Nowadays we generate more data than ever. Consider this – every hour we produce approximately 2.5 Quintillion bytes of data. However, most if it stands still because it is difficult to process or even store so much information. As the problems arise, Crypto Kids are more than challenged to solve them. And probably you won’t be surprised when I tell you they are going to use blockchain.
Lately Microsoft, Bosch, Daimler, Accenture, Samsung, and Orange, among others are joining forces with IOTA Foundation. They are working on creating an unobtainable marketplace. On the other hand, they are not the only ones trying to achieve this. Hong Kong based Moeco.io are working on a technology, which will allow devices, smartphones to be precise, to establish viable connection along with integrated Bluetooth LE. It is kind of creating new internet through Bluetooth.
Together with Yzerchat they will do the pilot in Dubai, the city of future. Yzerchat is chat as well as voice application with a built-in translator. Now that is the trick – when Yzerchat releases the new version of the app all devices will automatically receive the Moeco library. Then what? Then all the Bluetooth LE activated devices will turn into proximity-activated Iot hotspots. Suddenly we have new network based on strung together Bluetooth smartphones, a new approach to Iot.
Moeco claim that Bluetooth LE prevent third parties from collecting data from user’s phones, despite that they are part of an encrypted end-to-end blockchain network. As you can imagine they don’t create new internet of things network just for the sake of it. Engineers suggest that they have the potential to enable data collectors process more detailed information from the retail, transportation, infrastructure, smart city and buildings sector. In addition, it is believed that Iot costs will be reduced up to 30 times.
Now consider this, there are around 9 million broadbank mobile network users in the UAE, which is approximately 90% of the population in the country. The majority of these 9 million use Yzerchat, so the project will probably skyrocket. In Moeco they believe their competitors cannot beat them because they don’t use decentralized technology. Furthermore, Moeco uses a combination of Bluetooth – blockchain which is aimed at end customers, not developers.