The Internet of Nano Things and Bitcoin Will Create Amazing Opportunities
The Internet of Nano Things (IoNT) is spreading fast, greatly enhancing the mighty Internet of Things. IoNT focuses on the interconnection of minuscule devices ranging from one to a few hundred nanometers that can access the Internet. Breakthroughs in Light Fidelity (Li-Fi) networks, radio frequency identification (RFDI), and nano-antenna technology are further stimulating the expansion of the IoNT. Indeed, IoNT is becoming all-pervasive, presenting us with fantastic new businesses opportunities. Certainly, as the number of devices interconnected on the Internet reaches astronomic numbers, the magnitude of the security risks becomes progressively colossal.
Also read: Why Bitcoin Can Become the New Global Currency
Bitcoin and its blockchain can help to expand the opportunities that IoNT brings, opening the door for creating incredible new commercial applications while providing added security. Specifically, the synergistic relationship between Bitcoin and the emerging field of IoNT could deliver new business solutions that will, for example, integrate frictionless frequent micropayments with Bitcoin secure micropayment capabilities.
The Future of the Internet of Nano Things
New developments in quantum computing, the Internet of Things, and Bitcoin are making the digital economy’s future look increasingly brighter and closer. This outlook is now being greatly enhanced by the advances in nanotechnologies, which are propelling the Internet of Nano Things with great momentum.
According to a report authored by Ian F. Akyildiz and Josep Miquel Jornet of the Georgia Institute of Technology, “The development of nanomachines with communication capabilities and their interconnection with micro- and macro-devices will enable the Internet of Nano-Things. This new networking paradigm will have a significant impact in almost every field of our society, ranging from healthcare to homeland security or environmental protection.”
The increasing availability of communication networks is facilitating the expansion of IoNT, which in turn is making possible the identification of many industrial applications, according to a report titled Internet of Nano Things (IoNT) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020. This report indicates that IoNT benefits include the improvement of processing capabilities, cheaper and larger storage capacity, and a greater role of communication terminals. But the report also warns of the security challenges that IoNT faces when critical data is communicated between devices over the Internet.
In addition to security, the IoNT also requires overcoming several technical obstacles, such as obtaining reliable high-speed radio communication networks.
Technology giants are feverishly conducting research in nanotechnology. IBM, for example, is working on several projects involving nanotechnology and nanoscience, such molecular devices, nanocrystals, organic transistors, and photonic crystals.
Google, in early 2015, filed a patent application for wearable nanotechnology anti-cancer technology. Earlier, the Wall Street Journal had reported that the Google X Team was “designing tiny magnetic particles to patrol the human body for signs of cancer and other diseases, in the latest example of the Internet giant’s sweeping ambition.”
Let’s not forget nanorobotics, which is also strongly emerging in the field of nanotechnology. The size of nanorobots ranges from 0.1 to 10 micrometers. Companies such as Siemens, Synopsis, and General Electric are already working on the research and development of nanorobotics, according to nanoday.com.
The Internet of Nano Things and Bitcoin
The Internet of Things already has billions of devices that are seamlessly interconnected in the omnipresent Internet of Things cloud.
With the advent of the IoNT, the number of interconnected devices accessing the Internet is increasing exponentially. Already billion of devices in the Internet of Things are collecting and distributing data all over the globe. Also, they are executing a wide array of tasks, including financial transactions. Indeed, the number of devices being interconnected will reach the astronomic number of 30 billion by the year 2020, according to McKinsey & Co.
These devices are becoming increasingly more intelligent, and more efficient at collecting, processing, and exchanging ever-greater amounts of data and executing ever more complex tasks. This situation presents formidable security risks such as data breaches. In effect, just inventorying the sheer numbers of devices and accounting for the security of the data they store is a tremendous challenge.
Fortunately, Bitcoin and its underlying blockchain can help to address many of the security risks. For example, Bitcoin financial transactions are protected by private or secret keys. Bitcoin and its blockchain transactions are encrypted using the SHA-256 algorithm. Also, Bitcoin provides a high degree of pseudonymity.
Additionally, because the blockchain is stored in thousands of nodes, distributed all over the planet, it is safe from a single point of failure. If one node breaks down, all the others continue to operate. Each node keeps a copy of the blockchain. Transactions are transparent because all participants can view all transactions in the blockchain. Moreover, undetected changes in blockchain data cannot occur. And, transactions are irrevocable.
Therefore, using the attributes of Bitcoin and its blockchain and the power of the IoNT, businesses can create new services and solutions. For example, users may wish to pay on a pay-per-use basis for some of the services involving the IoNT. In these cases, users might prefer to make these payments without subscribing to a variety of service providers, and without being subjected to the costly fees charged by credit and debit card issuers or banks.
So, to truly benefit society, the new digital economy founded on the IoNT and the Internet of Things cannot be based of fiat currency, a three-thousand-year-old system. Instead, the new economy will have to be based on a secure and decentralized international digital currency, such as Bitcoin, which allows the execution of transparent, fast, cashless, frictionless, efficient, and secure financial transactions.
What are your thoughts on the new business opportunities that the Internet of Nano Things and Bitcoin can synergistically make possible? Let us know in the comments below!
Images courtesy of Pageresource, Pixabay and Imgur.
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