Blockchain Summit in India Showcases How IoT Can Flourish With Help From IPv6

The recently concluded blockchain summit showcased incredible blockchain innovation across a wide range of industries. One of the highlights is how the Internet of Things (IoT) has made strides in revolutionizing sectors, gradually enhancing the capabilities of digital asset exchanges with help from the Internet Protocol version 6 (IPv6).

Many light dots coming towards the camera.
Photo by Joshua Sortino on Unsplash

IoT Unlocks Detailed Financial Data for Exchanges

IoT is a system composed of interconnecting computers, machines, objects, animals and people that are tagged with unique identifiers (UIDs). The system allows the ability to send and receive data directly from one with a UID to another without the need for human interaction.

A very simple example would be a car equipped with a radio-frequency identification (RFID) that can pass through tolls and the user will automatically be charged the corresponding fee. The RFID also sends the car’s data to the network, such as gas consumption and location tracking, which provides useful information that firms can later on analyze and use.

IoT is highly dependent on the amount of data storage and the number of transactions a network can provide. And this is why a scalable enterprise blockchain is the solution. Not only will it allow for the efficient storage of big data, but it will also enable nanopayments. BSV Blockchain is the largest public blockchain that has unlocked limitless scaling.

Because of it being both highly efficient and economical, many have turned to the BSV Blockchain to develop their blockchain-based startups. BlockQuake is one of them, and it can achieve its goal of improving the quality of digital currency transactions by combining the capabilities of the BSV blockchain with IoT.

IoT collects financial data in real-time, giving exchanges an edge in immediately updating traders with relevant information and making critical financial decisions for themselves. Another benefit is that they have complete control over their data and may audit it at any moment.

Specifically, BlockQuake's shifting exchange rates between cryptocurrencies and fiat currencies generate an infinite stream of data from the changing values offered by the exchange. That stream of data will then be uploaded to the BSV blockchain.

Because IoT can and will provide accurate business projections and analyze company behavior, it can help traders better assess risks throughout the trade life cycle, manage their money more effectively, and scale up their finance plans.

Given that the data is more detailed than what is freely available (in five-minute intervals), someone can examine market movements on a day of exceptional turmoil. An enterprise blockchain, such as BSV, can also ease privacy issues when uploading data to its ledger since a peer-to-peer network maintains and records these data entries in a chronological manner.

It can record the exchange amount, transaction time and other personal information, then link it to build verifiable data sets. Using proper encryption, it can validate, safeguard and distribute the data entries to the public for transparency.

Enterprise blockchain works well with IPv6 to enable billions of IoT devices to connect with one another at cheap cost in a genuine peer-to-peer system with no intermediaries. However, India must first join the IPv6 revolution to make this a reality.

India as a Global Leader for IPv6 Adoption

Bharat IPv6 Forum Chairman Dr. Satya Gupta believes India will solidify its position as the global IPv6 leader, aided by the world's second-largest population and favorable legislation. He was in Bangalore for the blockchain summit, where he appeared alongside Bitcoin whitepaper authos Dr. Craig S. Wright and IPv6 Forum President Latif Ladid on stage.

According to Gupta, favorable laws, private sector initiatives, and a large population have driven India's rise as an IPv6 superpower. The Indian government has already set stringent targets for each internet service provider (ISP) and telecommunications companies to achieve widespread IPv6 access. The government has also launched education campaigns across India to increase IPv6 usage.

Dr. Wright spoke on the convergence of blockchain and IPv6, as well as the immense opportunities it would give India and the world. However, IPv6 is not without its difficulties and obstructions. Ladid argues that these are insignificant compared to the challenges that the current Internet Protocol version 4 (IPv4) encountered in its early days.

“If I want to be able to trace a source of meat from end to end, so that in the future, if something like the mad cow incident in Britain happens, rather than killing practically every cow int he country, I can monitor the individual farms, and pick and choose and have a surgical response—saving millions of farmers millions of farms. We can do that,” Dr. Wright explained.

With India being one of the world's tech centers, Dr. Wright believes it is critical for Indian IT professionals to jump on the IPv6 bandwagon because “it is where the world is going.” The country is already among the leaders in IPv6 adoption, and Dr. Wright expects this to benefit Indians in the long run, particularly those trading in exchanges.