Smart homes are all the hype, yet despite them being more affordable than ever they still lack wide adoption. The ‘why’ maybe found in consumer concerns around data security…?
What is the pain point?
Smart devices which enable us to set the perfect room temperature with a voice command or turn on appliances using our mobile devices also collect data about our personal habits and routines. You have the right to feel afraid that this information could be used to create a personal profile to track your behavior and more malicious threats, like a hacker accessing your smart home while you are on holidays.
Most smart home solutions are centralized and therefore face the problem of a single point of failure - even with encryption or multi-factor authentication.
Why Blockchain?
One solution could be to decentralize the whole system. Blockchain, being a decentralized system that stores information across a network of computers instead of a single server, is resistant to manipulation and fraud and makes it almost impenetrable to hacking attempts.
With your data secure, you could unleash the full potential of smart homes extending their application to manage household appliances. Register them at the point of manufacture and equip them with their own wallet to be able to pay for consumable items before you even know you need them, such as detergents for washing appliances, pet food for your pet feeders, gas cylinders for your BBQ’s and much, much more.
There are already a number of startups working on the idea of combining IoT and Blockchain for Smart Homes like VeCap and HYPR.
What do you think? #LifeWithBlockchain
Thanks also to Pascal Mehrwald (@pascalmehrwald), Benjamin Pabst von Ohain (@benpvo), Prof. Dr. Isabell M. Welpe and the TUM seminar team.