Ethereum Classic is the first blockchain network with its main focus on Internet of things(Iot). Also, the interoperability with its smart contracts could leverage growth.
Internet of Things(IoT) is one of the technologies which could have a big impact in the near future. Moreover, the number of devices that are connected to the internet is growing rapidly. At the same time, the data collected by these devices is also growing at an exponential rate. Currently, all data collected online is done by a few big companies like Google(Alphabet), Facebook or Amazon. What these companies have in common is the way they store their data which is in a centralized way.
One of the main disadvantages of collecting data in a centralized way is the huge costs for maintenance. As explained earlier, Google and Amazon are collecting and storing the data of users who are using their platforms. However, with the growing number of devices getting connected the need for storage space is rising also. As a result, centralized platforms like Amazon or Google having a hard time storing and managing extra amounts of data. Also, these huge amounts are resulting in slow and costly systems. In general, the amount of data(Big Data) is on the rise which also needs a different approach in storing it. In this article, the opportunity for Ethereum Classic in this matter which uses it’s blockchain network to monetize IoT data.
The economic impact of Internet of Things(IoT) on the future
Before we continue with the explanation of Ethereum Classic and IoT, first some deeper research IoT has and how it can impact or future economy. In the first place, Internet of Things(IoT) is a concept that covers the automatic procession of digital data from physical devices that have an internet connection. In addition, this data has a certain value and can be shared among people or other devices connected to the internet. Simply put, the IoT translates into a more open, systematic, and efficient world, allowing people to use their time more productively.
In like manner, the IoT sector has tremendous opportunities for investors in the years to come. Moreover, according to a report published by McKinsey, this new industry will generate up to $11 trillion in revenue in 2025.
How can Ethereum Classic leverage Internet of Things(IoT)?
At this instant, there are numerous companies(Google, Cisco or Dell) busy trying to develop initiatives and conquer this very young market. Moreover, these companies are investing heavily in IoT hardware and software solutions. However, while developments are taken place, there is a rising concern in the way data security, privacy, and network interoperability is being handled. For this reason, Ethereum Classic can be the solution by offering a global decentralized platform that handles data in a unique way. In general, the Ethereum Classic network offers 3 missing pieces to the puzzle in order to leverage Internet of Things:
Data security and privacy
First of all, Ethereum Classic is a decentralized protocol that uses smart contracts. Moreover, smart contracts can be programmed and offer enterprises the ability to control, track and monetize data on the underlying blockchain. Also, this decentralized network can be used to store intellectual property or other digital content in a cryptographically secure environment.
Furthermore, with an immutable global blockchain, Ethereum Classic is not subject to censorship, fraud, tampering, or unjustified interference by a central authority. In other words, the users of this network don’t need a third party to guard and manage the network and can’t be banned or blocked based upon personal opinions. In fact, the control of private data can be programmed in smart contracts which gives users more power. Finally, the data these users are adding can only be modified by themselves resulting in a private digital space online.
As explained above, the Ethereum Classic network uses smart contracts which are a key element in the future of the machine payable web. For instance, Cisco expects that in the near future machine-to-machine payments will grow immensely in value. Moreover, two-thirds of future online transactions will be done by machines. Smart contracts are designed to handle automated payments on a global network by using peer-to-peer connections. Besides, because of the interoperability smart contracts are offering it is also possible for humans to handle transactions with machines on a global scale. In general, smart contracts on Ethereum Classic offers new opportunities for retailers and suppliers to build optimized decentralized applications.
|Good to know|
|If you are interested in a Blockchain career and want to become an expert on smart contracts, Blockgeeks can help you with it. They offer online courses for professionals at very low prices! (starting at 6 USD monthly).|
Ethereum Classic possesses a borderless digital token(ETC) with store-of-value properties that can incentivize participation to organically grow the IoT. A virtuous cycle can function as follows:
- Speculative demand by investors over the economic potential that Ethereum Classic possesses can drive appreciation of ETC.
- Miners validate transactions and support the speed and security of the network, in order to earn freshly minted ETC.
- As the network becomes more secure, developers can build real-world applications on Ethereum Classic, attracted by a novel internet infrastructure that offers access to untapped revenue streams.
- As new applications are developed on Ethereum Classic, consumer adoption can be driven by implicit incentives, via the realization of productivity gains, or explicit incentives, perhaps in the form of ETC rebates.
In 2025, according to research done by International Data Corporation(IDC), 41 billion devices will be connected to the web on a global scale. Furthermore, most of these devices will be using the Internet of Things(IoT) network to handle transactions. The Ethereum Classic decentralized network is able to use smart contracts to be interoperable with IoT devices. Moreover, this decentralized network can be easily used on a global scale which gives ETC immense opportunity to grow as a leading player in this industry.
Finally, if you got interested in buying the Ethereum Classic or ETC token I want to warn you first. Buying cryptocurrencies involves risk because of their volatile nature and there is always a chance you might lose your investment. However, the rewards of just holding the coins for a long time could be lifechanging. Secondly, I want to offer you a deal. If you buy a minimal of $100 of ETC at Coinbase using this link, you get $10 in Bitcoin back. Maybe a good start for you to get to know the markets a little bit better!
Disclosure: This post could contain affiliate links. This means I may make a small commission if you make a purchase. This doesn’t cost you any more but it does help me to continue publishing cool and actual content about Bitcoin & Crypto – Thank you for your support!
Latest posts by Jelmer Steenhuis
- Invest in Chainlink: Why this Cryptocurrency could have Big Impact - July 1, 2020
- Best Places to Buy Velas Cryptocurrency and Join The Blockchain Revolution - June 10, 2020
- Cherry Picking Altcoins On Most Reliable Exchanges - May 20, 2020