Detailed Plan
The Internet of Things (IoT) is the network of physical objects that are embedded with sensors, software, and other technologies that are used for the purpose of connecting and exchanging data with other devices and systems using an Internet connection. Imagine that this year it is expected that over 25 billion devices are already interconnected using IoT. But one of the big concerns with IoT is security as some of these devices are production line robots or nuclear plants safety systems, followed by scalability as the continuous growth pushes the boundaries of existing technologies.
Smart contracts are agreements between two parties, stored in the Cardano blockchain, that can further enable the execution of contractual arrangements among different parties based on certain criteria being fulfilled. As examples we can think of different scenarios where smart contracts can authorize payments automatically, without any need for human intervention, when the conditions for providing a service have been fulfilled like we are seeing with the successful implementation for VET in the supply chain management or IOTA in the automotive industry.
Smart contracts, due to be released on the Cardano main net on the 12th September, will bring the required innovation to make them a prime candidate for a compelling use case for IoT devices to send and receive data over the Internet without any human interaction, trustless and in a secure way. IoT devices span from everyday consumer products like smartwatches, WiFi-enabled appliances, and wireless headphones, to the intelligent infrastructure powering smart cities, autonomous vehicles, and smart factories, so the market is huge and demand for blockchain solutions in the IoT space will be significant.
Cardano blockchain can support IoT space growth by managing risks around security and scalability concerns associated with IoT:
1️⃣ Because Cardano blockchain system is tamper-proof and furthermore is highly decentralized, IoT can work in a trustless way, without the need for trust among the involved parties. No single entity has control over the huge amount of data generated by IoT devices.
2️⃣ Due to its cryptographic nature, blockchain can store IoT data using an additional security layer that hackers need to overcome to access the network. The level of encryption introduced by Cardano blockchain makes it virtually impossible to tamper with existing data.
3️⃣ Cardano ledger allows authorized people to verify the authenticity of the stored data and track history of transactions in an unheard level of transparency. This can address efficiently any source of data leakages or incorrect data.
4️⃣ Cardano blockchain can process transactions very fast and can makes coordination of billions of connected devices a trivial task. As the scale of IoT space increases, DLT (distributed ledger technology) can ensure a suitable platform to enable the processing of a huge amount of transactions.
5️⃣ Since Cardano blockchain works in a trustless, it ensures IoT organizations and customers can decrease associated costs by making redundant the need for a 3rd party to be compensated for coordinating IoT gateways like in the existing traditional IoT protocols.
👥 Team founders:
Paval Cosmin - Role: Operations and finance / Location: RO 🇷🇴 EU 🇪🇺 / Expertise: Management, ITIL Best Practices, Prince2 Project Management, ISO 27001 Lead Implementer, Cloud Service Delivery and Operations / Profile: <https://www.linkedin.com/in/cosminpaval/>
Patrick Sturm - Role: Tech Lead / Location: AU 🇭🇲 / Expertise: Software development.
As part of this proposal we aim to develop the MVP use case for Cardano to start playing a key role in the IoT space.
Roadmap and budget required:
1st - 3rd month: create the framework of IoT devices registry - 2,000 $
4th - 6th month: develop Arduino blockchain connection library - 2,500 $
6th - 9th month: design & build an MVP IoT device management platform - 3,000 $
9th - 12th month: market the MVP and establish partnerships to further develop - 2,499 $
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