This content originally appeared on HackerNoon and was authored by Obyte
\ Distributed Ledger Technology (DLT) is often paired with the Internet of Things (IoT) to get some interesting and automatic features in the real world, also registered and handled digitally. IoT devices are physical objects designed to connect to the Internet and can also perform effectively on a distributed network.
\ Blockchains weren’t really built to face challenges like high energy costs or lack of needed speed. A Directed Acyclic Graph (DAG) like Obyte could be a better alternative, allowing inexpensive, fast, secure, and highly decentralized transactions or immutable data recording.
In this vein, let’s look into some potential use cases for the powerful combination of IoT and Obyte.
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Track and Verify Assets
The journey of any commodity or asset from its origin (manufacturers) to its final destination (common users) is long and complex, and it could be full of issues in the middle. This is especially true when the safety or authenticity of the product is essential for final consumers, and it could be tampered with before it reaches them. Luckily, decentralized networks can be paired with IoT devices to track and verify any product across the supply chain, assuring its final quality.
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\ Consider, for instance, a pharmaceutical product originating from a manufacturing plant. Each product could have an embedded IoT sensor, generating real-time data about its location, temperature, and humidity levels. As the product leaves the factory, the IoT device logs its status onto the Obyte DAG, ensuring an immutable and transparent record every step of the way.
\ If any anomalies occur, such as temperature fluctuations that could compromise the product's integrity, stakeholders are instantly alerted, allowing for swift corrective actions. Upon arrival at the final destination, perhaps a pharmacy, the product's entire journey is readily accessible on the Obyte DAG, and all its journey could be consulted by accessing a simple QR code printed on its tags.
Smart Vehicle Leasing and Sharing
It’s also possible to implement a system where vehicles, such as electric scooters, bikes, or cars, can be leased or rented using tokens on a decentralized network like Obyte. Users could unlock and operate these vehicles by scanning a QR code and paying with any compatible tokens, or even creating new ones for this purpose.
\ The vehicle's usage data (e.g., duration, distance traveled) would be recorded on the DAG, ensuring transparency and trust. Human-readable smart contracts and Autonomous Agents (acting like digital vending machines) could manage leases, maintenance schedules, and payments. All of this from the same wallet, maybe even with the help of a chatbot, but with no need for extra middlemen being involved.
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\ As he rides, the scooter's IoT sensors continuously track and record data such as distance traveled and time used onto the Obyte DAG. Upon reaching his destination, John parks the scooter and ends the rental via the same app. The smart contract processes the final payment based on the usage data. Additionally, it could automatically update the scooter’s maintenance schedule based on the recorded usage, ensuring it remains in optimal condition.
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Decentralized Health Monitoring
IoT is widely used in healthcare already, and it includes common devices like wearable fitness trackers and medical sensors. If we pair them with a DAG like Obyte, all of our important medical information could be safely registered digitally, ready to be shared with health providers and researchers only if we decide to do so, when we decide to do so.
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\ Then, the doctor reviews the data in real-time, including heart rate trends and activity levels, aiding in an accurate diagnosis. After the consultation, Sarah revokes access, ensuring her information remains private. This system could provide secure, efficient, and controlled sharing of vital health data.
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Waste Management System
Immense waste and inefficient techniques to handle it are another of our big challenges to improve our environment these days. By using IoT sensors and the Obyte ledger, we could create a new decentralized system to address this issue. Sensors placed in waste bins and recycling containers could monitor fill levels and send data to the DAG.
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\ In a city aiming to boost recycling efforts, a customized token named ‘RecycleCoin’ (RCC) could be created on Obyte. Residents could be provided with IoT-enabled recycling bins that track the amount and type of waste deposited. When someone recycles his plastic bottles, the bin records the data and automatically logs it onto the Obyte DAG.
\ For every kilogram of recyclables, users would earn RCC, credited to their digital wallet automatically. These tokens could be redeemed for rewards, such as discounts at local stores, or they could acquire real value through free market supply and demand. This system would not only incentivize recycling but also ensure transparent tracking of waste management, fostering a more sustainable community.
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P2P Clean Energy
Another way to help the environment through IoT and Obyte, and reduce our electrical bills in the process, could be peer-to-peer (P2P) energy trading. Households or businesses with surplus energy generated from renewable sources like solar panels could sell excess energy directly to other consumers in their local grid. IoT devices would measure the amount of energy produced and consumed, recording this data on the DAG.
\ Smart contracts can facilitate automatic and transparent transactions based on real-time energy usage, ensuring that producers are paid promptly and consumers are charged fairly. This way, we could optimize energy distribution, reduce reliance on traditional energy suppliers, and promote the use of renewable energy sources.
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\ The IoT platform would automatically log the surplus energy onto the DAG and make it available for sale. Down the street, if Mike needs extra energy for his home office, his own IoT system and Obyte wallet could detect the availability and purchase Alice's excess energy via smart contract. The provider would be promptly paid and Mike would be fairly charged.
\ All these examples highlight just a fraction of the immense possibilities that emerge when combining Obyte with connected devices, paving the way for innovative solutions across numerous sectors where they could enhance efficiency, security, and user experience in unprecedented ways.
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:::info Featured Vector Image by vectorjuice / Freepik
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This content originally appeared on HackerNoon and was authored by Obyte
Obyte | Sciencx (2024-06-30T16:35:17+00:00) 5 Ways to Leverage Obyte and IoT Technology for Innovative Solutions. Retrieved from https://www.scien.cx/2024/06/30/5-ways-to-leverage-obyte-and-iot-technology-for-innovative-solutions/
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