IBM-Files-Patent-for-an-“Internet-of-Things”-focused-blockchain

IBM Files Patent for an “Internet of Things” Focused Blockchain IBM filed a patent today for an Internet of things blockchain focused configuration that focuses its proof of work (PoW) protocol to address security issues within the IOT network as published on April 26. IBMs idea is to restrict a nonce (a number that can only be used once) within a predetermined range. This will solve 2 issues currently facing blockchain solutions for IOT. IOT devices that have software, network, and sensor connectivity embedded within them could be resolved with a blockchain solution. This would decentralize the interaction between these devices and enable smart contract execution. “Most IoT devices are constrained in the amount of energy they can consume. To enable such low-power devices to compute proof-of-work for smart contracts, the complexity of a crypto-effort or crypto-puzzle should be reduced. However, reduction in the complexity of the crypto-puzzle can enable malicious participants to manipulate the smart contracts.” IBM’s patent ensures that all intranet competition is controlled as well as protected from outside invaders. This will allow IOT devices to use computing power beyond a particular threshold which will increase the chances of a successful PoW (proof of work). The applications of IOT Smart contracts, as envisioned by IBM, would extend P2P energy, weather, and logistic networks, amongst many others. IBM has also partner with international banks in order to develop blockchain trade finance platforms. This is among many other patents that IBM continues to release every month.

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