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IoT systems that support multi-tenancy tend to use cloud-hosted device/thing abstraction or virtualization. By abstracting the IoT edge components e.g. as data streams or by virtualizing the sensors/actuators, it becomes possible to avoid or resolve access conflicts. However, by using hosting the abstractions/virtualizations away from the edge components in the cloud, significant latency is introduced. This paper presents the idea of light-weight virtual resources that can be hosted on edge devices and thus offer the same abstraction/virtualization without latency.
Samaniego et al. (2016) studied this question.