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IBM seeks a patent for blockchain-based smart contracts on IoT devices

Ketaki Dixit

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IBM seeks a patent for blockchain-based smart contracts on IoT devices
Source: Pixabay

IBM, an American multinational technology company, published a patent on Thursday to license a method which would connect Internet of Things [IoT] devices using blockchain. For the security and easy accessibility of information, blockchain could be used to store a distributed ledger.

The patent application states:

“One example method of operation may include determining a proof-of-work via a device and using a predefined set of nonce values when determining the proof-of-work, storing the proof-of-work on a blockchain, and broadcasting the proof-of-work as a broadcast message.”

It further explained:

“In a blockchain configuration, a large amount of information is related to financial transactions. As the popularity of the blockchain configuration continues to increase so does the desire to implement additional functions on the blockchain.”

While determining information on blockchain for smart contracts, the information is calculated based on certain values that are based on other random values. However, it is better to use values that are derived from known sources.

It also mentions, “That way, IBM’s patent application says, “the complexity of constructing a PoW [proof of work] can be adjusted dynamically, such that there is no incentive for any IoT device to use computing power beyond a determined threshold to increase its chances of a successful completion of a PoW.”

IoT devices have a limited amount of energy that they can consume. By reducing the complexity of a crypto-effort or crypto-puzzle, these low-power devices can compute proof-of-work for smart contracts. However, this reduction may allow malicious participants to manipulate the smart contracts. To prevent this, the conventional proof-of-work scheme must be modified.



Christoph F. Strnadl, CTO Central & Eastern Europe, tweeted:

“But who then determines the set of allowed nonces? Can’t be any “trusted man in the middle” in a true DApp environment, can it?”

A Twitter user said:

“What would my toaster need from a blockchain? Do I really need a fridge that can be hacked remotely? IBM may have a good solution, but not to a problem I readily see for consumer appliances. Now if you want to send me a robot butler to use my toaster for me then sign me up!”





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver

Priya

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'Coinbase is a huge net positive for not just cryptocurrencies, but for the world', says Bitcoin Cash proponent Roger Ver
Source: Unsplash

Roger Ver, a well-known Bitcoin Cash influencer and CEO of Bitcoin.com, spoke about the controversy surrounding #DeleteCoinbase campaign, where he stood by the exchange. He also explained the reason behind why he does not consider BTC to be Bitcoin, in an interview with BreakerMag.

Coinbase, a leading cryptocurrency exchange platform, recently made an uproar in the cryptocurrency market over acquiring Neutrino, a blockchain analytics firm. This acquisition resulted in the majority of the cryptocurrency space joining the #DeleteCoinbase movement as the Neutrino team was previously associated with Hacking Team. More so, it was further revealed that the acquisition took place because Coinbase’s providers were selling its data to outside sources.

However, while the majority of the space was chanting #DeleteCoinbase, Roger Ver, on the contrary, spoke in favor of the exchange. On his official social media handle, Ver had stated that the exchange has made a lot of contribution towards driving the adoption of the cryptocurrency space and that space should “be grateful despite a few poor decisions along the way”, adding “Don’t #DeleteCoinbase”.

In the interview, Ver was asked whether Neutrino’s association with Hacking Team did not bother him, and the reason behing why he chose to stay beside the exchange. To this, Ver stated that he was “incredibly troubled” with the association, adding that this was a “really stupid mistake”. He went on to state,



“But people make mistakes sometimes, and I don’t think that it was an intentionally bad mistake on Coinbase’s part. Once they saw the error of their ways, they fixed that. And Coinbase has onboarded millions and millions of people to cryptocurrency. I think Coinbase is a huge net positive for not just cryptocurrencies, but for the world.”

This was followed by Ver speaking about the reason behind his belief that BTC is not Bitcoin. Ver has been previously criticized because of the same topic, so much so that there were people who were considering taking legal action against him. This was because of propagation that Bitcoin Cash [BCH] was the real Bitcoin.

On this, Ver stated there were several people who have called him a “scammer” because of this, adding that there were barely any who was up for an argument, instead of name-calling. He also stated that there was a possibility of him believing that BTC was indeed the real Bitcoin, but stated that there weren’t “any arguments that are compelling at this point”. He said,

“I came to those conclusions based on the logic and reason and evidence and arguments that favored those positions. And if someone wants to try and convince me that BTC is bitcoin, even though it’s not a peer-to-peer electronic cash system, I will listen to those arguments and evaluate them based on their merits.”





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