IONChain Facilitates Rapid Development of IoT

Outburst of IoT Device

IoT is one of the few markets which able to gain the interest of emerging market and traditional venture capitalist. Undoubtedly, the influence of IoT has and will continue to attract more start-up venture capital companies to invest on hardware, software and innovative projects in service sector. According to the data of International Data Corporation (IDC), IoT expenses will reach 1.4 trillion USD in year 2021.

IoT is an important component in new generation of information technology, it is also an indispensable development phase during “informatization” era. Through communication and sensing technology such as smart sensor, recognition technology and ubiquitous computing, IoT has been widely applied in network integration, thus it is regarded as the 3rd wave of world’s information industrial development after computer and Internet. IoT is the extension and expansion of Internet application, and instead of network, IoT can be seen more as business and application. Hence, application innovation is the core of IoT development, whereas user experience is the soul of IoT development.

Over the past few years, device quantity which connected with IoT has made an exponential growth, and it is estimated to increase continuously in future. Moreover, it is expected that in year 2020, there will be 50 billion of IoT devices exist, thus this proves that more and more new smart devices will become the standard tools of people and enterprises when managing daily tasks.

IoT’s Security

Along with the popularization of smart device, reliability of using smart device to complete multiple daily tasks has increased among consumers, and as a result passion for investment among IoT start-up enterprises will also increase. Users will anticipate for the next big IoT innovations, such as smart mirror that can analyse your face and ask you to go for a doctor after found out you were sick; smart ATM machine which includes smart security camera; smart fork that will tell you how to eat and what to eat; and smart bed which will switch off the lights automatically after everyone sleeps.

IoT technology has been showing an exponential and rapid development in the past few years, and the popularization of related new solutions is also unavoidable. Gartner, a research and advisory company predicts that at the end of year 2016, number of IoT device in the world will exceed 4 billion, and this digit will surge to 50 billion in year 2020. Based on market’s point of view, IoT device will bring more than 868 billion USD of expenditures within the current year under business environment. This means that the impact and risk from IoT technology has already shown. However, while facing the rapid development of IoT technology, manufacturers that develop related products also have to ensure that their plans do not cause any risks to security and privacy of end users.

Currently, IoT’s centralized structure is one of the main reasons that causes fragility risk in IoT network. As billions of devices have bound and more devices are added, IoT becomes the main target of cyberattack, thus security has become extremely important for IoT.

Blockchain Brings New Hope

As blockchain continues to develop, blockchain technology can support expansion of massive IoT devices to establish efficient, safe distributed IoT network and deploy data intensive application which runs in massive device network. Blockchain provides trust mechanism for IoT to ensure credibility, reliability and transparency of ownership and transaction records. Meanwhile, regarding user’s privacy, blockchain also provides safeguard mechanism in order to solve problems such as Big Data management, trust, security and privacy encountered during IoT development effectively and make IoT progress into a more flexible and intelligent form.

Blockchain brings new hope to IoT security, these are a few reasons:

Firstly, blockchain is open to public. Despite user still can use private key to control transaction, everyone who participates in blockchain network nodes can view storage and examination of blocks and transactions.

Secondly, blockchain is in dispersed form, therefore there is no unitary authorized agency that can approve to remove transaction of a single point of failure (SPOF).

Thirdly, blockchain is safe because database can only expand and old records cannot be altered.

In future years, manufacturers will realize the advantage of embedding blockchain technology into all devices and compete for the label “blockchain certification”.

As the integration of technology such as “decentralized” cooperation, distributed data storage, node-to-node transmission, consensus mechanism, encrypted algorithm and smart contract in network trust management sector, blockchain has become the hot issue of various national governments, enterprises and research institute recently. Moreover, related technology and standard organization of blockchain emerge one after another, thus various industries start to invest in huge amount and find for the application and implementation of related technical solutions.

IoT application platform established by blockchain technology can connect and combine effectively with device, gateway, ability system, application and service related to various types of IoT in “decentralized” way in order to facilitate mutual cooperation, get through physical and virtual world and reduce cost. Meanwhile, satisfy requirements such as trust building, transaction acceleration and massive connection in maximum is also a big trend in future.

IONChain: Facilitate Rapid Development of IoT

IONChain has given the soul of blockchain technology to IoT. IONChain aims to solve various problems in terms of IoT data security, circulation, transaction and sharing by combining with blockchain technology in order to facilitate mutual development of IoT ecological chain. Furthermore, IONChain which proposes the concept of “One Device, One Coin, One Code” combines IoT and blockchain in depth and achieve “every device is a mining machine” on IoT by relying on characteristic of edge computing. Once access to IoT device of IONChain, user can use “ionization algorithm” to obtain mining rewards. In IONChain which data source is true and reliable, quantization of data value is shown and data transmission is fast and safe has resulted in formation of IoT application standard, generation of new IoT application scenarios and facilitation of IoT industry to step into fast development stage.

In order to solve the dilemma between data block volume and transaction speed, IONChain introduces inter-planetary file system (IPFS) so that IoT data can be stored in distribution and encrypted status, and only the user that holds the private key can obtain related data. Under the support of strong computing power, stealing or tampering of data is extremely difficult. Storage and transaction separation design satisfies requirement of massive IoT data, and at the same time set up a natural line of defence for security and privacy of IoT data. On the other hand, blockchain technology which reduces cost and increases efficiency will speed up application of industrial scenarios and achieve win-win situation by combining with entity economy. Hence, popularity of IPFS can also be caught at a glimpse.

Not long ago, commercial ecology of IONChain electric vehicle had officially released on chain, and the progress of this implementation event shows that there is hope in realizing technology whereby all IoT devices will have respective legitimate identity in future. Strict requirement in data storage is needed, therefore IONChain chooses IPFS file system to store core data such as contract data and transaction record. In IPFS system, file and data have its sole existence, a file that is added to IPFS network will be given a sole encrypted hash value via calculation based on the content, which means that address generated from IPFS hash computing is a sole address.

Address that cannot be tampered or deleted eventually prevents permanent deletion problem which often occurs in Internet data when file has been deleted or server shutdown. Hence, once data is stored in IPFS, it will be in complete form. In addition, implementation of IONChain electric vehicle application implies that IONChain is everyone can participate in mining, everyone is network nodes and everyone can enjoy technical dividend.

Demonstration video of IONChain Electric Vehicle Ecology On Chain (video link:

IONChain is a project that can truly achieve application implementation. It will bring changes quantitatively to IoT and initiate a revolution in IoT industry. Application of IONChain technology will greatly enhance the human productivity and achieve a big breakthrough in sectors like IoT, AI, blockchain and so on, thus we can say that this technology has started a new era. On the other hand, IONChain mining is the component of blockchain network where everyone can participate in it and bring benefits to the society via blockchain technology.

About IONChain

IONChain aims to build a platform to design and automate transactions between smart devices and facilitate an Internet of Things Economy.

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