In the first Chain of Things (CoT) case study we investigate the role of bitcoin and blockchain technology in providing a better foundation for securing IoT and securing data from IoT devices. Dubbed the 4th industrial revolution, the ‘Internet of Things’ will consist of a vast network of sensor nodes that will generate an unprecedented flow of global data. These devices will quietly execute smart contracts with physical actuators that will manage many aspects of our future lives. But how secure and trustworthy is the data that we will come to rely on so heavily? Also, IoT suffers from potential systemic failures as it scales with disastrous consequences. Without an openly stress tested baseline protocol standard for trusted IoT interaction, fundamental security risks will become exponentially worse as 50-200 billion cheap connected devices come online by 2020. Conventional wisdom also suggests a standards war will break the industry into a series of proprietary protocol sandboxes, slowing development and pricing out many startups entering the sector.
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