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Optimal Payment Infrastructure for the Internet of Things
Abstract:
The term Internet of Things (IoT) implies the highest level of integration of people with devices and machines that are used in business processes and everyday life. This refers to a network of devices, machines, vehicles and objects, connected by communication networks such as the internet, NFC and RFID, equipped with microprocessors, sensors and appropriate software, which enables data collection, their processing and timely distribution. To utilize the full potential of this concept, a special payment infrastructure needs to be built, and its sole purpose would be to transfer funds in the context of the new information revolution. The subject of the research is the need for the creation of new payment infrastructure for the realization of all advantages of the concept of the IoT. By comparing key performances of the blockchain and tangle as technologies for distributed database management, the goal of the paper is to point to their potential for their application in payments in the ecosystem of the IoT. Based on the comparative analysis of bitcoin and IOTA, i.e. blockchain and tangle technology, that it is necessary to strive for a solution that will not burden the system and that will be a means for achieving security at a high level at the same time.
CITATION:
IEEE format
J. Matić, “Optimal Payment Infrastructure for the Internet of Things ,” in Sinteza 2021 - International Scientific Conference on Information Technology and Data Related Research, Belgrade, Singidunum University, Serbia, 2021, pp. 170-176. doi:10.15308/Sinteza-2021-170-176
APA format
Matić, J. (2021). Optimal Payment Infrastructure for the Internet of Things . Paper presented at Sinteza 2021 - International Scientific Conference on Information Technology and Data Related Research. doi:10.15308/Sinteza-2021-170-176
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