The tech industry is all set to be fully revamped, all thanks to the impressive rate at which its two comparatively new technologies, IoT and Blockchain, are growing everyday. These technologies have the potential of allowing a progressional shift from centralized systems to the customers themselves.

In case of centralized systems, the identities of the devices are required to be maintained by the centralized service providers for the entire lifecycle of the devices. This maintenance is extremely expensive, time-consuming, and ends up placing the identities of the devices in the clutches of the centralized service providers. If the service provider ends up shutting down, then the device itself also ends up getting lost along with all the data/information associated with it.

When it comes to blockchain, they centralize the identity with the devices and the peers. These service providers end up connecting the devices and people together. Smart contracts and reputation systems are put to use so as to systemically govern who can make use of the devices based upon the encoded rules. The marketplaces determine the best services based upon the value that they are adding to lives of the users and the desired intentions of the communities.

Here, we discuss 5 of the most incredibly innovative Blockchain IoT Applications.

1) Community Solar

Currently, the city of Brooklyn in New York is witnessing an experiment where blockchain technology is being used to record production of solar energy and enable purchase of excess renewable energy credits. Having an identity of itself, the device earns its reputation through its history of exchange and records. New Yorkers can share maintenance, aggregate purchasing power easier, and extend support and trust that what the devices are recording is actual solar production.

2) Share Machinery

Yes, the concept of shared machinery might actually become quite famous in the near future. A blockchain system has the potential of enabling collaborative ownership and usage of various expensive machineries like laser cutters, 3d printers, and woodworking tools that end up taking a lot of space in maker spaces all around the world.

With smart contracts, one would be easily able to establish if a particular individual in question has the required reputation to make use of the laser cutter for whatever product they're producing. The rules regarding the usage of the machines can depend on the machinery actual owner and temporary owner's agreements between themselves, and the current status of the agreements.

3) Wastewater Catchment Systems

Once again, smart contracts can be put to use to record data of the individual who is taking care of the maintenance on a shared system. For example, an individual sharing the system is required to perform six maintenance appointments every 12 months. The community maintenance engineers are alerted by the machine itself whenever it is in need of a checkup. If in a case, a particular individual fails at performing maintenance of the system, they can be alerted that their water will now be cut off soon or a remediation function would be triggered.

4) Cooperatively Owned Autonomous Cars

By making use of the currently available technologies, tech giants like Google and Uber are successfully able to maintain the servers needed to make a self-driving car smoothly function.

By employing a blockchain-based service, n number of people will have the ability to form an agreement between themselves to purchase a self-driving vehicle and then easily share its maintenance amongst themselves.

Each of the cooperative groups entering in such agreements will have the freedom of forming their own rules own rules and enforce them diligently using reputation standards. For example, a particular group could create a bimonthly maintenance checkup requirement that each of the participant in the agreement has to fulfil at least once a year. And, if in the case, they fail in doing so, then the car would not be unlocked for that particular defaulting individual.

5) Shared Homes / Workspace

Right from apartment rentals to coworking spaces to maker spaces to spare bedrooms, with smart contracts in place, one can have the ability to easily control the purchase or access the rental. For example, a vacation houses service provider could require that that a particular individual must have leased out space at least twice with decent reviews in order to be able to rent out another space on their network. Further, the service provider could take the economics a notch higher by having a reputation protocol at place that equates each stay in a one bedroom at one credit. Innovative technologies like slockit can be put to use to enable the smart contract to open the door only if the agreements were fully satisfied.

All the above mentioned blockchain systems end up connecting trustworthy people better than the centralized systems currently in place. They also result in significantly increasing the efficiency for sharing, maintenance, and usage of the world's resources.

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