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[REDi] IoT Device for Oracle Problem

REDi | 10.18| 295

Hello supporters,

REDi has developed IoT device to collect data from PV power plants.

You might wonder why a blockchain project developed the IoT device. Before answering, we need to talk about Oracle problems.

Smart contracts are coding instructions that self-execute under specified conditions on blockchain networks. The sources from where these smart contracts derive their data from are called “oracles.” The auto-enforcing ability, immutable nature, cost effectiveness & self-execution of these smart contracts make them a perfect agent for automating transactions with transparency and almost a zero chance of failure.

Ironically though, smart contracts are only as smart as the oracles that feed into them. If you feed malicious code or bad data, the smart contract processes the information as is, producing an incorrect & unpredictable outcome, thus creating the ‘oracle problem’.

REDi is working to solve the oracle problems by using blockchain in PV power plant.

The first step is a hardware device for data collection, which is developed by REDi. This device will send raw data such as weather and power generation directly to REDi’s server and prevent any abusing or raw data modification. IoT telecommunication security is also equipped in the device, which is required by the financial institution working with REDi.

Sample Products

Blockchain Wallet address will be given to each PV power plant. The ownership of data marked with the address can be easily claimed and rewarded. When the data is sold, the owner will be also rewarded. This automation of data collection and verification reduce the cost of manpower checking the power plant, so the benefit is shared with the power plant owner.

The blockchain upgrades the security level of REDi’s device. it also enables the owner of data could be rewarded by tracking the ownership of data. The device will be tested and then installed in Hyundai Renewable Lab’s power plants and NH bank customers’ power plants.

We are very happy to share and prove the use case of REDi’s technology.

About REDi

Through the industrial application of AI and blockchain, REDi aims to drive the digital transformation of renewable energy. We pursue a decentralized data marketplace whereby consolidated and verified data can be accessed by every industry participant.

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Telegram Community: https://t.me/REDi_en


[REDi] IoT Device for Oracle Problem was originally published in REDi on Medium, where people are continuing the conversation by highlighting and responding to this story.

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