Blockchain and the Internet of Things (IoT) are two technologies that are rapidly growing in popularity and are expected to revolutionise the way we live, work and interact with the world around us in the coming years.
Although these technologies still largely operate independently, they are beginning to converge in several interesting and innovative ways that will enable secure and trustworthy data exchange between devices.
One of the key challenges of IoT is ensuring the security and privacy of the data that is collected and transmitted. By using blockchain, IoT devices can store and share data in a decentralised, secure and tamper-proof manner, without the need for a centralised authority or intermediary.
Rekord is bridging the gap
Rekord is one such company which is closing the gap between IoT and blockchain technologies. Founded by James Marchant, who also sits as the Chairman of Block Dojo, Rekord’s goal is to build bridges between devices, machines and anything with IoT connectivity and the BSV blockchain.
End clients that have no IoT connectivity can use Rekord’s full suite of hardware and software products, while those that already have hardware conforming to IoT ISO standards can plug directly into Rekords’ platform to begin recording data on-chain.
Rekord IQ helps them choose what data they want to record whether it is ‘live’ transactions, batched transactions or simply a hash of data kept off-chain as well as displaying back reporting and metrics taken from the data itself. Looking forward, Marchant also wants to open Rekord’s infrastructure to other builders and developers who have an IoT use case.
Capable of major transaction volumes
Rekord was recently thrust into the spotlight when it topped the charts for the number of transactions on BSV. Speaking to Coingeek, Marchant explained that there is always interest within the BSV ecosystem anytime a business starts generating significant transaction volume.
‘However we are experienced enough to know that this is short term and long term in itself does not mean very much. The only thing that matters to me is building the best business possible,’ he said.
‘It is purely by extension of Rekord’s business model and the way we implement customer solutions, that we see transaction volume grow—and over the next 12 months, it will grow very significantly. In other words, we are purely focused on delivering value to the end customer alongside growth and generating a profit as a business.’
An exciting future for IoT thanks to blockchain
Marchant added that he was incredibly excited about the future of BSV and Rekord.
‘It is quite amazing to think that we alone could significantly offset the impact of the next halving in terms of total fees paid to miners, i.e. the increase in transaction fees generated by Rekord on average per block will be higher than the 50% loss of block subsidy.
‘Whilst most goals for Rekord are totally business focussed, this has become one blockchain-focused goal—to help support the miners that ultimately provide the network security which benefits all Rekord customers, regardless of how many transactions they produce individually.’