What is the Bitcoin of Things?

We are in a world where more and more devices are linked to the internet, this is called IoT or the Internet of Things. It is estimated that more than 50 Billion devices will be linked to the internet by 2020. The connection of these devices does not only create opportunities but is also a massive security risk.

 

 

Hacking of IoT Devices

 

Unfortunately, a lot of manufacturers are rushing their IoT devices to the market, ignoring the risks that hackers pose.

 

These threats were researched in highlighted in a recent whitepaper by security software company, Embedded Downloads – Click here to read the IoT Whitepaper

 

 

From this, it can be seen that blockchain technology and encryption might play a pivotal role in addressing IoT security issues.

 

Encryption and Blockchain technology

 

Blockchain technology has the potential to revolutionise many industries and the impact on IoT will definitely be enormous.

 

For those who need a bit more understanding on Blockchain, click here.

 

Blockchain also has the feature of public/private key encryption which has been proven to be extremely secure as illustrated by the use of Bitcoin and other cryptocurrencies. This encryption method can be used to secure data that are transmitted from IoT devices. Further features such as confirmation and verification via blockchain technology adds an extra dimension of security and opportunity.

 

 

Payment systems / Wallets for machines

 

With the advent of IoT devices, these devices are becoming not only “smart” but also has the potential to interact with “smart programming” with other devices and even humans.  Payment systems can be added to these devices and some people are floating the idea of not only self-driving cars but even cars “owning” themselves. This creates a tremendous opportunity for an IoT economy which is its infancy.

 

This begs the question: Who will provide the tools, services and payment systems for the IoT economy?

 

 

EOT and the Internet of Things [ IOT ]

 

EOT is a cryptocurrency and digital payment system ready-made for the IoT market and ideally positioned to take advantage of the opportunity.

Read the EOT Business Case – Click here

 

 

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What is EOT – Encryption of Things?