It is widely projected that by 2020 there will be 20 billion connected IoT devices. Every year new consumer grade smart devices come out that aim to help improve our lives through automation. From Alexa, Siri based speakers to fridges that tell you when you are running out of milk.
I love the idea that of all my electronic devices can be connected to the internet but in reality IoT devices are quite expensive for the functionality they offer.
This got me thinking about if it is possible to create an IoT device that provides real life beneficial use cases and is also cheap to produce.
A Blockchain Enabled Tracker Device
There are bluetooth tracker devices out there on the market available that can be had for around $20 USD. They allow you to pair and track your lost keys via your smart phone. These items are probably the most affordable IoT devices that anyone can purchase.
The obvious question is why would you enable Blockchain technology into an existing working IoT device. Well the way current trackers work is that they have limited bluetooth signal that only works in a 100 feet range from its paired device. Outside of that it relies on the community mesh network to ping your device. What is the incentive for someone to find your lost device? Nothing besides goodwill. The resulting network is then quite small and limits the use case for the device. There is also interoperability between
If you could extend the network effect by incentivising participants to find your device what other use cases could the device offer besides tracking your lost keys?
I could for example:
- Create track-ability in less densely populated areas.
- Reliability in that my device will sooner or later be pinged.
- Track my device over much greater distances.
This could be that mainstream adopted Blockchain enabled hardware device that can be used in many more use cases. Now my device would be cheaper and more effective compared to current expensive technology. I could affordably track:
Travel luggage, wildlife, pets, goods in a supply chain, personal items, shop merchandise, mail delivery.
The Components
These things are cheap to produce and it wouldn’t involve too much investment to enable Blockchain technology on them. The components to create the device can be bought by anyone on TaoBao for $5–10 USD! If they are massed produced the costs would be significantly less!
What the device would be made up of
How would it work?
I created a high level process map of the processes involved in the device. There would be 3 participants that interact with eachother:
- The Owner Device — This would be your smartphone with an accompanying app.
- Tracker Device — The IoT Blockchain physical item.
- Community Device — Other users smartphones with the same App. May not necessarily even be required to be a smartphone.
First of all the device would be paired with the app on your smartphone. You would then top it up with come cryptocurrency which will paid out as rewards when someone successfully pings your device. Without this feature there would be no incentive for a random person to use their bluetooth bandwidth to locate your device. Creative community members may even fly drones out in the wild which broadcasts bluetooth signals now if it meant they would be rewarded!
If the device is within range of your smartphone then you would not be required to pay out rewards. Rewards are only paid if you enable it.
In Conclusion
I would love to see this kind of device built. If anyone out there is interested and has the relevant expertise to contribute, get in touch and let me know how we could collaborate.
