From the above link: "This means that ServiceNodes can build datasets on millions of property transactions through to billions of Internet of Things devices transacting with each other every day"
Can someone elaborate on this part: "to billions of Internet of Things devices"?
I find this highly interesting, how does the Service Node network connect to IoT transactions?
Can someone elaborate on this part: "to billions of Internet of Things devices"?
I find this highly interesting, how does the Service Node network connect to IoT transactions?
Well, in simple terms, IoT can equal your boiler booking a service and paying for it without you needing to get involved (well, apart from letting someone in to your house).
For a boiler to conduct a financial transaction like booking and paying for a service, it needs its own money. Then it needs an ability to contract with the service provider: if you give me a service, I'll pay you.
If you scale that to the average house, you might find hundreds of chips in all sorts of devices that can contract with the world. Scale that up to millions of homes and you get billions of chips all able to order parts, push out data about their status, when they need to be replaced, etc, etc.
Now, all these transactions will end up on a blockchain. Blockchains are data repositories. Data repositories can be searched with business intelligence tools. Business intelligence tools are designed to provide meaningful data, often in graphical format to allow users to pick-out useful patterns of information.
So, lots of servicesnodes running blockchains > IoT devices depositing transaction details on those blockchains > data tools to scan those blockchains > Servicenodes charging to access datasets > servicenode owners getting paid.
Put in those terms, its rather simple, really.
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