Last week, I had the pleasure of attending the Global IoT Summit in Dublin, where I spoke with experts in the fields of IPv6, blockchain technology, 5G and the Internet of Things (IoT) and had the opportunity to participate in several panels. related to these topics.
It was a lively event full of interesting ideas and conclusions. This post summarizes the key things I observed and learned.
The IoT is fast becoming a reality
When we talk about the Internet of Things, we tend to talk about it in the future tense as something that will happen one day. I learned from the Global IoT Summit that it is happening now.
The world’s brightest minds are working on everything from wearable devices that monitor health outcomes to smart sensors to collect data on everything from traffic lights to city parking. Many companies have products that work today, but there are still some pieces needed to make the IoT a reality. We’ll get to what they are in a moment.
Preparing the Opening of GIoTS pic.twitter.com/CvRqdJi8mm
— IoT Forum (@IoT_Forum) June 20, 2022
After speaking with various company representatives at the summit, I began to get a clearer picture of what the world will be like in the not-too-distant future; everything will be connected, vast amounts of data will be collected and stored for machine learning algorithms to analyze for insights, devices will communicate with each other, and a new world of efficiency and connectivity will be unlocked.
I wonder what this means for privacy and the all too human desire to “go off the grid”. However, despite my questions or concerns, we are moving full steam ahead towards IoT.
IPv6 is an essential piece of the IoT puzzle
After speaking with Latif Ladid, Founder and Chairman of the IPv6 Forum, and listening to various expert panels, I learned that IoT would not be possible without a full implementation of IPv6.
For those who don’t know, IPv6 is short for Internet Protocol version 6. Right now, most of the world is still running on IPv4 and there aren’t enough IP addresses to go around. Ladid told me that most of the big telcos like the status quo; they make fortunes ‘renting’ IP addresses, and many resist the move to IPv6, which will allow each person and device to have a unique IP address.
Based on the dashboards I saw, China and the Middle East are far ahead of most Western nations when it comes to IPv6 deployment. China Telecom’s Chongfeng Xie estimates 50% penetration in China, while the best estimates for the US are 20%. However, things are changing and governments are starting to see IPv6 as a necessity from a security point of view.
Dr. Craig Wright told me that IPv6 and Bitcoin complement each other and will work in symbiosis. Bitcoin will enable trading on IPv6, while IPv6 will enable end-to-end communication on the Bitcoin network.
IoT pioneers recognize the need for blockchain technology, but still use private blockchains
Many brilliant minds at the IoT Summit mentioned how their applications or products use blockchain technology. They understand that all this data needs to be stored in a secure place and that having timestamped entries in immutable ledgers is a good thing, but from what I gathered many of them still use private blockchains instead of public ones like Bitcoin.
Probably largely due to the massive misinformation spread by the digital currency industry, many do not fully understand what Bitcoin is. I saw a few cents drop when Dr. Craig Wright explained its capabilities during his keynote address, but there is still a huge gap between perceptions of Bitcoin and what it actually is and can do.
In an impressive speech, Dr. Wright explained how Bitcoin is essentially a network that can enable peer to peer transactions and end-to-end communication, which makes it possible for Alice and Bob to interact directly without intermediaries, whether it is sending payments or communications. While it is difficult to know exactly who got it, some people present were furiously writing notes, and it was clear that for many, this was the first time they had heard about the true capabilities of Bitcoin. Undoubtedly, all attendees have left with much to think about.
Ultimately, the Internet of Things will require a scalable blockchain capable of handling billions of transactions per second. However, businesses today operate in walled gardens as they did in the early days of the Internet. Maybe they continue to operate on private blockchains that end up connected to a public one like Bitcoin SV, or maybe they realize that moving directly to BSV will allow them to maintain privacy while connecting with anyone or any device, anywhere, anytime. any moment.
Bitcoin is the missing piece in the IoT puzzle
Latif Ladid told me directly that he thinks Bitcoin is the missing piece that IPv6 needs. Therefore, since IoT will depend on IPv6, it is logical to conclude that it will also use Bitcoin.
However, even the leading people in the IoT industry have not yet put all the pieces of the puzzle together. They are still focused on creating and promoting smart devices and products, but I think with the blockchain seed already planted, it’s only a matter of time before they realize what Ladid already has: that all of this will be enhanced and strengthened by the apex blockchain: Bitcoin SV.
Ultimately, I walked away from the IoT conference with one general thought: Even most of us who live and breathe Bitcoin don’t understand how big it really is and how it will underpin everything. I started to get a glimpse of the true scale of the big picture during the Global IoT Summit, and I will have a lot to think about in the coming weeks and months.
Watch: Highlights from the IEEE 5G-IoT Blockchain Global Summit in Rabat: Envisioning a World with 10 Billion TPS
New to Bitcoin? Take a look at CoinGeek bitcoin for beginners section, the definitive resource guide for more information on Bitcoin, as originally conceived by Satoshi Nakamoto, and blockchain.