IBM to Unveil BTC Blockchain Internet of Things Proof-of-Concept at CES

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

Quote from: podyx on November 04, 2014, 07:21:50 AM

Quote from: Raystonn on November 03, 2014, 11:05:45 PM

https://www.cryptocoinsnews.com/ibm-unveil-bitcoin-blockchain-internet-of-things-proof-concept-ces-2015/

What this means is we've been grossly underestimating the number of potential users of Bitcoin. We've restricted it so far only to humans, based on old models of non-digital currency. That is a huge miscalculation. Now "things" will own Bitcoins as well, and use them to interact with each other. The number of "things" in the world is massively larger than the number of people. In terms of Bitcoin price, this is huge.

ELI5

Someone answered it already but to expand this to the sci-fi edge of possibility, there has been talk of non-human intelligence programs being able to remain alive by performing a task to exchange for bitcoin. Like an autonomous taxi that performs a service for bitcoins then buys gas and maintenance in order to continue it's hard-coded "purpose".

https://www.youtube.com/watch?v=Pu4PAMFPo5Y
https://en.bitcoin.it/wiki/Agents

Raystonn

sr. member

Activity: 364

Merit: 250

Can you imagine the adoption numbers if each email address was associated with its own BTC address, and held a small balance?

Raystonn

sr. member

Activity: 364

Merit: 250

That's one way to do it and still reap the benefit of Bitcoin's network. This project is just a wakeup call that we are not thinking big enough when estimating adoption figures.

Another example: Spam-Free Email. If you had to pay 10 bits (0.00001BTC) to send an email to a spam-free address, spammers would go broke. Normal users wouldn't be affected as they'd receive about the same amount of BTC as they sent. This can thus be used to affect send/receive ratios.

ssmc2

legendary

Activity: 2002

Merit: 1040

Does this mean they would effectively create a sidechain for what they're doing?

neilol-real

full member

Activity: 142

Merit: 100

Quote from: infofront on November 04, 2014, 01:18:18 PM

Some of you don't seem to realize IBM is creating a competing blockchain. If anything, I think this is bad news for BTC.

You're right, but they are just building a PoC... as soon as transferring value comes into the picture, the Bitcoin blockchain becomes the obvious choice because of security

neilol-real

full member

Activity: 142

Merit: 100

Quote from: podyx on November 04, 2014, 07:21:50 AM

Quote from: Raystonn on November 03, 2014, 11:05:45 PM

https://www.cryptocoinsnews.com/ibm-unveil-bitcoin-blockchain-internet-of-things-proof-concept-ces-2015/

What this means is we've been grossly underestimating the number of potential users of Bitcoin. We've restricted it so far only to humans, based on old models of non-digital currency. That is a huge miscalculation. Now "things" will own Bitcoins as well, and use them to interact with each other. The number of "things" in the world is massively larger than the number of people. In terms of Bitcoin price, this is huge.

ELI5

Basic Examples:

Load a cellphone with BTC and have bits subtracted whenever you text, call, use data etc. This decouples the phone from your personal information and costly legacy payment networks. Push rather than pull billing.

An elderly (or lazy) person's fridge will have the ability to scan bar-codes on objects inside and take a daily inventory of your food. The IoT fridge will automatically order groceries for delivery based on what is needed. The fridge could act as a hardware wallet, paying the delivery person.

Car pays for gas and maintenance when performed, automatically negotiates lowest price with available maintenance shops - Pays parking meters when you pull up to them. You could auction off your parking spot to other cars driving by as you walk to the car. These sorts of things would quickly become more complicated if you need to share personal financial information for each transaction.

infofront

legendary

Activity: 2660

Merit: 2868

Shitcoin Minimalist

Some of you don't seem to realize IBM is creating a competing blockchain. If anything, I think this is bad news for BTC.

BldSwtTrs

legendary

Activity: 861

Merit: 1010

So the IBM guys understands the project needs to be open source.

Next step: they will understand there is no need to reinvent the wheel with another chain and another monetary unit to secure it. Just put the whole thing in the BTC chain.

indiemax

hero member

Activity: 722

Merit: 500

Quote from: biggus dickus on November 04, 2014, 10:55:49 AM

I've been hoping people will pump up the price again, but I never considered "things" might pump up the price.

willy pumped it up Grin

biggus dickus

sr. member

Activity: 310

Merit: 250

I've been hoping people will pump up the price again, but I never considered "things" might pump up the price.

Thomas-s

hero member

Activity: 1274

Merit: 500

Proof-of-Stake Blockchain Network

Quote from: podyx on November 04, 2014, 07:21:50 AM

Quote from: Raystonn on November 03, 2014, 11:05:45 PM

https://www.cryptocoinsnews.com/ibm-unveil-bitcoin-blockchain-internet-of-things-proof-concept-ces-2015/

What this means is we've been grossly underestimating the number of potential users of Bitcoin. We've restricted it so far only to humans, based on old models of non-digital currency. That is a huge miscalculation. Now "things" will own Bitcoins as well, and use them to interact with each other. The number of "things" in the world is massively larger than the number of people. In terms of Bitcoin price, this is huge.

ELI5

1 million/BTC in 2 years.

podyx

legendary

Activity: 2338

Merit: 1035

Quote from: Raystonn on November 03, 2014, 11:05:45 PM

https://www.cryptocoinsnews.com/ibm-unveil-bitcoin-blockchain-internet-of-things-proof-concept-ces-2015/

What this means is we've been grossly underestimating the number of potential users of Bitcoin. We've restricted it so far only to humans, based on old models of non-digital currency. That is a huge miscalculation. Now "things" will own Bitcoins as well, and use them to interact with each other. The number of "things" in the world is massively larger than the number of people. In terms of Bitcoin price, this is huge.

ELI5

efreeti

full member

Activity: 350

Merit: 104

They will probably pattern it and kill future innovation based on this concept in the US.

Raystonn

sr. member

Activity: 364

Merit: 250

https://www.cryptocoinsnews.com/ibm-unveil-bitcoin-blockchain-internet-of-things-proof-concept-ces-2015/

What this means is we've been grossly underestimating the number of potential users of Bitcoin. We've restricted it so far only to humans, based on old models of non-digital currency. That is a huge miscalculation. Now "things" will own Bitcoins as well, and use them to interact with each other. The number of "things" in the world is massively larger than the number of people. In terms of Bitcoin price, this is huge.

Topic: IBM to Unveil BTC Blockchain Internet of Things Proof-of-Concept at CES (Read 2094 times)