Blockchain builds IoT block by block

June 27, 2016 | by Bradley Cooper

With software and home cooking, it's usually more difficult and time consuming to start from scratch.

In the case of App developers, it's often necessary to go through third parties to get the necessary tools to build the best possible app.

However, experts working on a project called Fermat, named for French mathematician Pierre de Fermat, are attempting to change all that by creating a blockchain-powered platform that allows users to purchase and build apps piece by piece.

The goal of this project is to help businesses reduce their cost to develop applications by creating a platform where developers can sell pieces of code.

It is in essence creating an "Internet of People," according to a press release.

For instance, a developer who wants to create a dating app, could purchase matchmaking tools from various users and roll them into one application.

In fact, Fermat is currently working on a peer-to-peer dating app, the release said:

The first simplified version of Fermat's p2p dating app, now in development, will be considered a piece of infrastructure that will later be reused to create even more specialized dating apps. This first version will allow an end user to browse other people's profiles, request to connect with them and then chat. Once version one is completed, Fermat will move to the next level of p2p dating, where geo-localization will be a key feature, and with the possibility to invite people to specific activities as part of the focus.

The blockchain allows developers to permanently attach their name — or their company's — to the line of code, essentially as an identity management system.

This is similar to the way that some other companies have used the blockchain to allow artists to register their work. This ensures that no matter where that work goes, it will always be tied to its originator.

In addition, the blockchain enables businesses to pay developers via recurring micropayments. This ensures that developers will always get not only the credit but also the cash for their code, according to a press release.

Some apps will also enable users to pay in bitcoin. For example, Fermat is building a P2P taxi app that will incorporate three separate apps; one for the driver; one for the rider; and one for the taxi network. As the press release explains it:

The end user will request a taxi by setting up a pickup location and a destination. The rider will then scan the p2p network for taxis nearby. The system will automatically connect to each taxi and request a quote. The taxi app will provide a quote based on pickup point, destination and some parameters configured by the driver, such as fare per mile.

At some point a deal will be closed and the taxi driver will pick up the rider. Payment might be automated if it is in bitcoin or another cryptocurrency supported by Fermat. It can also be paid in cash by the rider. Traditional payment networks will be added to Fermat in the future as well.

The project is one more example of the way the blockchain is finding its place in the Internet of Things and helping to build the IoT block by block.


Topics: Blockchain, Software


Bradley Cooper / Bradley Cooper is a Technology Editor for DigitalSignageToday.com. His background is in information technology, advertising, and writing.
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