The desire to automate all spheres of life is becoming more and more powerful. This forces people to look for ways and means for automation. Among other things, the Internet of things is becoming more and more integrated into our lives, becoming a part of it, and requires special approaches to its organization.
When blockchain firstly appeared it became easier to organize many areas of activity. For instance, it can be useful in M2M. However, there is no simple answer to the question of whether the Internet of Things can be automated with the help of basic Blockchain design, or a more specialized solution will be required?
To find out the answer we turned to a person, who is directly related to both blockchain and M2M developments and knows their special needs. Andreas Burwick, CEO of the SmartWeb Group specializing in innovation consulting, really believes Blockchain has many use cases, which can be successfully applied in the M2M industry and bring industries much use. He said this claim was the reason why SmartWeb Group started their new project investigating the industries’ needs to accelerate their workflow better known as Globo Protocol.
“Special-purpose blockchain is what we took as the basis. We consider this approach to be the most viable,” said Burwick. “The world of M2M is so diverse, which makes it is very difficult to integrate such various assets. It’s necessary to match each industry, its standards, requirements, which therefore involves the creation of stand-alone platforms.”
His prediction is that distributed technologies will have great future if they would be able to provide the high transaction throughput. That’s why the company pays special attention to this in Globo Protocol. According to Burwick, the technology will be of the biggest importance in such industries as digital assets, media content, communication devices, 3D printing, smart meters, etc. What he said was: “Dedicated platforms are not just industry boosters but a useful tool enabling new effective business models implementation.”
Globo Protocol’s Main Staple
Burwick’s main suggestion was that the M2M automation would lie upon micropayments compensating machines their operational efforts. In such conditions, the speed of processing transactions and an ability to process a large number of transactions simultaneously is extremely important.
However, modern blockchains aren’t always fit this description. Furthermore, most of them take fees for transactions, and the total cost of machine automation will surpass all the reasonable limits. Burwick said: “The bottom line is that the machines need to transfer small packets of information in large quantities to each other. If the cost of transferring one package is 50 cents, it is unlikely that such automation will be beneficial to optimize the process.”
In addition, machines should be integrated into a reliable network via multiple means: cellular networks, wifi, peer networks, etc. Globo Protocol was designed to fit all these needs.
This project of SmartWeb Group seeks to eliminate fees for using the network, thus enabling its wide use in different industries. This will make a system self-regulatory and will open new opportunities for business enhancement.
Globo Protocol can hardly be called a blockchain in general meaning of the term. Instead, it represents an innovative cryptocurrency network with a directed acyclic graph architecture. Its main distinguishing feature is the huge speed of transactions and the ability to withstand heavy loads. Burwick said: “For machines, self-regulation means the only incentive to join the Globo Project is the presence of other machines.”