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Machine to machine payments

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Cryptocurrencies and blockchain tech in general have the potential to make machine to machine (M2M) payments very efficient. This talk explores different angles of M2M payments in the internet of things (IoT). Presented at Blockchain Week IoT conference, Barcelona, 6 Oct 2015 and M2M Digital Curreny Summit London, 17 Mar 2016.

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Machine to machine payments

  1. 1. M2M Payments @meinharrd | @SatoshiPay
  2. 2. Machine to machine?
  3. 3. 1971: Caller ID for landlines
  4. 4. First machine to machine communication
  5. 5. 1982: Carnegie Mellon University Coke machine
  6. 6. First IoT device
  7. 7. 1995: Siemens M1 GSM module
  8. 8. Stripped down Siemens S6
  9. 9. IoT going mobile
  10. 10. Industrial applications: monitoring, tracking, telematics
  11. 11. Point of sale terminals
  12. 12. After 2000: More features, faster, smaller
  13. 13. IoT payments
  14. 14. Proprietary solutions by KORE, Gemalto, FTS
  15. 15. Revolving around vending machines and POS
  16. 16. Future use cases
  17. 17. Road tolls
  18. 18. Public battery chargers
  19. 19. Selling sensor data
  20. 20. Drones charging for delivery
  21. 21. M2M payment benefits
  22. 22. No cognitive load
  23. 23. Instant
  24. 24. Cost-effective
  25. 25. Deep integration in business logic / contracts
  26. 26. Permissions
  27. 27. Anonymity
  28. 28. Challenges
  29. 29. Transaction fees:
  30. 30. Cryptocurrencies potential solution
  31. 31. Security:
  32. 32. Storing payment data on devices
  33. 33. Legal:
  34. 34. “The current revision of the European Payment Services Directive is not fit for M2M payments.” Prof. Dr. Rolf H. Weber (Zürich)
  35. 35. Cryptocurrencies
  36. 36. Also known as blockchain
  37. 37. No coin, no chain
  38. 38. Open
  39. 39. Programmable money
  40. 40. Standardised
  41. 41. Identity
  42. 42. 21 Inc
  43. 43. Pre-installed payment infrastructure
  44. 44. + ? 2 (2013)(2014)
  45. 45. Cryptocurrency shortcomings
  46. 46. Not instant
  47. 47. Blockchain bloat
  48. 48. Relatively high fees
  49. 49. Solution: Smart Contracts
  50. 50. Bitcoin Payment Channel
  51. 51. Contract between sender and receiver
  52. 52. Funds parked on multi-signature escrow address
  53. 53. Transaction drafts exchanged “off-chain”
  54. 54. Contract can be executed by both parties at any given time
  55. 55. Sender Wallet Recipient Wallet
  56. 56. Sender Wallet Recipient Wallet Tx
  57. 57. Sender Wallet Recipient Wallet Tx
  58. 58. Sender Wallet Recipient Wallet
  59. 59. Sender Wallet Recipient Wallet Escrow
  60. 60. Sender Wallet Recipient Wallet Escrow Funding Tx
  61. 61. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx
  62. 62. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx
  63. 63. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx Bitcoin Network
  64. 64. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx Signature Signature Payment Tx Bitcoin Network
  65. 65. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx Signature Signature Payment Tx Payment Channel Bitcoin Network
  66. 66. No fees apart from 2 transactions
  67. 67. Instant
  68. 68. No blockchain bloat
  69. 69. Nanopayments
  70. 70. Thanks! @ m einharrd @ SatoshiPay slideshare.net/m einhard

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