Fiction is Power: Connecting IoT and Blockchain to Supercharge Progress
This new physical fiction in the IoT, unlike digital fiction, has yet to compound its value with financial fiction. But blockchain changes that. With blockchain, the digital twins can be used as leverage in a financial contract or transferred seamlessly without moving the object itself. You can also use the data stream as an input to a blockchain smart contract and build derivatives out of that: from the amount that Americans drive to the level of heat usage in homes.
For the first time, IoT becomes an input to new financial fictions free from manipulation by their connection with an untrustworthy blockchain. From data marketplaces to derivatives, a manufacturing company sells fractional shares of their equipment to raise capital to reinvest in their business. Physical fiction plus blockchain unlocks a whole new avenue of human progress.
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Internet of Trusted Things: Democratizing IoT
A trusted IoT, or an Internet of Trusted Things, needs to be built private-by-design and with peer-to-peer, blockchain-based device identity and coordination built-in. Once each device is de-coupled from a central authority, broad, decentralized coordination becomes possible. The Internet of Trusted Things looks like the vast intelligence we introduced at the beginning of this article. A central authority owning IoT is a horribly dystopian idea, and the current fractured landscape represents a defense mechanism against this future. If we are to achieve a unified IoT, there is only be one answer to the question, “who owns this new digital organism?” And it is the same answer to the question of “who wins IoT.” The answer is: you do.
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