On session two of the second day of the Bitcoin Masterclasses, which happened in May 2023 in London, Dr Craig S Wright (Technical Advisor at nChain) discussed IoT applications and their potential to innovate business models.
During the workshop, participants proposed innovative business models that integrate IoT technology. Examples included an online marketplace for handmade goods utilising blockchain technology, an art marketplace with a bidding system, and a freelancing platform for specialised work.
Discussing how IoT can innovate existing business models
To introduce the session, Wright discussed the potential applications of IoT devices, such as monitoring atmospheric conditions for agriculture, including wine production. He emphasised the importance of monitoring to maintain the quality and value of products like wine.
Other uses discussed included proximity tracking for supply chain management and access control for security purposes. This introductory phase of the workshop was followed by a brainstorming session, in which the workshop participants could discuss business models, in which IoT can help to innovate. The main part of the workshop was dedicated to the brainstorming session, which was followed by a discussion of the ideas of the participants.
Online marketplace for handmade products
The first group proposed creating an online marketplace for unique artisanal products to support small businesses and promote handmade goods. They suggested using blockchain technology to tie sellers’ identities to the marketplace, build reputation, and enable trusted feedback through review services.
The main idea involves NFT-ing the handmade goods to preserve their uniqueness and tying the manufacturing process into the NFT through photo documentation. Additionally, they proposed tying supply chain information to the NFT, enabling easier reselling, providing utility, offering early access to future products, and authenticating reviews. Social engagement and contract bidding integration were also discussed as potential features of the marketplace.
Art marketplace with bidding system
Another group suggested implementing a bidding system in three aspects of the art marketplace: initial funding for creators, purchasing existing art pieces, and delivery logistics. Producers can bid for funding to start their projects, buyers can bid for art pieces, and delivery providers can bid for logistics services. This system aims to promote competition and improve service quality.
Freelancing platform for local and specialised work
The following group discussed the concept of building a platform that connects freelancers and remote workers with businesses seeking specialised skills on a project basis. They envision a global JIRA board with a tender process where anyone can bid on specific jobs or certain microtasks.
In this future scenario, workers would have a dashboard displaying tasks they can choose based on their parameters and credentials, allowing for flexible work arrangements and payment on a gig economy basis. As an example, the group cited a restaurant that is looking for a chef for a short period. Through the platform, people who can prove they have experience as a chef could receive a notification that they have the opportunity to earn extra money at short notice.
Additionally, they suggested implementing identity and reputational systems, possibly using NFTs, to monetise reputation and create speculative markets based on individuals’ skills and products.
Green energy consulting – tracking and monitoring energy consumption
The following group discussed the establishment of a green energy consulting firm aimed at helping businesses transition to renewable energy sources and improve sustainability practices. They proposed using IoT devices to monitor energy consumption from traditional sources, which serves as a reference point for implementing renewable power sources like solar panels and IoT batteries.
The firm would also work with suppliers for green energy and products, potentially implementing identity verification systems using blockchain technology. Additionally, they mentioned using IoT devices to monitor various aspects of the company’s operations, possibly implementing control systems for access to energy sources.
Compliance and standards enforcement are also discussed, with a focus on leveraging IoT technology to achieve these goals effectively. Finally, they mentioned the potential for using emissions data as a basis for fines and credits, further emphasising the importance of IoT in their approach.
E-learning platform – specialised skills and remote learning
The last group discussed the creation of an e-learning platform to meet the demand for remote learning, addressing various issues such as instructor credentials, course demand, resource planning, and security considerations. They proposed using blockchain technology in the context of social responsibility to track resource allocation, donations of educational devices, and certification issuance, ensuring transparency and accountability.
Additionally, they suggested utilising AI and machine learning to teach courses, classify materials accurately, and track student performance to personalise learning experiences. Security measures include linking blockchain-based wallets for student and teacher logins and monitoring performance to identify learning gaps.
Overall, they highlighted how blockchain technology can enhance the transparency, security, and accessibility of e-learning platforms, allowing learners to access educational materials conveniently and reliably from any device.
