Over a decade ago, I got into the blockchain business because I wanted to fix the Internet of Things.
Blockchain offers an alternative, combining open-source technology with decentralized systems, allowing us to build Internet of Things networks that manage themselves and can operate more sustainably. A few years ago, I was suddenly hit with a $90 annual fee to keep my smart door locks running. I suppose that’s better than obsoleting them, but I was so incensed I went out and bought new locks and installed them as replacements. It probably cost me about eight years of service to replace the locks, but my decision was driven by spite, not rational analysis.
Using blockchains, devices with spare computing capacity and network connectivity can run more complex network level applications. The upshot is a lot of idle connected computing power that can be put to work in building a blockchain-linked decentralized cloud computing infrastructure. Your smart home and car can “pay its own way” when it comes to compute power, selling excess capacity when you’re not using it and using more from others when needed. The result should be a sustainable network infrastructure that doesn’t need constant injections of capital from the original product sellers to keep working.