Machine to machine payments
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The document discusses the evolution of machine-to-machine (m2m) payments, tracing its history from early communication systems to modern applications like IoT payments and cryptocurrencies. It highlights benefits of m2m payments such as instant execution and cost-effectiveness, but also addresses challenges like transaction fees and legal barriers. Future use cases include tolls, battery chargers, and drones, with proposed solutions involving smart contracts to enhance transaction efficiency.
Machine to machine payments
- 1. M2M Payments @meinharrd | @SatoshiPay
- 5. 1971: Caller ID for landlines
- 6. First machine to machine communication
- 8. 1982: Carnegie Mellon University Coke machine
- 10. 1995: Siemens M1 GSM module
- 11. Stripped down Siemens S6
- 12. IoT going mobile
- 13. Industrial applications: monitoring, tracking, telematics
- 14. Point of sale terminals
- 15. After 2000: More features, faster, smaller
- 16. IoT payments
- 17. Proprietary solutions by KORE, Gemalto, FTS
- 18. Revolving around vending machines and POS
- 19. Future use cases
- 21. Road tolls
- 28. Drones charging for delivery
- 31. Instant
- 32. Cost-effective
- 33. Deep integration in business logic / contracts
- 34. Permissions
- 35. Anonymity
- 36. Challenges
- 39. Security:
- 40. Storing payment data on devices
- 41. Legal:
- 42. “The current revision of the European Payment Services Directive is not fit for M2M payments.” Prof. Dr. Rolf H. Weber (Zürich)
- 43. Cryptocurrencies
- 44. Also known as blockchain
- 45. No coin, no chain
- 48. Open
- 50. Standardised
- 51. Identity
- 53. 21 Inc
- 57. Not instant
- 58. Blockchain bloat
- 62. Contract between sender and receiver
- 63. Funds parked on multi-signature escrow address
- 64. Transaction drafts exchanged “off-chain”
- 65. Contract can be executed by both parties at any given time
- 66. Sender Wallet Recipient Wallet
- 67. Sender Wallet Recipient Wallet Tx
- 68. Sender Wallet Recipient Wallet Tx
- 69. Sender Wallet Recipient Wallet
- 70. Sender Wallet Recipient Wallet Escrow
- 71. Sender Wallet Recipient Wallet Escrow Funding Tx
- 72. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx
- 73. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx
- 74. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx Bitcoin Network
- 75. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx Signature Signature Payment Tx Bitcoin Network
- 76. Sender Wallet Recipient Wallet Escrow Funding Tx Refund Tx Payment Tx Signature Signature Payment Tx Payment Channel Bitcoin Network
- 77. No fees apart from 2 transactions
- 78. Instant
- 80. Nanopayments