Connecting hundreds of billions of devices, the Internet of Things (IoT) has become a technology with large influence in people’s life. However, the future of IoT is threatened by frail connectivity, poor scalability, absent trust, cracked security and broken business model.
Researchers have proposed Service-centric Networking (SCN) to provide reliable connectivity and global scalability, while the trust, security, and incentive of services in such approaches are hard to be guaranteed. Another direction is to use the blockchain technology to achieve a trust, secure and incentive IoT.
However, most of those solutions are based on the assumption of a stable and well connected underlying network, which is often luxury in mobile and dynamic IoT scenarios.
What Is Block-Cloud?
Blockcloud provides a new approach that combines the advantages of SCN and blockchain to empower IoT. They propose a service-centric blockchain architecture, which leverages a service-driven communication paradigm to support mobility and scalability.
How Block-Cloud Smart Blockchain IoT Network Stack Works
Blockcloud asserts that the blockchain technology offers the most usable means to introduce the mechanisms for incentivization and trust necessary for a functional IoT ecosystem. Their protocol will involve an application-layer overlay on top of the underlying network of connected devices, utilizing SCN.
In essence, SCN provides the mechanisms required to deploy replicated service instances across a distributed network, routing client requests to the closest instance while maintaining the most efficient usage of the network infrastructure.
The blockchain layer operates on top of the SCN to provide security and trust through decentralization and a fair economic incentive model. To verify, the platform utilizes a Proof of Service (PoS) consensus mechanism, which confirms the accuracy and contribution of participants on the network while eliminating bad actors. A consensus is reached through a pool of verifiers that are incentivized to validate the service providers. Incentivization is crucial for the functionality of the network.
Additionally, they have a Marketplace which is a dapp to facilitate the exchange of value between service providers and subscribers.
The team behind Blockcloud have an exceptional track record in the application of technical knowledge to business use case scenarios who have published more than 50 papers in top academic journals.
Their parent company, Oudmon, has been in operation for the past 6 years and serves around 8 million users while offering a line of over 100 products from smart home devices to vehicle communication modules. The company has most recently generated approximately $15 million in annual revenue. The project seems to be in good hands as Oudmon has the combination of technical prowess in the academic realm and entrepreneurial success.
It is obvious that the stated timeline of the project raises eyebrows. At present, the developer team is working on an MVP product, but the complete test net is not planned for release until mid-2019. When you contrast this with the timeline of other ICO projects in a similar domain, the estimation seems a bit too conservative.
While the team has certainly demonstrated respectable technical know-how through their success with Oudman, their parent company, they don’t have any track record in the development of blockchain protocols.
Block-Cloud BLOC Token & ICO Details
The network utilizes the BLOC token as a means of transacting value and rewarding participants within the ecosystem. BLOC rewards service providers for contributing to the marketplace, miners for maintaining the ledger and verifiers for ensuring the quality of service providers.
The Blockcloud ICO has received institutional investment from Genesis Capital, Innoangel Fund, Ok Capital, Neo Global Capital, BKFund, JRR, GBIC, BlockVC, S.capital, Brink Asset Consensus Capital and MW Partners.
IoT is most likely to be the next big technological revolution and Blockcloud has positioned itself well to target this rapidly growing industry. With a long list of partnerships and strong community support for an early stage project, the Blockcloud shows signs of a bright future ahead.
For additional information about the project, visit their website block-cloud.io and for immediate updates, you can join their telegram group t.me/BlockcloudTeam