Blockchain is not just a revolutionary technology, we at Radius Innovation & Development firmly believe it is a catalyst for unleashing and even accelerating innovation. This is because, Blockchain is a peer-to-peer technology that maintains a ledger of cryptographically-secured transactions that cannot be tampered with and as such resolves otherwise-lingering questions of who owns a device, who owns the data, and who is responsible for service in an irrefutable record and without requiring separate contracts. Beyond enabling new levels of integrity, trust, and validity, it allows manufacturers, developers and OEM businesses to invent new styles of digital interactions that are intermediary-free. With millions of IoT devices at stake, the opportunity is for greatly increased cost efficiencies and speed to market.
Building in Trust into your Platform
Virtually anything of value can be tracked and traded in a peer-to-peer manner through hard-coding trust into the platform. However, this requires thoughtful design and planning with chip manufacturers so that IoT devices are built with enough processing power to run strong identity and blockchain mechanisms on the device itself. This creates the foundation for trust. Our engineers are working with Healthcare, Consumer Products, and Packaging, Industrial & Energy companies, and the Auto world to determine what’s best in their particular industry to create and maintain that trust.
Planning Lifecycle and New Marketplaces
A universal blockchain can enable an IoT device to be securely managed through its lifecycle. At the time of device-creation a manufacturer can register an IoT device into a blockchain, then once sold, a dealer or end customer registers, and then at its time of disposal, the IoT device is registered one final time. During the lifecycle of the device, consumers could also use blockchains to manage data and service transactions in a privacy-preserving manner. For example, a consumer could assign limited rights to their healthcare provider to view data streams from their IoT bathroom scale while maintaining ownership of their data. And, in the future and with the right marketplace applications, consumers could also trade their weight history from their IoT bathroom scale to a set of drug companies or even manufacturers in return for gift certificates or other forms of payment.
Building in OEM Service Opportunities
In an industrial IoT context, blockchains can facilitate new business models. Organizations who want to optimize business processes and reduce costs may seek third party services to collate data from individual IoT sensors or derive more refined analytics while still maintaining clear ownership and control of that data. Blockchains provide a way to ensure the integrity of data interactions while enabling OEMs to provide infrastructure and connectivity for such services.
In the last year, there has been a large increase in the way that blockchains have been linked to a growing set of IoT use cases. Through co-operation across chip and device manufacturers as well as application developers and OEM businesses, blockchain is becoming the vehicle for establishing new levels of trust and integrity as well as facilitating a new world of digital transactions.
Radius Innovation & Development are partnering with a number of organizations to ensure that Digital eco-systems, from the end-point device, through to the network all the way up to the cloud are designed with the user experience and privacy in mind, and are pleased to help customers across the globe realize innovation.
Check out how we are helping ONVI realize innovation and ultimately their dream of improving and empowering oral healthcare through a better and connected at-home experience! I mean seriously who likes going to the dentist? This innovation helps to cut back on some of those more painful visits, by helping users brush better!
Many thanks to Radius partner, Evelyn de Souza, Security and Privacy Strategy Leader / Reinventing for a Digital Era, for co-authoring this piece with me.