Smart Digital Identity Solution for IoT Devices
Revolutionize your smart home devices with DigID, a blockchain-based digital identity solution. Say goodbye to multiple accounts and passwords, and embrace secure, efficient, and interconnected IoT experiences. Explore how DigID can transform your IoT ecosystem today.
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Presentation Transcript
A much needed idea. My main issue is with the technology slide. It is just not obvious to me how the blockchain technology works in this particular implementation. Some more information is needed. 80/100
DigID Stay Connected Yarden Avishai, Justin Heeren, Asaf Kanari, Melody Qiao Team 16
Executive Summary Current IoT solutions rely on a centralized model that creates inefficient and unsecured environment with high costs and limited connection between devices. Opportunity Smart digital identity using Blockchain technology. The identity will reduce costs, improve security, and increase interconnectivity. Solution Use DigID profile to log into IoT devices, after which usage information and preferences will be stored and shared on the blockchain. Technology Freemium model. Subscription based charges for more than 10 devices. Direct sales combined with white-label partnership. Business model The convergence of Blockchain identity and IoT creates endless possibilities for applications in many industries such as consumer electronics, automotive and shipping. Future applications
Problem/Opportunity How ready are we for the smart home? 4
Problem/Opportunity SMART HOME DEVICES FACE BOTTLENECK 1. High infrastructure and maintenance costs associated with the current centralized model 2. Connection between smart home devices is limited 3. There is no single platform that connects all devices 4. Too many online accounts and passwords 5. Our information online is susceptible to hacking Proposed solution : Smart digital identity
Solution SMART DIGITAL IDENTITY 1 + Operates as a main hub that connects all devices together Connection + Connection of any smart device to another + Additional hubs are not necessary + Only one account (identity) that replace all online accounts 2 + Never use online passwords again Efficiency + Customized service based on the identity s preferences and history + Reduce the costs associated with installing and maintaining large centralized data centers 3 + Communications between devices go first through the digital identity and are executed as Blockchain transactions Security + The Blockchain technology creates ledgers that are tamper-proof and cannot be manipulated + Proven success in the world of financial services
Technology All IoT Devices with DigID Capability can Interact and Share Usage Data through Blockchain Preferences and Usage History Stored with Private Key on Public Ledger Authenticate Digital Identify via Fingerprint on Smartphone Use DigID Icon in Device App to Log Into IoT Device IoT Device Accesses Digital Identify via Blockchain + Separates usage information from user identity usage information will be accessible to third party firms but will not be tied to any personally identifiable information + Connects and integrates devices from different manufacturers + Reduces complexity of manually connecting growing number of IoT devices Proposed solution : Smart digital identity
Value Proposition One single control for all your smart devices, offer you a secure and worry free life Service Portfolio Account Management Risk Management
Business Model Identity-as-a-Service (IDaaS) Subscription based model Unlimited number of connected devices for paid users Addressable Market By 2021, 13.5 million North American homes will have a professionally installed smart-home system. Competitive Landscape Enterprise: Mostly are B2B use cases (Okta) Single platform focus (Apple HomeKit) Startup: Blockstack, Civic, Uport, etc.
Go-to-market Strategy Target Market Channel Tech Savvy Millennials Home owners Direct sales White-label Pricing Partnership OEMs: Google, Amazon, etc. Home builders Home insurance companies Cable & Telecom providers Freemium : ten devices free Cost: technical integration of different devices
Competition IoT is more than just a market, it s an entire ecosystem. Many competitors want a slice. Promising Blockchain Identity Startups Giant Tech Companies Blockchain Identity Startups arebuilding identity management applications for consumers to record and secure identification data Giant Tech Companies are working on defining the standards for IoT and pairing it with the Blockchain technology 12
Challenges and Risks 1 How can we get everyone to sign up when the business objectives of all parties of the business network are not completely aligned? Developing Collaborations and Partnerships in a Complex Environment 2 Many IoT devices lack the significant horsepower needed for the encryption and verification of blockchain transactions. Low Processing Power of Current IoT Devices 3 Blockchain is still in its early days and while many people are struggling to understand how it works; others don t even know that it exists. Lack of Customers Awareness and Understanding
Future Applications This is only the tip of the iceberg! The idea is scalable to any IoT device even those not yet in existence. Possible targets for a Blockchain and IoT Pairing : Smart Appliances Connected Vehicles Supply Chain Sensors 14
Future Applications - Examples IMAGINE 1. A refrigerator that autonomously manages its interactions with the external world anything from placing orders from the grocery store and paying for food to downloading software upgrades and tracking its warranty 2. A connected car, smart enough to find and choose the best deal for parts and services 15
