IBM Research Develops Energy-Efficient Blockchain Framework for IoT Devices

IBM Research Develops Energy-Efficient Blockchain Framework for IoT Devices

Tech giant IBM Research announced on September 3rd that its scientists had developed a way to reshape and combine blockchain frameworks, including the energy-intensive proof-of-work (PoW) consensus mechanism, into a "best-of-all-worlds state" that offers energy efficiency, scalability, and security.

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The researchers found that PoW could be applied to the Internet of Things (IoT) and run as a blockchain node in connected devices. The challenge was that IoT devices varied greatly in their computing power and energy consumption, unlike specialized PoW mining equipment for cryptocurrencies.

To address this, the researchers proposed using an algorithm to cluster nodes into smaller groups and allocate mining tasks proportionally based on their power usage and required security, resulting in optimal outcomes. They also envision creating a "layered ecosystem" where different nodes perform different tasks based on their capabilities.

Image source: Wikimedia Commons

The researcher's proposed solution includes "SubChains," which are maintained by groups of nodes.

Overall, this breakthrough could allow for more efficient and secure IoT devices, which are becoming increasingly common in homes, businesses, and various other applications.

Image source: Wikimedia Commons

IBM Research Creates Hybrid IoT Blockchain Lab

The IBM Research team has established a lab project called "Hybrid IoT Blockchain" to promote the future machine-to-machine economy using interoperability technologies such as Cosmos and Polkadot.

Evolution of the Machine-to-Machine Economy

In the machine-to-machine economy, devices will have their own blockchain wallets and will trade with each other. The team studied how the "machine-to-machine ecosystem" could work in an industrial environment linking the manufacturing activities of numerous factories in the Netherlands.

Ensuring Scalability without Sacrificing Security

IBM Research found that by connecting these factories' equipment to the Hybrid IoT Blockchain and arranging nodes in about 250 clusters, including 7% of subchains executing PoW, the project showed good scalability without sacrificing security.

Merging Determinism Requirements with AI

The project demonstrated that blockchain determinism requirements can be merged with AI's black box for machine learning algorithms to adjust the blockchain to fit power or latency limits without compromising security. Ultimately, IoT devices can still execute their application-specific tasks.

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This image has been used from Pixabay under the Pixabay License.

This image has been used from Pixabay under the Pixabay License.

The Future of Cryptocurrency

Cryptocurrency has been an area of rapid development and innovation in recent years. However, widespread adoption of blockchain technology has brought on new challenges in terms of data processing and security. While continuing to dig into the block, data processing presents itself as a critical issue that needs to be addressed.

The Impact of Data Processing on Cryptocurrency

According to experts like Ragnoli, data processing may lead to changes in the operation of the transaction system in response to different currency dynamics. As such, it may impact the way businesses and individuals interact with cryptocurrency, particularly when it comes to managing large volumes of data.

Cryptographic Consensus

Ragnoli adds that she has not yet delved into changing the internal cryptographic consensus, although this is an interesting direction to explore. This can have significant implications for the future of cryptocurrency, as it may lead to new ways of securing transactions and reducing the risk of fraud or cyber attacks.

Overall, the future of cryptocurrency remains uncertain, but the advancements in data processing and cryptographic consensus may hold the key to unlocking its full potential. With continued innovation and exploration in this space, we may see significant changes in the way we interact with digital currencies in the years to come.