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IoT + BlockChain = IOTA: A Second Generation BlockChain Implementation

By Dick Weisinger

The Internet of Things  (IoT) is all about machines and devices that collect, transmit, and sometimes receive information on the internet. Blockchain is a unique way to make a secure record of a transaction and then publicly record the details of the transaction.

IOTA combines Blockchain with the Internet of Things to create a method for IoT devices to record transactions and settlements from data transfers.

Bitcoin was the first example of a blockchain implementation.  A number of non-currency applications have appropriated the use of bitcoin for their specialized application, but increasingly people are finding problems with bitcoin, a first-generation implementation of blockchain.  The technology is difficult to scale, there are costs involved in every transaction, and the time for settlement is growing.

IOTA was started in 2015 with the goal of developing a secure recording mechanism for IoT transactions.  It is managed by an open source and non-profit organization.  IOTA transactions are managed as a kind of graph with properties that, unlike bitcoin and ethereum, make it possible to scale infinitely, handle offline transactions and to not have any transaction costs.

 

 

 

 

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  1. […] IoT + BlockChain = IOTA: A Second Generation BlockChain Implementation […]

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