The Internet of Things (IoT) has become a buzzword in the technology industry in recent years. It refers to the interconnected network of devices, sensors, and systems that are able to communicate with each other, collect and share data, and perform automated actions without human intervention. This technology has the potential to revolutionize many industries, from healthcare to transportation, and has already started to transform our daily lives in numerous ways.
However, the complexity and novelty of IoT also presents significant challenges, ranging from data privacy and security concerns to scalability and interoperability issues. Kadena has been working with projects on developing decentralized blockchain-based solutions to address these challenges to unlock the full potential of IoT.
In this article, we’ll be providing a simple overview of IoTs and how Crankk, Kadena grantee, aims to create more secure and decentralized IoT networks that can support a wide range of applications and use cases.
The Internet of Things (IoT) is a system of interconnected physical devices, vehicles, home appliances, and other embedded technologies with sensors, software, and connectivity to exchange data over the internet. These devices are designed to collect and transmit data, enabling them to communicate with each other and with humans, allowing for real-time tracking, monitoring, and control.
For example, imagine a smart thermostat that learns your habits, senses when you’re not home, and adjusts the temperature accordingly to save energy. The thermostat can also communicate with other IoT devices, such as smart blinds or windows, to regulate the temperature more efficiently. It can also download updates and new features, and alert you when it needs maintenance or repairs. The smart thermostat can also connect with local weather forecasts and energy prices to optimize your heating and cooling settings, potentially saving you money on utility bills. Similarly, a smart irrigation system can sense when the soil is dry and automatically water the plants, download new programs and updates, and adjust its settings based on weather conditions to save water and energy.
The impact of IoTs on various industries is significant, as it has revolutionized the way businesses operate, leading to increased efficiency, productivity, and profitability. Industries ranging from manufacturing and agriculture to healthcare and transportation have all benefited from IoTs. As the technology continues to evolve, new use cases and applications are likely to emerge, further expanding the potential of IoT to transform various industries.
Despite the many advantages of IoT systems, they face several challenges that are quite problematic. One such challenge is the use of centralized systems that comes with a host of limitations. Connecting most IoT systems via cloud servers creates a single point of failure that can impact the entire system, making it vulnerable to security breaches and downtime. Additionally, routing all data between devices through a third-party cloud server increases the risk of data breaches, hacking, and unauthorized access.
Furthermore, managing an increasing number of IoT devices within a centralized system can be challenging as infrastructure struggles to cope with the increasing volume of data traffic and processing demands, leading to further complications. The cost of maintaining a centralized IoT system can also be significant, requiring large investments in hardware, software, and infrastructure to ensure smooth operations, along with the ongoing cost of maintenance.
Decentralized wireless infrastructure that leverages blockchain technology provides one of the most real-world applications of blockchain technology. It holds several benefits over centralized IoT systems, with some of these benefits being:
Improving security and privacy of data transmission by using distributed ledger technology to store and manage data in a transparent and tamper-proof manner. This means that there is no single point of failure or vulnerability in the system, and data is less susceptible to unauthorized access or modification.
**Supporting a larger number of devices and transactions that can integrate with other systems and platform: **Smart contracts can be used to automate and streamline interactions between devices, reducing the need for human intervention and improving efficiency
New business models and revenue streams: Decentralized wireless infrastructure can also enable new business models and revenue streams by facilitating secure peer-to-peer transactions and collaborations between devices. For example, devices can exchange data and value directly with each other without the need for intermediaries, enabling new applications such as micropayments, supply chain tracking, and distributed energy management.
**Greater transparency and accountability: **By using distributed ledger technology, all transactions and interactions between devices are recorded in a transparent and auditable manner, enabling greater trust and accountability between stakeholders. This can be particularly important in industries such as healthcare, where data privacy and security are critical concerns.
Crankk, a Kadena grantee, is a community-founded project that has developed distributed wireless networks that provide coverage for IoT devices such as smart meters and GPS trackers. Using Kadena’s low gas fees and its secure and high throughput Proof-of-Work network, Crankk plans to build a community network for LoRaWan coverage with better transparency and with checks running through Pact.
Crankk’s ultimate goal is to overcome the capital-intensive nature of large-scale infrastructure projects. By establishing a self-sustaining ecosystem, participants are incentivized and rewarded for their work and services, even before generating significant revenue. This approach allows for the gradual growth of global coverage, eventually attracting customers who are willing to pay for the network’s services. As presence and coverage expand, Crankk can extend its services to a wider range of areas, connecting various sensors and extracting valuable data for the benefit of customers. Within the IoT domain, Crankk acknowledges the inclusion of intelligent home appliances and home security. With a focus on home security, Crankk leverages the capabilities of LoRa technology, which enables innovative security solutions based on multiple sensors providing ambient, non-intrusive context, reducing reliance on traditional video surveillance methods.
Overall, decentralized wireless infrastructure leveraging blockchain technology has the potential to revolutionize the way we think about connectivity. With the help of Crankk, Kadena is taking a significant step towards realizing this vision and unlocking the full potential of the blockchain by building the tools and infrastructure needed to create a decentralized internet that is open, inclusive, and accessible to all.
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