
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