Date of publication: January 20, 2022
Source of information: bsvblockchain.org
Big data is everywhere. But its origin, validity and accessibility are not. Whether you are doing compliance monitoring or machine learning, the output of input garbage can only be garbage.
The quality of big data can be defined by six English words starting with V (hereinafter referred to as 6V): value, volume, velocity, variety, veracity and variability ( variability).
We believe that the intrinsic properties of the BSV blockchain make it an ideal infrastructure for realizing 6V.
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How to create a way to capture and index data, make it permanent, and enable the creators of the data to be rewarded for the high quality of their data?
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How to timestamp and assign ownership at the point of origin of each data point and track its evolution every step of the way?
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How do you bring together hundreds or thousands of data points associated with a single real-world object into a high-resolution spatial data cube?
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The token flow of verified, immutable time-series data is recorded on the ledger, which is what the BSV blockchain provides.
Three IoT Founders Point to IoT Challenges That BSV Blockchain Can Solve
We invited the founders of three IoT businesses to share their insights on BSV solutions that could become the foundation for solving a myriad of issues plaguing industry, society, and the environment, among other things.
Brendan Lee (founder of Elas Digital) has designed an end-to-end control system management IoT solution on BSV, which can be widely used in various industrial practical examples. Their collaboration with dairy cow tracking system m00vement sheds light on how tokens can be used to link value to linked data of real-world assets, enabling traceability of food.
Paul Chiari (Founder of MetaStreme and WeatherSV) is actively working on bringing real world solutions to their platform. Their integration is an important step in unlocking the adoption floodgates for numerous IoT applications already running within this open, process-based programming framework designed by IBM.
Daniel Keane (co-founder and managing director of Predict Ecology) focuses on solutions for carbon reduction, mine restoration and global ecological well-being.
Brendan Lee talks about the issue of interoperability
Judging from the current deployment methods of IoT devices, the biggest challenge is that each manufacturer of IoT devices has closed the user's data in its own island. Each manufacturer uses its own protocol and stores the data in its own database. Several companies are taking steps to integrate IoT devices from different manufacturers, such as Amazon. You can train Amazon Alexa in your home to integrate with devices from different manufacturers, such as fans, lamps, and more. The problem is, it's time-consuming and difficult to set up, and it often goes wrong. And when something goes wrong, you have to be patient and reset it. This is really too much trouble. For the home user or consumer market, the lack of interoperability is a big problem.
The problem is similar when it comes to practical examples in the industrial domain. The data all disappeared into a single backend server. This makes it difficult to generate layers of intelligence from data generated by different types of IoT devices.
How Blockchain-Enabled Solutions Will Improve Interoperability
A key advantage of blockchain systems is that all kinds of data generated by different devices, as well as commands issued to those devices, go through the same network.
This does not necessarily mean that devices from different manufacturers will all record their data in the same place on the public ledger, or that they will use the same Layer 2 protocol. But this means that all data will be recorded on top of the same base layer, which will make it easier to implement an intelligent layer on top to extract the underlying data produced by different IoT devices.
You don't need to connect to different backends and then funnel all the data to another backend, because all the data will be on the public ledger.
Revenue-generating and cost-saving opportunities for IoT businesses running on blockchain infrastructure
There is a huge opportunity to do business around micropayments, especially for public services. I thought about the tennis courts not far from us, you have to book and pay, then you receive a key to unlock the lock, which you put back in a small box next to the door. What you can do is put a QR code next to the door, and you can unlock it by sending a micropayment, and the light will be on for a while. And you can increment the fee in increments of 20 cents.
The revenue generating opportunity here is that you can now set up digital payments for a service worth 5 cents or less. The cost savings is that you don't need to pay expensive fees to payment processors to receive these small payments. If your current cost of providing a service is $1, 30 cents of it might go to the payment provider. By using blockchain infrastructure, your payments will cost almost nothing, allowing you to reduce service costs and still increase profits.
It could also change the way we manufacture and sell appliances. The problem we face today is that appliances are produced for profit, but those appliances are also bound to break. Nobody wants to sell you a $100 microwave that lasts 50 years because the manufacturer will go out of business. With a blockchain-based microtransaction model, a business could give someone a microwave for free and then charge them 50 cents a week to use it. That would give manufacturers an incentive to produce a microwave that lasts 50 years and realize its value during that time.
