February 4, 2019

IoT on BSV: A World of Devices Connected to the Blockchain – Visions for Bitcoin from Dr Craig S Wright

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nChain’s Chief Scientist Dr Craig S Wright has continued with his weekly series on his Medium account, revealing new applications and uses for Bitcoin.  In the powerful series, Wright shares his ideas about and expertise on new ground-breaking applications and services—made possible on the Bitcoin SV (BSV) blockchain.

More than 50 billion devices are expected to be connected to the Internet by 2020. Rightly so, the quest for increased security and privacy in using such devices becomes ever more pressing; whether it is for self-driving vehicles including cars, planes, and trains, or the use of a simple toaster that can reliably switch off before causing a fire in absence of the owner, the ability to fulfil safety measures at greater convenience vastly increases, the more we allow our devices to be “smart.” But the more we allow technology to take over mechanical tasks, the greater the need for such a technology to be:

  • secure and reliable from within the system;
  • safe from external factors including hacks; and
  • private or not exposed to unauthorised parties viewing actions and behaviours.

The solution, explained by nChain’s Chief Scientist in his fifth Medium post of Bitcoin (SV) use cases “Generic Thin Operating System for Blockchain IoT Devices,” lies in connecting everyday objects to the BSV blockchain—creating a network of devices (including self-driving cars) that interact with each other in a reliable, safe, and private manner.

The use case is an application of nChain’s patent innovation for an Operating System for Blockchain IoT Devices, and is similar in its basic functionality to services such as IFTTT (“if this, then that”), yet allows for a range of possible new use cases as internet-of-things (IoT) devices and their interactions benefit, amongst other things, in efficiency, ease of use, and security—through BSV-powered solutions and applications.

Businesses can offer a more user-friendly and robust experience at lower maintenance costs, as such an operating system, with BSV as its back-end, benefits from several key parts of the innovation:

  • Ease of integration: The blockchain IoT device (BID) forms the basic executing tool, and can connect to or integrate with current and future IoT devices.
  • Efficiency and security: The operating system, giving commands to the BID, is ‘thin’ in size and makes efficient use of processing and memory capacity—maintaining generic capability and strong cybersecurity.
  • Delegation: Sensors send and receive data to and from the blockchain, never engaging with the execution of commands itself.
  • Reliability: Functions are loaded from a given repository rather than the device itself, enabling the efficiency of such a device, and allowing for reliable and safe commands.
  • Safety: Monitor keys are derived (deterministic) keys, making it infeasible for an attacker to even identify a point of attack.
  • Privacy: Authorised access to devices and information is ensured using digital signatures and a shared secret amongst the interacting devices.

A Universal Database

Increased overall reliability and robustness of IoT services are made possible through nChain’s BSV-powered solutions and applications, and constitute a so far missing piece of the puzzle—where modern man has been challenged with the safety requirements necessary in today’s innovations of self-driving cars. Autopilots can perform at levels never achieved before.

But there is more: The system forms part of nChain’s Metanet project, where web data and information can be stored and organised on the Bitcoin SV blockchain. An integrated BSV wallet allows for direct and efficient monetisation, seamlessly protecting and quantifying the value of our data (also see our previous post for more details here).

In a world where individual data entries from different devices are stored on the same global blockchain that is Bitcoin SV, we can achieve a level of interoperability that would allow a user to step into a cab, use social media on the ride, order a pizza, and feed the cat and switch on the oven at home, without ever switching accounts or looking for a purse, yet at greater security and feasibility of the same applications.

Such is the power of Bitcoin SV + Metanet—the first truly universal database.

Build the BID operating system for individual or business purposes, and follow more exciting new applications and solutions by reading Craig Wright’s entry here.

Or get in touch with nChain Professional Services here.