The concept of the Internet of Things (IoT) has become quite popular. But what is it? Pretty much, IoT is the idea of connecting any usable device with an off and on switch to the Internet. This includes and is not limited to cars, washing machines, phones, home appliances, jet engines, and practically any other aspect of modern life. According to Gartner, over 26 billion IoT devices will be live by 2025. But, how does Blockchain tech come in?
All of these IoT devices connected to the internet, and they leave behind massive amounts of data. Clogging up networks, causing servers to lag, and useful information to become lost in all of the data noise created. On average, each human being leaves behind almost 1 gigabyte of data. Researchers believe that the amount of meaningless data on the web will boom. Thankfully, Hdac has a Blockchain solution for how all of that data can be handled.
Internet of things and the Blockchain.
Hyundai Digital Asset Company (Hdac), is developing a Blockchain solution for the issues looming on the horizons of IoT growth. Such as ways of applying the technology towards efficiently handling digital identities, data storage, data verification, and information communication.
The Blockchain system being designed by Hdac can be used to easily process and verify payments over both, the Ethereum and Bitcoin Blockchains, by bridging the two networks. Keep in mind, that transactions are growing in huge volume on these chains. Hdac aims to relieve some of that stress by introducing a double chain system. Which will support a private and public Blockchain in order to increase transaction verification speeds as well as total volume.
Thus, Hdac is essentially a highly secured IoT contract platform based off of Blockchain technology that can control IoT and big data network usage. Providing for immutable, confidential, and rapid IoT data processing.
Hdac End goal.
The end goal of Hdac is to improve payment convenience in relation to loans, investments, taxes, utility payments, and even tech sharing. The Swiss-based project has the potential to revolutionize various industries like logistics, public data management, product & data distribution, finance, and other service fields by providing faster transactions and improved scalability.
Hdac’s Token Generation event is set to start today and wrap up on the 22nd of December. During the TGE, DAC tokens, which will be used for all of the Blockchain platforms functionality will be issued. The team has already managed to raise over 13,000 BTC for their cause. This project is sure to boom, especially with the backing of Hyundai Global, so stay up to date on their progress.