There are now many platforms that are focused on connecting the Internet of Things to the blockchain. Many forward-leaning blockchain startups are now targeting the future machine economy in which IoT devices will communicate with each other without the need for human interaction.
A new blockchain-based project called Atonomi is aiming to create a new cryptosecurity protocol for IoT transactions that will allow IoT devices to access trusted interoperability, delivering both data and commerce applications. In this article, we’ll take a look at the Atomoni platform and find out what the development team behind it are aiming to achieve.
What is Atonomi?
Blockchain technology has a clear and obvious synergy with the Internet of Things, but there have been a number of obstacles standing between developers and an elegant interoperability solution. The most troubling issue when attempting to facilitate communication between IoT devices is device identity and reputation, an issue the Atonomi platform is attempting to solve.
Atonomi is aiming to create a secure ecosystem for Internet of Things device interaction and commerce, which will enable billions of IoT devices around the world to engage in trillions of transactions. Atonomi have created their platform on the Ethereum network, and offer three different elements that can be used by both consumers and ecosystem developers.
The first element of the Atonomi platform is the Identity Registry, which functions as a private blockchain consensus network that continuously validates device identity. This process establishes root of trust of new devices, as well as tracking device reputation. Using the Identity Registry, validated devices will be able to engage in autonomous transactions with other devices that are on the registry.
The second element of the Atonomi platform is the Transaction Validation Ledger, which is designed to mediate transactions between IoT devices on the Atonomi network. This element also applies additional attributes such as reputation, transaction limits, and a range of other user-defined variables. The Atonomi Transaction Validation Ledger operates in real-time, facilitating transactions while logging all data on the immutable Atonomi blockchain.
Lastly, the Atonomi platform includes the Atonomi token, which functions as a blockchain-based native cryptocurrency. Atonomi tokens are used to facilitate device-to-device autonomous transactions in a wide range of use cases.
How Atonomi Works
Atonomi provide a number of different use cases for their solution. Using Atonomi, homeowners are able to secure and enable smart home efficiency with Atonomi tokens. Consumers are able to register smart home devices on the Atonomi website. Registered IoT devices, such as smart thermostats, are able to autonomously and securely bid for power from the lowest cost providers.
Manufacturers are also able to benefit from the Atonomi network by using it to securely deploy new IoT devices. Atonomi validates devices before deployment, which are then activated by the consumer and automatically validated using an encrypted key.
One of the most interesting applications of the Atonomi network is with an automated vehicle economy. Electric cars connected to the Atonomi network are able to monitor the location and pricing of upcoming charging stations. Before the battery of the car reaches a critical level, drivers are notified of options for the best-priced and nearest locations. Charging can then be paid for with Atonomi tokens in an automated manner.
The Atonomi Verdict
The Atonomi solution is an extremely elegant method of solving device registration and validation for IoT devices and could potentially be a game-changer in the development of an automated machine economy.
As blockchain technology matures, it will be organizations such as Atonomi leading the effort in bridging the gap between the Internet of Things and the blockchain.