What is IoT?
It is the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.
A startup building an ethereum-based platform for IoT applications has won $100,000 at a blockchain hackathon in Dubai.
Project Oaken was awarded the top prize during a presentation at the World Government Summit, a Dubai government-sponsored event focused on smart governance held this week in Dubai.
Unveiled in late November, the Blockchain Virtual GovHack was aimed at promoting blockchain-based solutions for advancing smart city applications. The initiative was organized by AngelHack, with support on the technology side from ethereum startup ConsenSys.
Project Oaken was one of three finalists presented during the event’s awards ceremony. According to the event’s organizers, 131 projects were submitted, encompassing more than 1,000 total participants. In the end, nine were shortlisted. Two other teams – Team Land Registry and Health Blocks – also made the final round.
In its official pitch for the competition, Project Oaken modeled the use of smart contracts to automatically pay for tolls, driving a Tesla as a test vehicle.
As the startup explains:
“The Tesla tells the toll gate that it wants to pay the toll, causing the toll booth to trigger a smart contract transaction. The toll booth takes the raw Tesla data and communicates it the the blockchain in the form of an IDFS hash.”
While the hackathon is concluded, that doesn’t mean that Dubai is finished with blockchain.
Last week, government agencies within Dubai announced an expansive trade finance-focused blockchain trial, being conducted in partnership with IBM. Also involved are Banco Santander and NBD Emirates, two banks have that also worked with the tech in the past.
That project – as well as other trials focused on the digitalization of government services – is part of a broader push to explore blockchain within Dubai, as showcased by the government-backed Global Blockchain Council.
Image via World Government Summit