The latest thing in the digital revolution is the proliferation of the Internet of Things (IoT). The IoT is a web of connected devices that communicate with each other and produce data, like wearable devices, smart cars and smart home features. These products are connected to the Internet and are producing data that is being used to make life more comfortable and simple for consumers.
However, with all the data streaming from users these days (one estimate is that each person creates 0.77 GB of data per day!), systems are finding it hard to control and use that data for their purposes. The problem is that the amount of data is huge, and being able to filter out all of the noise and get to the data that is really meaningful. As the IoT grows (one expert says there will be more than 80 bln connected devices by 2025), the need for solutions will continue to grow as well.
A new company, called Hdac (Hyundai Digital Asset Company) is creating a Blockchain solution for the problems that are currently facing the IoT. The company is backed by Hyundai, owned by the nephew of the car manufacturing owners, and is working to apply Blockchain technology to quickly and effectively communicate, handle identity, authentication and data storage.
This system is also designed to facilitate the processing of payments over the Bitcoin and Ethereum Blockchains by building bridges to both systems. Further, the Hdac system incorporates a double chain system – one public and one private – in order to increase transaction rate and volume. This means that the platform is applicable for both IoT devices and also industry networks.