Just started finding out about the Lightning system that is designed to avoid some of the key inefficiencies of Bitcoin. I’ve always thought the excitement about Bitcoin to be a bit strange given its seven transactions per second throughput limit, absurd mining energy requirements, the need to effectively bribe miners with a fee in order to get a transaction included in the blockchain and the ever increasing (and already quite large) blockchain itself.
As described here, Lightning helps solve the scaling problem by implementing a network of micropayment channels that bypass the blockchain. Something that I have been interested in is how to use blockchain technology in large IoT networks that can generate large amounts of data in real time. The benefit would be an immutable (append-only) record of everything that happened that could be relied upon for accuracy and not amenable to after the fact modification. This record could be of evidential quality. Whether Lightning (or similar technology) can help with this is the question.
Years ago I was working on a tamper-proof video system for surveillance cameras using steganography – basically every frame included embedded overlapping error correcting codes that could survive compression and indicate on a grid where a frame had been modified by checking the syndromes. By using the frame timestamp as the data in the code, encrypted with a private key embedded in the source camera, completeness of the video record could also be determined. What’s interesting is whether blockchain technology can be similarly leveraged to solve this and related problems.