Hdac - blockchain for IoT Ecosystem

satish143 (36)in #ethereum • 7 years ago

Hi Friends,

This is Satish from India.

Today I would like to make a review on Hdac - Blockchain for IoT payments.

Few months back we have seen the new innovative and brilliant ideas with blockchain technologies got funded with large amounts through ICO mechanism where people decide to invest after done their duedeligence. But now we are seeing tens of ICOs every day where most of the ICOs are scams and moving away with the people's money and some of the ICOs are getting funded without having any prototype or concept. At the same time we can observe that this ICO mechanism is getting matured when days are progressing and now it is coming under eyes of institutional investors, Venture capital firms and large established companies like Naga, Overstock, and Hyundai.

With the above discussion we can observe that smart minds and money coming into new and unmatured ICO industry.

After a long gap I come up with a new and innovative Blockchain startup "Hdac Technologies" with the combination of Blockchain, IOT and fintech technologies with the support of giant company Hyundai in the form of Hyundai Pay from Korea.

Introduction to IOT (Internet of Things) and Blockchain Technology

In future Internet of Things becomes an integrated part of our everyday life. Using smart watch and collect data from our morning run is what we experience today, but in couple years there will be interconnected every single device like self driving cars, drones, smart homes and many we use and all machines will communicate to each other. IoT industry is estimated to reach $ 270 billion by 2020.

Right now Blockchain - Distributed ledger technology is the innovative technology in 21st century.Blockchain technology could provide a simple infrastructure for two devices to directly transfer a piece of property such as money or data between one another with a secured and reliable time-stamped contractual handshake. lot of industries are trying to merge this technology to reinvent their business model. Already Blockchain technology is using in logistics, Fintech, and many others. Now Blockchain technology is using in another new inventive technology IoT (Internet of Things) to generate synergy effect.

Why Blockchain tech need to be integrated with IoT

To enable message exchanges, IoT devices will leverage smart contracts which then model the agreement between the two parties. This feature enables the autonomous functioning of smart devices without the need for centralised authority. If you then extend this peer-to-peer transaction to human to human or human to objects/platforms, end up with a fully distributed trustworthy digital infrastructure.
Internet of Things (IoT) holds one of the biggest potential for human life change. It might become the fastest growing market in next couple years but the more important thing is that the development in related areas is interconnecting.

Since we imagine such a world with billions of devices, machines and humans that are communicating with each other, we are facing a huge problem with actual infrastructure and hardware/software standards. In other words scaling will cause problems.

In IoT where every device is interconnected and if any single device is got affected by hack or vulnerability in the ecosystem then the entire ecosystem will be at risk. To avoid these situations in IoT environment the blockchain integration is necessary.

Blockchain technology promises to be the missing link enabling peer-to-peer contractual behaviour without any third party to “certify” the IoT transaction. It answers the challenge of scalability, single point of failure, time stamping, record, privacy, trust and reliability in a very consistent way.

The Key Benefits of using Blockchain and IoT

Build trust between parties and devices
Reduce risk of collusion and tampering
Reduce costs by removing overheads associated with middleman and intermediaries
Reduce settlement time from days to near instantaneous.

Once the IoT environment is created then their will be a significant demand arises for making payments,contracts, settlements, loans, investments, taxes and utility bills between the devices should all be seamless and easy transactions. This is where Hdac platform plays significant role to process huge no of of transaction with ultra low cost in a highly secured environment by using blockchain technology between IoT devices.

Hdac blockchain is a separate entity from Bitcoin and Ethereum which is maintained by Hdac Technologies in cooperation backed by Hyundai BS & C. Hdac blockchain wants to create a secured environment with the blockchain technology for payments between IOT connected devices.

Hdac blockchain is primarily used to authenticate the device and once the device is identified then to connect devices each other for mutual communication and for machine to machine payments.

Hdac platform in its architecture uses combination of private and public blockchain to achieve unattainable transaction speeds which are not possible previously.

In IoT environment the devices are able to communicate each other according to their pre determined conditions, to securely recording operational details and scenario based IoT contracts within a private blockchain but private blockchain usage is possible only when there is a proper integration between public blockchain is available. In this case, Hdac platform will be a public blockchain effectively used with multiple private blockchains. Hdac platform is also using Quantum random number technology to completely eliminate the possibility of hacking the wallets from hackers.

The integration between public and private blockchains are necessary due to the large no of transactions cannot be handled independently by the public blockchains. As of now the popular public blockchains like Bitcoin and Ethereum are able to handle only 3 to 5 tx per second, which never meets the global IOT ecosystem.

Hdac platform introduces it's smart token called Hdac token to enable payments between devices and between user - devices in IoT environment. Hdac token can be used with specific purposes by using IoT contract function between devices or between user - devices. For Example : Parents transfer the tokens to minor for specific use case where the minor is restricted to use for purchase of alcohol, cigarettes with the tokens transferred when the minor do transaction with vending machine.

Hdac Token Generation,Mining and Rewards

The total token amount of the Hdac blockchain is 12 billion DAC. The first block reward begins with 5,000DAC before token halving. The block generation cycle is 3 minutes, and halving is set to reduce the reward by half for every 1,032,000 blocks. That is, the block reward is reduced by half approximately every 71 months since the Genesis block was created.

To create an Ecosystem for IoT payments the Hdac foundation is partnered with Doublechain - Blockchain core/ Virtual account development, Korea digital exchange - Digital Asset Exchange and formed Digital Transformation community (DTC).