Microtransactions for IoT Devices
Name
Oliver Vainikko
Abstract
This study investigates the integration of Internet of Things (IoT) and blockchain technology, specifically focusing on the use of the XRP Ledger and the ESP8266 microcontroller in an IoT payment system within a university-based coffee brewing niche. The primary goals of the research were to understand the benefits and challenges of this integration, design and implement a suitable IoT payment system, and assess the user-friendliness and cost-effectiveness of such a system. Key findings of the study were the validation of lower transaction fees on the XRP
Ledger and the successful demonstration of a scalable IoT payment system. Despite the limitations, such as the insufficient number of payments made on the live ledger, the research provides a promising direction towards developing efficient, secure, and cost-effective IoT payment solutions. Potential future research could explore payment channels for offline transactions, the creation of unique tokens for selling coffee, and a detailed analysis of the fee history on the ledger. This research facilitates a promising future for IoT microtransactions.
Ledger and the successful demonstration of a scalable IoT payment system. Despite the limitations, such as the insufficient number of payments made on the live ledger, the research provides a promising direction towards developing efficient, secure, and cost-effective IoT payment solutions. Potential future research could explore payment channels for offline transactions, the creation of unique tokens for selling coffee, and a detailed analysis of the fee history on the ledger. This research facilitates a promising future for IoT microtransactions.
Graduation Thesis language
English
Graduation Thesis type
Bachelor - Computer Science
Supervisor(s)
Ulrich Norbisrath
Defence year
2023