Blockchain is being touted as the elusive missing link that will enable IoT deployments to be more secure, and enable the organisation and co-ordination of a true peer-to-peer power grid.
Utilities could leverage blockchain technology to track billions of connected devices, enable the processing of transactions and coordination between devices, thus allowing for significant savings. This decentralized approach would eliminate single points of failure, creating a more resilient ecosystem for devices to run on. The cryptographic algorithms used by blockchains would also make consumer data more private.
The EU is the most active region globally, with a number of pilot projects in progress. These range from peer-to-peer trading, IoT appliance level control, and bitcoin enabled bill payment.
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