During March 28-29 2015 Austin, Texas hosted a Bitcoin conference. At this conference, a Bitcoin 2.0 Hackathon was held with around a dozen teams participating. Several prizes were awarded valued at a million dollars. The Tomahawk Technologies Inc. team participated with its TeleBoT project and won the main prize from the main sponsor of the conference, Factom.
TeleBoT team members Igor Barinov and Anatoli Woolf presented an innovative solution that leverages Blockchain technology for IoT (Internet of Things). The result of the hackathon submission and presentation essentially created a new industry: Blockchain of Things. Hence the name of the project TeleBoT – “Telematics for Blockchain of Things”
Anatoli Woolf (left) and Igor Barinov (right) from the TeleBoT Team
The idea of the project was to demonstrate the ability to secure events from a data feed coming from an IoT device using Factom’s network which in turn is secured by the Bitcoin Blockchain. In doing so, immutable and cryptographic proofs of existence of a series of events were achieved and were secured by the Blockchain technology.
The team prototyped an IoT-based solution utilizing the Intel Edison platform in conjunction with a smart camera Pixy. The object for recognition was a typical Texas vehicle license plate and the data was recorded by the Factom Blockchain Layer to a test Bitcoin network.
“There are numerous market applications for the use of TeleBoT and Factom technologies: at a smart home level devices can order consumables, perform self service, power bartering. At a transportation level a vehicle can self service, use traffic and parking priorities via micro payments, automate payments and fines systems, advanced fleet management, tachograph fraud prevention, etc. To emphasize, in 2020 we are anticipating the IoT market to reach $7 trillion dollars and over 40 billion IoT device will be connected via the Internet to exchange data, which can be secured by the Blockchain. Adding an IoT layer to Factom and the Bitcoin Blockchain itself has a huge potential, which will lead to a fruitful cooperation between our companies,” stated CEO of Tomahawk Technologies Inc. Anatoli Woolf.