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Blockchain startup’s IoT solution promises to cut costs by up to 70%

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Taiwan-based blockchain startup ioeX has released a new solution, dubbed the “ioeX agreement,” that uses distributed ledger technology to facilitate IoT device updates, according to a press release.

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Because LaborX is based on blockchain, it features a tokenised reputation system that factors in dozens of candidate data points stored on an immutable ledger, ensuring job-seekers earn their best market rate, while eliminating payment delays and disputes.
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The offering uses distributed computing in order to monitor device status and allocate network resources. Its blockchain-based product highlights the way blockchain can be used as a trusted link between partners — one of the key use cases the technology could have in the IoT.

The ioeX agreement solution uses blockchain to allow companies to monitor the status of their devices and to deliver needed over-the-air (OTA) updates to them. The solution, along with the company’s other technology and services, uses the main chain of the Elastos blockchain as well as a side chain made by ioeX for individual companies employing the solution, which will enable faster processing and more sharing.

When a particular class or model of device needs an update, that’s recorded on the main chain. At the same time, individual devices can reference that chain to determine if they need updates, and if they do, that is recorded on a side chain before being pushed out.

The company claims that its solution will be able to reduce IoT data transfer costs by up to 70%. Though the use of blockchain could reduce the amount of data being sent as well as cloud resources needed, it’s not clear how it will attain that degree of savings, since there will still be significant network transference.

ioeX’s solution highlights one way that companies can use blockchain to communicate with partners and vendors.In many instances, players will turn to third parties and vendors with specific experience in connecting devices and implementing IoT solutions to handle their IoT needs.

Using a blockchain solution would open up simple and implicitly trustworthy communication channels, allowing these IoT vendors to show — and prove for compliance and liability purposes — that devices have been updated with the most recent security patches, for example, in a way that both parties can access independently.

Blockchain-based tools continue to emerge as an alternative to cloud-based solutions in the IoT and offer competing strengths and weaknesses that can fit companies’ particular needs.

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