ioNEM Review – NEM Internet Of Things Transferable Ownership On-Chain?
The Internet of Things, or IoT, is the future of consumer electronics, hardware, appliances, and life in general as we know it. By allowing the devices we use on a daily basis to communicate with us and each other, the Internet of Things is revolutionizing and streamlining life as we know it.
A tech-savvy group of developers is currently working hard to take the Internet of Things to the next evolution of the internet itself- the blockchain. By bringing the IoT onto the blockchain, Nem is aiming to create an automated machine ecosystem and economy that takes IoT to the next level.
In this article, we’ll take a look at the NEM solution and find out what it aims to do to help you determine whether it’s worth keeping an eye on.
What Is NEM?
NEM is a unique blockchain that is devised to combine the best of blockchain technology with the most innovative elements of the Internet of Things. By bringing IoT onto the blockchain, NEM is able to facilitate the ownership of one or many different IoT devices of any kind on-chain.
By bringing IoT devices onto the blockchain, it’s possible to control, secure, use, and manage IoT devices off chain in a fee-free and completely secure manner. The third and perhaps most interesting application of blockchain/IoT interaction, however, is the possibility that IoT devices may be able to communicate with each other across the chain.
Let’s say, for example, you possess an IoT device. Unfortunately, while you’re at work, this device- say, your refrigerator- breaks, and needs a replacement part. Using the NEM blockchain, your refrigerator would be able to send you a text message notifying you of the damage, as well as a draft of an order for a potential replacement component, as well as an estimate of the costs involved in repair.
All the user would need to do in this scenario is approve the order, and the repair of the device would be ordered in an automated manner. In another example, a user may have a solar power array on their property. If the panel is producing extra energy that the owner does not need, it is able to communicate the amount of excess power it can provide to other IoT devices.
Other IoT devices can then make an off-grid bid for the excess electricity generated by the solar panel, which can then be accepted by the panel without any need for human interaction. In this case, the process can still be moderated and approved by a user, but it’s also possible to create an automated off-chain smart contract to allow the devices to finalize the process themselves.
The Future Of ioNEM
While the above examples are relatively simple, it’s possible to envision an economy that is completely automated, processing repair requests, facilitating the sale of excess energy, computing power, or drive space, or even allowing driverless cars to refuel themselves at automated blockchain-connected gas stations. If you’re interested in applying the basics of blockchain technology to your IoT devices, it’s worth taking a look at the NEM blog.