Let's compare these two models: You produce a microwave for $10, sell it for $100, and you make $90 from it. But if you spend $100 to produce a microwave that is ten times better, and you sell it to someone else for 50 cents a week. Well it's $26 a year, but it'll last you 30 years. So, now you've made $680 on that microwave. While this is not a model for everyone, there is certainly an opportunity.
Paul Chiari on the challenges facing the IoT industry
In a large number of industries, lack of access to information can lead to many problems. Without enough information, your data-based decisions will be hindered. By leveraging the BSV blockchain, you can take data from a range of different sources and put it into a standard interface that all other stakeholders can use as a single source of truth with the necessary transparency. The transparency and immutability of the blockchain ensures that you get an end-to-end audit trail.
Take the simple example of a fruit and vegetable market, you walk into a supermarket and you see all the products, but do you know where they come from? How far did it travel to get to this supermarket? What kind of chemicals or farming methods are used in the production of these products? What happens to the produce from the farm to the distributor's ship to the supermarket? To get all this information, there are no shortcuts.
In our view, all this information is data and can be stamped directly on the product, and the blockchain is a perfect interface. Just as blockchain removes the need for a trusted third party from currency, it can provide similar guarantees for data.
Why BSV as a solution?
What makes the BSV blockchain different from other potential solutions such as cloud systems is that we can also monetize these small pieces of data. When we create a system where you can reap the benefits of collecting and disseminating data, businesses can apply this data to improve their processes, which means that data has become a valuable commodity.
Every single data point from an IoT device or business database can contribute to improving a process or creating a valuable application. There will be a range of stakeholders and interest groups interested in the same data, possibly for a variety of different reasons. BSV's microtransaction capabilities allow us to build a mechanism to create a data marketplace that incentivizes people to contribute their data, and parties that find the data valuable can pay to get the data they need.
Daniel Keane on Challenges Facing the IoT Industry
During my consulting career, I became aware of the practical challenges of mine closures and realized that blockchain could solve many problems.
To be successful in this line of work, data security and auditability frameworks are key.
After the initial discovery of a deposit, the first step is to determine the deposits of valuable metals or minerals in the deposit. Researchers and scientists will collect samples, record vast amounts of information, and build probabilistic models. All this data is archived and sent to lenders or investors to apply for funds.
Once funding is in place, miners will start building factories and processing plants to get the raw material out of the ground. They'll happily operate for five to a hundred years. During this time, they conduct environmental and social monitoring, looking at water and air quality, social impacts, royalties, contingencies such as oil spills on the ground, and how long it takes to get this mineral out of the ground. The complexity of monitoring and management is simply too high.
This system tends to work really well when the mine is operating and making money. However, when mines close, project participants often pack up and leave. As a result, a great deal of knowledge about these companies is no longer available.
And it always bothered me that I didn't have a running record of what happened in a particular location.
If you take a mine that's been in operation for 30 years, you might have 10, 15, 20, even 30 engineers or scientists. Now, different people file in different ways, and those records can be sketchy and incomplete. I have no way of knowing exactly what happened in a particular location. What did the forest at this particular location look like 10 or 20 years ago? What do I have to rebuild? What are the dynamics of culture and society? What about land ownership?
Why adopt a BSV-based solution?
Blockchain brings enormous value as it is a way of recording information immutably while ensuring its integrity and security. Blockchain will ensure that people like me, knowing what happened before, can help rebuild, fix, and keep these areas safe.
Daniel is working with Paul Chiari from Metastreme to integrate Predict Ecology with the BSV blockchain. Currently, they are developing an Android mobile application that will allow users to collect regional data and use Metastreme to write the data into encrypted transactions on the BSV blockchain. In the next step, Daniel hopes to tokenize the application and fully integrate it with SPV.
At present, more than 400 projects around the world have been built on the BSV blockchain. With the rock-solid protocol and ultra-high network performance, the BSV ecosystem is developing rapidly, and we look forward to more unprecedented commercial applications in the future.
- Friends who are interested in the development of the BSV blockchain can contact us through private messages on the CSDN site and apply to join the BSV developer exchange group.
- At the same time, you can also scan the QR code below and follow the official WeChat account of the BSV blockchain to learn more about real-time information in the blockchain field.
