IoT powered by Blockchain: How Blockchains facilitate the application of digital twins in IoT

… Blockchain technology appears today as potentially the most suitable and efficient way to generate, monitor and exchange digital twins. This evaluation roots in Blockchain’s highly desirable attributes like auditability, security and immutability. Digital twins benefit from these features, as they allow the transmission of data and value of any kind over the internet without intermediaries and a high degree of transparency. Already, many small and large companies provide opportunities to store physical objects on Blockchains, calling them “tokenized assets” and making full use of the immutability and transparency Blockchains offer. The next step is to connect these digital twins with each other and with interested third parties. For this, a specialized distributed ledger platform that allows sharing information among digital twins is required. Consequently, this Point of View outlines such a platform’s requirements, use cases and how stakeholders emerge as new leaders in their respective felds. …

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