slock.it, a Blockchains company, focuses on building software solutions that connect the physical world with blockchain networks. This connection allows any “smart” object to have its own identity, receive payments, and enter into complex contracts. Moreover, combining IoT with blockchain solves many of the existing issues in the IoT world, such as security risks, interoperability of smart devices, and allowing machines to have their own digital wallets, thereby enabling autonomous transactions between these machines.
One of our solutions is Incubed, a minimal verification client that enables devices to communicate with smart contract-enabled blockchains, such as Ethereum. Incubed requires minimal resources and no extra cryptographic tokens. Almost any smart device can use Incubed to connect to a blockchain network because our software runs on devices the size of microcontrollers.
Our ultimate goal is to create and facilitate an “Economy of Things“ in which the security, identity, coordination, and privacy of billions of devices would be established. This Economy of Things would allow any smart object to be rented, sold, or securely shared without unnecessary intermediaries.