Smart contracts are a powerful tool for the automation of business processes, while laying the foundations for a new age of decentralized computation. However, until now, smart contracts could only be executed on machines equipped with heavy, specialized software, carrying a copy of the entire blockchain which can be dozens of gigabytes large. This has rendered the mobile use of smart contracts and decentralized applications unfeasible, hindering blockchain technology from achieving its full potential.
Building on the UTXO architecture, Qtum enables smart contracts to Go Mobile. One of the main advantages of Bitcoin’s unspent transaction output (UTXO) model is its ability to sustain light wallets. Light wallets, utilizing the SPV protocol, allow users to interact with the bitcoin network and validate their own transactions, without having to download and sync with the entire blockchain.
Bitcoin wallets use this feature to enable users to send and receive payments on their smartphones, requiring nothing more than a lightweight app. Qtum extends this capability, allowing light wallets for the first time to engage with smart contracts and decentralized applications. With about half of all internet traffic being generated by mobile devices, this ability is absolutely necessary for business oriented use-cases of blockchain technology.
A Blockchain Secured IoT
Light wallet access also allows for the syncing of a variety of appliances and smart devices to the Qtum blockchain, operating them according to pre-determent smart contracts. With this, a blockchain-secured IoT can be established, allowing for the automation of different businesses and production workflows, alongside a trustless, decentralized Sharing Economy.
Instead of forcing each and every device, connected to the IoT, to act as a full blockchain node, Qtum’s SVP compatibility allows smart devices to easily sync with the network on a low bandwidth/storage basis, moving the Blockchain powered Internet of Things from theory to practice.
The Trusted IoT Alliance & Qtum
The Trusted IoT Alliance today announced its initiative with Qtum to strengthen connected device security using blockchain technology. The Qtum Foundation has awarded approximately $250,000 USD for the Trusted IoT Alliance to provide to members and the general public who submit proposals for promising approaches to leverage the Qtum protocol for IoT security. The Trusted IoT Alliance Selection Committee will choose from proposals and provide real market feedback to the Qtum community on the most promising applications. The Selection Committee is expecting to meet on Jan 26th in Berlin.
“There’s a reason why these global firms and Qtum are meeting at the intersection of IoT and blockchain technology. Blockchain technology presents an unparalleled opportunity to have connected devices operate securely and autonomously while communicating and transacting with one another,” said Patrick Dai, founder of the Qtum Foundation. “We know by accepting proposals for blockchain IoT use cases, the community will be able to highlight Qtum’s unique advantages.”
The Qtum protocol presents unique strengths when applied to IoT devices and secure edge computers. Qtum is able to execute Solidity smart contracts from light clients in low-bandwidth environments, and is able to secure the network with a proof-of-stake consensus protocol.
“With Qtum, we hope to pioneer a new model for how public blockchains can inspire deeper collaboration and the creation of an authentic ecosystem and use cases,” said Zaki Manian, Executive Director of the Trusted IoT Alliance.
“This grant will support exploration into protocols and smart contracts and provide valuable insight to the Qtum community on which directions for future development to pursue.”
Please see the Request for Proposals for more info.
