In cooperation the multinational corporation based in Switzerland – Hdac Technology AG, HyundaiPay has announced plans to hold a Token Generation Event on the 27th of November, aiming to bring blockchain technology and smart contacts to IoT payment platforms and secure transactions amongst connected devices. This will protect IoT devices and their users from hacks, privacy invasion and external threats, especially for payments and transactions. The event will run on the Hdac blockchain, a separate entity apart from Bitcoin and Ethereum, which is maintained by the Hdac Technology group.
The Internet-of-Things is beginning to make an impact on the tech industry, and it is estimated that it will be worth $270 billion by 2020. Connected devices, homes, and vehicles can already be found and ensuring safe financial transactions and data transfer will be vital. To secure the network of economies and payment platforms in the IoT, it will be necessary to integrate blockchain into the system in order to offer integrity and confidentially to users.
Integration of blockchain technology will solve various issues in terms of security in IoT such as security risks due to the interconnectivity of IoT devices, where if one node on the network became compromised, the whole system of would be at risk. It could also enable different security protocols and requirements of each device to integrate. The immutability, transparency and trust of blockchain mesh with the needs of IoT.
The goal of HyundaiPay and Hdac Technology’s TGE is to support the continuing development of the Hdac blockchain. Hdac, which runs separately from the Ethereum and Bitcoin protocols, is based on hybrid blockchain technology, which offers a wider range of capabilities to ensure reliable connection and secured processing between devices. Hyundai will work to apply this platform to hardware payments applications and to enhance both their security and reliability.
Dae-Sun Chung, Founder of Hdac Technology AG, stated: “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.”