Is IoT What NFTs Waited For?
Last week XP.NETWORK announced its initiation to Halo, the IoTeX Foundation Grants Program — Marking the company’s multi-chain bridge’s first steps toward taking a significant part in the world of IoT (The Internet Of Things). Just in case this concept was missed by your radar, let’s talk about this growing practice and put a spotlight on a few examples currently taking place.
“The Internet Of Things’’ is an expression that describes the Internet’s interaction with our common everyday physical objects. Of course, the “go-to” example would be our smartphones — carried anywhere and spent most of their existence right in front of our face. But we are way past that. Today, most of our technology has a direct line to the web — from wristwatches that upload our heart rate on a cloud to industrial machines that interact with their manufacturer while stationed in a workshop miles away.
As more and more initiatives and projects focus their efforts on promoting blockchain technology integration, bringing the WEB 3.0 vision to reality, it was just a matter of time before designated devices would show up. That is a significant and needed leap the NFT world is building up to.
From ape pics to security cams
A great example of this leap is an award-winning device made by Iotex — the Ucam. A security camera that utilizes blockchain technology’s advantages provides the privacy and data protection that regular cloud-based cameras couldn’t. Another innovative product by Iotex
is the Pebble Tracker — A device that converts real-world information like location and climate into blockchain-ready data.
But, if you look for something on a greater scale, you can find blockchain devices even in the shipping and mailing world. Chronicled, for example, is a company that combines blockchain and IoT products to provide end-to-end supply chain solutions to the cargo and freight forward field. The company developed a blockchain-based sensors and devices system to give real-time updates on a cargo’s location and chain-of-custody status. This product use case is currently on a pilot in the medicine or food supply shipping process by registering real-time events on the blockchain, giving this field a much-needed tacking ability. Similar use of blockchain technology can be seen with the crypto-stamp issued by the Austrian Post.
So, if the skeptics were waiting for “Real life” use cases for blockchains and NFTs, the IoT field is where it’s at. All this data, these home security videos, and delivery updates — they ain’t that different from the digital art bought and sold all across chains. One difference is they can be a lot more valuable and crucial to their owners. With great expansion and adoption as common practice, creating and nurturing inter-chain connectivity is unavoidable.