Hyundai IT Arm Backs Token Sale to Revolutionize the Internet Of Things
- The blockchain decentralized approach is promising for IoT security.
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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.
The decentralized approach of blockchain technology is promising for IoT security because of how it works with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term - 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.”
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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.
The decentralized approach of blockchain technology is promising for IoT security because of how it works with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term - 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.”