Terepac, an IoT solutions provider, has teamed up with Nuco Corporation to launch the Terepac Blockchain, “a cutting edge IOT platform” – according to a press release.
The two companies aim to match IPV6’s global capacity, introduce device authentication and identity at the blockchain protocol level and lay the foundation for direct machine to machine payments using smart contracts. Ric Asselstine, Terepac’s CEO, states:
“Terepac is ideally positioned to lever that technology as we instrument and connect objects of all descriptions. From fire hydrants to newly-voiced conveyor belts, as an extension and complement to our existing IoT Platform architecture, Terepac now offers enterprise clients blockchain capabilities.”
Blockchain’s general immutability and trustworthiness as well as their permissionless nature can allow machines to hold value and interact while providing operators with information regarding their devices. Matt Spoke, Nuco’s CEO, states:
“Blockchain technology is a fundamental milestone in unlocking the full promise of IoT. No other architecture is able to effectively administer the network scale unleashed by allowing every device its own voice.”
Security may be a weakness as the devices are connected to the internet, but due to blockchain’s distributed nature, the data can not be changed. However, any value they may hold can be stolen if hackers manage to gain access.
There are numerous initiatives on smart contract security, including a recent paper by Microsoft and Harvard University which formally analyzes smart contract implementations. As long as the system remains secure, the benefits can be substantial. Alex Tapscott, co-author of the “Blockchain Revolution”, states:
“The Internet of Things depends on a Ledger of Things to track everything, ensure its reliability, and pay for its contribution. By some estimates, within a decade, trillions of devices will be Internet enabled. These devices will need a language to communicate units of value such as money, time or energy. This cooperation produces a solution for enterprises that will allow them to animate the Internet of Things with scalable, secure and robust blockchain applications.”
Ethereum is currently leading the space in the use of blockchain tech for IoT, but the field is very nascent, with numerous companies, large and small, positioning for what many are now saying is an upcoming industrial revolution.