Technology

A marketplace solution for IoT development through decentralized smart contract ledger


Why the Internet of Things Matters

The Internet of Things as many may know, is a network of things connected over the Internet. These things can be any device from simple appliances such as coffee makers and light bulbs to complexes like vehicles, etc. Would not you like if your bike or car could automatically communicate with the manufacturer when it requires maintenance? Or imagine if in one way or another the cars could communicate with each other and so, automatically adjust the speed or other settings or alert you to ensure a smooth ride.

This is the potential IoT that has caused the proliferation of startups in charge of the development of IoT and motivated heavy investments from large companies. World spending on IoT is expected to reach $ 772.5 billion in 2018 according to IDC. According to Gartner, about 20.8 billion devices are expected to be connected by 2020, about three times more than the current seven billion population World.

Despite all this craze around the IoT, companies involved in the development of IoT are already experiencing a huge shortage of relevant skills. In a study published by Inmarsat titled "The Future of the Company in IoT -2017" conducted by respondents representing 500 organizations involved in solutions based on the Internet of Things, 47% reported that there was a lack of necessary skills in the IoT and only 20% had the required skills.

Due to this shortage, research has revealed that organizations plan to work collaboratively to fill gaps in IoT skills to provide successful IoT solutions. This contrasts starkly with all the projections and surveys as we saw above; this even completely goes against the estimate of the number of jobs created.

According to the Secretary of Telecommunications of India Aruna Sundararajan, it is estimated that 10 to 15 million jobs were created in India only thanks to the IoT. Thus, one could reasonably assume that the possible number of job creations across the IoT would be greater than the figure above. Therefore, the potential of IoT is really huge, but it is also obvious that there must be an innovative way to get around the problem of skills shortage. According to Chandramouli Srinivasan, CEO of Hurify " We identified the gap of IoT skills as the biggest obstacle to the development and deployment of IoT solutions, which is particularly problematic for small organizations that do not have the scale needed to maintain all complex skills internally. "

Smart Contracts – A Potential Solution?

Before elaborating on how this could change the game, a brief overview of what smart contracts are and what they do can prove useful.

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An intelligent contract as shown in computer graphics, is a digital contract or code-form protocol that performs a function based on the terms involved in a contract. The key here is that it automatically applies an action depending on whether the terms of the contract were fulfilled or not during an event. Essentially, smart contracts work as an if-else loop used in programming.

Alternatively, to have a clearer picture, their functionality can be equated with that of a vending machine in which a person gets a product only if a condition is met, namely, to drop the exact amount of money. produced in the money slot.

Otherwise, the person can not have the desired object. Smart contracts rely on blockchain technology and, as a result, operate in a decentralized manner, guaranteeing the security and the immutability of the contract. Ethereum is such a private blockchain platform that allows the creation of intelligent contracts. As it is based on the blockchain, it allows a decentralized database that serves as a public registry where network nodes store the contract and keep track of the changing status of contracts by running the codes on those nodes.

To put in perspective, Google docs can be seen as a rude example of decentralization and state change in a contract, where, any change in the document can be viewed instantly by all users with which it was shared.

However, the difference is that such alterations are not possible in the blockchain network but only the modifications allowed by the terms of a contract can be recorded subject to the verification of the users.

So, how exactly can a smart contract serve as a solution to the development of the Internet of Things?

Smart contracts can mitigate skills shortages by allowing contract-based hiring through a platform where customers can access and sign up to a number of developers around the world contract. As the development of the Internet of Things requires contributions from developers in different areas such as cloud, data and data analysis, application development, embedded software development, etc. ., companies are looking for collaborative ways.

Due to this nature of work, smart contracts can allow developers to remotely contribute and be part of major IoT developments that enhance the profile of these developers while also providing financial incentives. As a result, customers benefit from the best developers while maintaining minimal logistical requirements.

Solution Providers Based on Intelligent Contracts

Although there are a number of societies such as LeewayHertz Techracers Attores and others, who offer solutions in smart contracts based on the Ethereum platform, Hurify is a company that seeks to offer something unique and relates to the IoT.

Hurify builds a platform for businesses and developers to connect and work on IoT projects. Hurify allows this by setting up a smart contract system in which customers and developers enter into contracts for projects. The payment method is based on the Hurify HUR token system based on Ethereum's ERC20 token standard. Once the projects are successfully completed, the tokens are automatically disbursed from the pre-audited accounts. Thus, the entire platform may seem similar to job placement sites, but it is essentially distinguished by the establishment of an ecosystem providing jobs and is specifically geared to the development of the job market. Internet of Things.

In addition, the Hurify platform is intended to be a complete ecosystem of project design and development, and in addition to finding competent developers, companies can integrate their hardware purchases with the system. For example, a company could send developer hardware purchased with HUR tokens to developers to provide owner-supplied hardware around the world. Future developments potentially anticipate the monetization of total IoT solutions from design to deployment.

In conclusion, given IoT 's potential to change the game in shaping the future of the global economy, it is necessary to avoid the risk of a global change. stifle the growth of the Internet of Things. In addition, given its scope and the complexity involved, collaborative development modes may be the only feasible solution for the time being and therefore, the innovative solutions offered by technologies such as blockchain and smart contracts need to be taken into account.

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