Bitcoin adoption in a mainstream capacity can only benefit from the efforts being made in the Internet of Things industry. As more and more devices learn to communicate with each other through mesh networks, payment solutions will have to evolve as well. Bitcoin is perfectly suited for microtransactions, and when this world collides with the Internet of Things (IoT) ecosystem, good things are bound to happen.
RedBear Duo: Compact, WiFi-enabled and Internet of Things
It is clear for everyone to see how many are passionate about the idea of creating an Internet of Things. Even though most consumers have access to a variety of smart devices at home or wherever they go, hardly any of these machines can communicate to one another in a convenient manner.
This is where the RedBear Duo comes into the picture, as this tiny board offers both internet and Bluetooth LE connectivity. Doing so creates a new sandbox environment for aspiring developers to let their creations communicate with nearby devices. But that is not all, as the Duo can connect with any other devices on the same WiFi network, or anything else that is connected to the Internet anywhere in the world.
In a way, nifty gadgets such as the RedBear Duo create interesting use cases for Bitcoin applications and platforms. In recent weeks, various bitcoin wallet providers have been experimenting with the technology to allow users to communicate with each other through “discovery.” For example: if I use a certain Bitcoin wallet, and my friend does as well, we can communicate without leaving the wallet application, as long as we are close to each other.
IoT & Blockchain Technology Match Well
Building such a platform and running a variety of testing scenarios can be done fairly quickly through a device like the RedBear Duo. Also, this gadget can be used for a wide variety of blockchain-based applications, such as creating irrefutable time-stamped logs, or serve as a point-of-sale device accepting payments through Bluetooth LE.
Furthermore, any company or individual looking into creating their own part of the Internet of Things network can benefit from Bitcoin technology. Depending on how the information through the Internet of Things network is processed, distributing the validation and verification of all data is paramount. This is where blockchain technology can help as it acts as a distributed ledger to power the Bitcoin network.
But there are other applications for blockchain technology in the Internet of Things scenario as well. Allowing devices to communicate with each other is one thing, but giving them commands is something else entirely. Smart contracts, which are powered by blockchain technology, can create an infallible and binding agreement between IoT-connected devices.
Here’s an example of how such a smart contract would be established in the Internet of Things world. Let’s say your refrigerator notices it’s running low on drinks, vegetables and eggs. Assuming this machine is part of the Internet of Things, it can report its need to the blockchain, and check local supermarkets — who are also connected to the blockchain — to determine the lowest price for the necessary items.
Once the refrigerator decided which supermarket to use, it can then place an order for the necessary items through the store’s online platform. Once the order has been placed, the refrigerator warns its owner through the blockchain to pick up the groceries on the way home. As most supermarkets offer a “collect and go” service already, this scenario is not as otherworldly as it may seem.
All things considered, both concepts can benefit greatly from one another. Internet of Things can bring blockchain technology to a mainstream audience, whereas the technology can make IoT a much greater success. It remains to be seen how this will play out in a few years from now, but these are exciting times to say the least.
What are your thoughts on the unison of Bitcoin technology and the Internet of Things? Do you think the Redbear Duo will play a role in this scenario? Let us know in the comments below!
Partial Source: Kickstarter
Images courtesy of RedBearLabs, Shutterstock