The joint Report “IoT powered by Blockchain” of Deloitte and Riddle&Code indicates that the Blockchain technology is today the most appropriate and most efficient way to generate digital twins in a rapidly growing billion industry to monitor and replace.
By 2020, the number of networked devices in the Internet of things (IoT) is expected to increase, according to Deloitte, more than 20 billion. 4.5 billion of these devices will be in use in Europe, of which approximately 750 million are in Germany. These devices that are interconnected to provide millions of so-called “Digital Twins” with valuable data. Digital twins are virtual copies of physical objects or processes.
Blockchain technologies will facilitate, Riddle&Code and Deloitte, the use of digital twins in the IoT is relevant. They allow the Transfer of data and values of any kind over the Internet, without intermediaries and with a high degree of transparency. A wide range of industries, such as, for example, the private customer business, the manufacturing or the automotive industry benefit from digital twins.
Association of the real with the digital world
These technologies must, however, be a safe solution for Linking the real world with the digital world. This link can for example be done by a simple QR-Code. In most cases, secure and tamper-proof crypto-Tags.
The Austrian firm of Riddle&Code has developed such Tags. The exceptionally high level of security of these Tags is achieved by the use of the private/public key mechanism of the Blockchain. This Hardware-Blockchain-combination represents the next step in the development of the IoT and the digital twins.
In the Report Deloitte and Riddle&Code describe a series of IoT-related applications. These illustrative use cases clearly show, what is the Use of digital twins from the compound of the Blockchain technology with the crypto-reach Hardware. Examples of Track&Trace solutions for logistics or Supply Chain Management, guarantees of Origin for a number of Sustainability events and secure storage of cryptographic Assets.
The entire Report is available on the Website of Riddle&Code to Download.