Blockchain Technology Will Unleash The Power of IoT - And We're Ready to Prove it

There have been few technological advancements with more disruptive potential than the blockchain. In less than a decade, it has enabled a financial revolution, helped drive transformation in the global supply chain, and even made a whole new global art market possible.

But the truth is, we've only just scratched the surface of what blockchain technology can do.

We here at the Radom Network watched in awe as blockchain technology transformed countless industries. And then we had a thought: if blockchain technology can be transformative in fully-developed product ecosystems, what might it do for ones that are only beginning to emerge?

So we set out to use the blockchain to create a platform to solve some of the challenges holding back development in the internet of things (IoT) sector. And that's what we've done. Here's what our platform can do and why we believe that the blockchain will help to unleash the massive potential of IoT going forward.

The Challenge of IoT Management

As businesses have adopted IoT technology, they've done so at the expense of older monolithic technology stacks. By integrating IoT devices into their networks, they've started to shift toward microservices and distributed systems to create a service-oriented architecture. But doing that creates management challenges because of the sheer number of devices operating within a network.

The solution to that management challenge is to deploy a service registry provider — a type of central configuration database that allows services, application instances, and IoT devices to find one another. That eliminates much of the manual legwork it takes to manage large IoT networks and makes it possible to use them to maximum advantage.

But there's a big disadvantage hiding within current-generation service registry providers. It's that they take a decentralized system — the IoT — and they introduce a single point of failure that can grind it to a halt. So we thought: why not marry the idea of IoT service registries to a decentralized blockchain solution?

A PoS Service and Device Discovery Infrastructure

Our solution is to provide businesses with a service registry infrastructure that allows them to write their networks' configuration data onto the blockchain. This not only eliminates the potential for an outage knocking out the IoT networks that rely upon it but opens up a world of new possibilities for the companies that use it. And because it's built using a PoS blockchain model, new nodes can participate in it by indexing configuration data and relaying it to the devices and servers that need it on-demand.

By participating in our network, businesses won't have to worry about scaling their registry infrastructure as they grow, and they'll gain flexibility that would've been impossible with legacy approaches. And to expand on that advantage, we also provide users with hierarchy-driven network visualization tools, NoSQL-style data for their service configurations, devices, and instances, and the ability to deploy point-to-point encryption to protect communications between IoT devices and their applications.

And that's just the beginning.

IoT as a New Asset Class

What's revolutionary about what we're building is that it gives businesses something they've never had before: the easy ability to monetize their IoT assets. By using our network as a management hub, businesses can lease out access to parts — or all — of their IoT networks to third parties. Our platform streamlines IoT security management to simplify leased access to data APIs, message queues, and connections to IoT devices. Owners need only define a whitelist for access to the devices they wish to include in a lease agreement, and the system takes care of the rest.

And there's another benefit to the arrangement. The whitelist system allows lessees to pay for their access in cryptocurrency straight through our platform. And for maximum flexibility, we provide for payment using a variety of major cryptocurrencies like Ethereum, an array of stablecoins, and even our own native currency – the Radom token (DOM).

Secure, Transparent, and Accountable

Enabling IoT data access via a blockchain system comes with another major benefit for everyone involved. It's that it eliminates the privacy minefield that's normally associated with sharing data with a third party. Our blockchain stores company names, data access specifics, terms, and transactions transparently. That means the data's available to anyone wishing to see it.

That functionality enables a global data marketplace, where participating companies can buy and sell the data they need and generate a steady stream of revenue through their IoT assets. And because we operate a borderless system, it can connect data sellers and buyers from regions that would ordinarily never be able to work together. Ours is a tool that gives businesses options that no competitor can match.

Unleashing the Power of IoT Through Blockchain

The bottom line here is simple. The Radom Network represents the convergence of an IoT software as a service model with the latest in blockchain tokenization technology. That has allowed us to create a secure, comprehensive, and efficient management and data infrastructure to unleash the potential of the IoT.

And best of all, it's going to be available to the public very soon. Right now, we're on track to release the first-look version of our web platform on March 31st, 2022. It will demonstrate the utility and capacity of our platform to interested businesses, and prove why we think it's going to be a game-changer for the industry. And by the beginning of 2023, we expect to release our node software, enabling participation in the network and allowing us to scale up to meet the anticipated demand.

We believe that our platform is going to be yet another example of the power of blockchain technology to work as the perfect companion to another with unlimited potential. We know we're offering just what IoT's been waiting for. And now we're going to go out and prove it.

Photo by radom.network