Hyundai BS&C, the technology arm of the South Korean automobile giant, has announced plans to hold a token sale to accelerate the ambitious development timeline of a new blockchain designed specifically for the Internet of Things (IoT) space.
HyundaiPay is teaming up with Switzerland-based fintech firm Hdac Technology AG to bring blockchain’s strong protections against data tampering to IoT payment platforms, thus secureing transactions amongst connected devices.
HyundaiPay has announced the first round of the Token Generation Event (TGE), which is to commence on November 27th. The company has already secured around $100 million just after concluding its pre-sale stage.
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The decentralized approach of blockchain technology is promising for IoT security because of how it works with cryptocurrencies – it creates a more resilient ecosystem for devices to run on by assuring that data is legitimate, and that the process by which new data is introduced is well-defined. In addition, the technology behind Bitcoin and the like can be used to track, process and coordinate transactions between devices, allowing for significant savings to IoT industry manufacturers.
Nevertheless, the approach could be a bit challenging since blockchain works through consensus between millions of nodes that are physically distributed around the globe, while the small IoT networks may lack this important mass feature.
Hdac, which stands for Hyundai Digital Asset Currency, aims to create a blockchain that concentrates on the needs of the Internet of Things and payment environments through a machine-to-machine payment system.
Dae-Sun Chung, founder of Hdac Technology AG, commented: “We are thrilled to hold a TGE in order to bring security and transparency to IoT devices. With more IoT devices hitting the market daily, our lives become more connected. Although there are many benefits to this, we open ourselves to great security risks. Blockchain technology, and special the Hdac blockchain, is the best way to leverage trust, transparency, and security on IoT.”