IONChain — The “Gold Mining” That Created the Internet of Things in The New Era

Nowadays, the network economy with information technology as the core based on computer networks has already passed the period of e-commerce and sales. The rapid development of technologies such as artificial intelligence (AI) and the Internet of Things is changing the Internet and the global economic form. Undoubtedly, the influence of the Internet of Things has and will continue to attract more startup venture capital companies to invest in innovative projects in the hardware, software, and service fields. According to data from the International Data Corporation IDC, by 2021, IoT spending will reach 1.4 trillion US dollars.

The Internet of Things Is One of The Few Markets That Is of Interest to Emerging Markets and Traditional Venture Capitalists

From the “interconnection of people” to “the interconnection of all things”, to “full perception, intelligent interaction, automatic processing” has created the prosperity of the Internet of Things. In the past few years, the number of devices connected through the Internet of Things has increased exponentially. And it will continue to grow. It is estimated that by 2020, 50 billion connected devices will exist. The Internet of Things is a collection of various sensors, devices, and other technologies. These sensors, devices, and technologies do not directly interact with consumers like mobile phones or computers. Instead, IoT devices help provide information, control, and analysis, connecting a world of hardware devices to each other and to the larger Internet. With the advent of cheap sensors and low-cost network connections, the number of IoT devices is exploding.

Integration of Internet of Things and Blockchain

At present, the centralized architecture of the Internet of Things is one of the main reasons for the vulnerability of the Internet of Things. As billions of devices are connected and more devices are added, the Internet of Things becomes an important target for cyber attacks, which makes security extremely important.

Blockchain Brings New Hope to The Security of the Internet of Things for Several Reasons

First, the blockchain is public, and everyone involved in the blockchain network node network can see the storage and approval of blocks and transactions, although users can still use private keys to control transactions.

Secondly, the blockchain is decentralized, so there is no single authority that can approve SPOF transactions.

Third, it is safe, the database can only be expanded, and previous records cannot be changed.

Security and tampering are very important! Nowadays, the chip-level blockchain IoT security technology performs data certification and signature on the terminal side chip. All data transmission in the blockchain has undergone strict cryptographic processing, and at the same time fundamentally eliminate data tampering, You can also trace and trace data.

According to the 2020 Unit 42 IoT threat report, currently, 98% of IoT device traffic is not encrypted, and 57% of IoT devices are vulnerable to moderate or high-intensity attacks. Blockchain technology uses a unique chain architecture to achieve distributed data recording and storage, thereby providing strict protection for terminal security and privacy.

Let’s put it this way, if the Internet of Things achieves low-cost access to massive amounts of data, then blockchain allows us to trust these data on a large scale, with high efficiency, and at low cost. There is no doubt that blockchain is of great significance and a significant role in the Internet of Things.

In addition to helping manufacturers eliminate terminal data tampering, the more important point of the blockchain IoT is to prevent manufacturers from tampering with data.

Maybe everyone will ask, why should manufacturers tamper with their data? As the owner of the data, is it necessary to guard against theft?

Indeed, the manufacturer is the owner of the data. However, when the data needs to be under supervision, or when the manufacturer’s assets need to be pledged or used for financing, the accuracy and reliability of this data are very important. It is especially important to prevent service providers from tampering with data. ask, why should manufacturers tamper with their data? As the owner of the data, is it necessary to guard against theft?

We still use examples to illustrate this problem.

If a shared car company, all bicycles are involved in the blockchain IoT technology. Then, the number of bicycles and the daily usage data of bicycles can be uploaded. When car-sharing companies are financing, they can allow capital parties to obtain true quantitative data and proof of daily operating data. All data are non-tamperable, which guarantees authenticity.

There are many benefits of natural integration. In the next few years, manufacturers will recognize the benefits of embedding blockchain technology in all devices and compete for labels such as “Blockchain Authentication”.

What are the benefits of adding blockchain technology? In layman’s terms, the sensors of the terminal equipment generate data, the traditional Internet of Things module transmits data, and the blockchain Internet of Things increases the “on-chain” operation.

What Are The Benefits of Being on The Chain?

First of all, the terminal device on the chain will have a unique ID and cannot be tampered with. This is equivalent to issuing a security ID card to the device.

Secondly, before the terminal device on the chain sends the data, the blockchain technology will “sign” the data and record the “hash value” on the chain (the hash value, or HASH value, is by encrypting the file content A unique set of binary values). When the application wants to extract data from the cloud, it can be compared with the “hash value” on the chain. If it is the same, it proves that the data has not been tampered with.

Take electric vehicles as an example. If your electric car is on the chain, then, first, your electric car has a unique identity. Other people’s electric meters cannot be disguised as your electric car, because they can be found, and you can’t make fake electric meters yourself. Second, the data generated by your electric car cannot be tampered with.

IONChain as The Representative IoT Solution

The project IONChain in the blockchain industry is an IoT solution based on blockchain and edge computing. It transforms the traditional IoT nodes to make them develop towards complex data processing, storage, and Ai. Breakthrough the barriers of traditional data platforms, realize the access of any Internet of Things nodes and practice the successful mining of electric vehicles for the first time on electric vehicles. You only need to scan code binding to complete the mining operation easily!

The electronica China 2020, known as the wind vane of China’s electronics manufacturing industry, was grandly held at the National Convention and Exhibition Center (Shanghai) on July 3rd to July 5th. As the Global First Show of the global electronic information industry in the second half of 2020, Electronica China co-sponsored productronica China, LASER World of PHOTONICS CHINA and VisionChina co-sponsored with the Machine Vision Industry Alliance attracted nearly 3,000 exhibitors with an exhibition scale of 160,000 square meters.

As a solution for the Internet of Things, IONChain was exhibited at the electronica China. On the afternoon of July 04, the founder of the IONChain Foundation, Mr. Liu Tao, was invited to attend the “Internet of Things Sharing Salon” and gave a speech, explaining the IONChain ecosystem and future development plans.

At present, blockchain technology is in the wind of the industry, and the blockchain industry is being vigorously deployed between countries and between enterprises. The emergence of blockchain+ makes blockchain technology very popular, and blockchain+Internet of Things is also regarded as an important application scenario of blockchain.

It is no wonder that blockchain technology, as a brand new technology, is regarded as the next-generation Internet disruptive technology. However, the existing blockchain technology cannot be directly applied to the Internet of Things as it is, and large technical improvements are required. IONChain is seeing this and continues to deepen its application in the field of blockchain IoT and layout the global market. Although it is currently in its infancy, it has achieved certain results and I believe its application prospects are still very broad.

In the future, with the continuous advancement of the “Internet of Everything” blockchain technology represented by the IONChain, IoT devices will enter a state of geometric growth. According to forecasts, the number of global IoT connections will reach 25.2 billion in 2025. The increase in the number of IoT devices also means an increase in the amount of data.

We all know that data is the “gold mine” of the new era. How to manage massive equipment and how to mine the commercial value in massive data will inevitably determine the competitiveness in the era of digital economy. There is no doubt that the IONChain has a long way to go! The use of blockchain technology has opened up the connection between blockchain applications and the physical world, giving IoT devices access to blocks, allowing exchanges to generate value, and allowing data to be capitalized. It is worth looking forward to!

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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