News Flash: Enabling an “Economy of Things”

Experts from Vodafone and Ericsson discuss how blockchain-based digital ID could get machines transacting

Each device in the Internet of Things could have its own blockchain-based digital identity, enabling it to transact with other devices. That is the vision laid out by David Palmer, Blockchain Lead for Vodafone Business IoT and Daniel Bergström of Ericsson Research in a video blog post produced by Ericsson.

“As the Internet of Things translates into the Economy of Things and the Internet of Value, there’ll be dynamic use cases and a lot more transactions that will take place,” explains Palmer in the video. “Blockchain has a key role to play in terms of providing [a] trust layer, so devices can trust each other, to identify each other, in a decentralized way.”

He and Bergström go on to discuss how autonomous vehicles, for example, could have their own digital IDs and wallets, enabling them to complete transactions independently. “If you have things travelling, cars travelling by themselves, you have containers shipping things that are now connected to the Internet, then you need a global system for ID management, to get a global system for connectivity, to really get into global IoT,” adds Bergström.  In the notes accompanying the video, he says: “Here’s a great example: a self-driving car, as part of a taxi service, realises and registers that it needs to be cleaned. It can automatically drive to a car wash, pay for the service, and be back on the road ready to serve customers without any human having to manage the process. “

For more information, see the Ericsson video here.