IBM has revealed its new solution which combines blockchain technology with Internet of Things (IoT) networks in a bid to better manage smart contracts.<\/p>\n
Smart contracts\u00a0allow the performance of credible transactions without third parties which are trackable and irreversible.<\/p>\n
The firm has developed a method to deploy and create smart contracts to improve transactional regulations and constructed conditions.<\/p>\n
The firm’s method is a distributed database of records which will be tapped into growing IoT and blockchain ecosystems.<\/p>\n
IBM wrote in a blog post:\u00a0“In a blockchain configuration, a large amount of information is related to financial transactions. As the popularity of the blockchain configuration continues to increase so does the desire to implement additional functions on the blockchain.<\/p>\n
“For example, when determining information on the blockchain for smart contracts, the values used to calculate the information may be derived based on a particular random set of values. However, it may be optimal to use values which are based on other known sources of information.”<\/p>\n
IBM hopes that the solution will fix the computational limitations of blockchain IoT networks and provide equal chances of successful completion of proof-of-work to all IoT devices in the network.<\/p>\n
It also believes\u00a0this incentive could eventually be used in “peer to peer (P2P) energy networks, logistic networks, crowd-sourced weather networks, and the like”.<\/p>\n
Written by Leah Alger<\/p>\n
IBM reveals its new solution which combines blockchain technology with Internet of Things (IoT) networks in a bid to better manage smart contracts<\/p>\n","protected":false},"author":12,"featured_media":12620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","pmpro_default_level":"","footnotes":""},"categories":[1351],"tags":[1013,119,111,2752],"yoast_head":"\n