Blockchain of Things platform plans to boost further adoption with startups competition

cointelegraph.com:

The advent of the internet led to a paradigm shift that has transformed nearly every aspect of society since then. This was compounded by the growing interconnectivity of an ever-increasing amount of WiFi-enabled devices known as the Internet of Things (IoT) that fostered the development of Web 2.0.

Innovations enabled by blockchain technology, such as decentralized finance (DeFi) and nonfungible tokens (NFTs), are now being referred to as the basis for Web 3.0. Whereas Web 2.0 integrated the internet into our daily lives and greater culture and society, Web 3.0 portends a decentralized digital version of the world online, which will have a resounding effect in the real world.

One company, in particular, has been integrating the two phases more explicitly, enhancing IoT by putting it on blockchain, and has ambitions to scale this efficiency across cities. In building such a system, it would have to be stable and secure while also being open and transparent, which is what makes blockchain technology an ideal solution. Skey Network aims to utilize these blockchain benefits to resolve some of the limitations that currently beset IoT. For instance, with its Smart Key, it hopes to introduce a standardized communication system.

Currently, hundreds of billions of items, devices and objects communicate with each other over the internet, which undergirds some of the everyday features we’ve come to expect, such as geographical tracking of our Uber or food delivery.

Despite being the fastest-growing technological market in the world, its growth still faces limitations, such as a lack of a universal communication standard between different IoT technologies. This is usually because competing service providers offer their services