Along with the emergence of cryptocurrencies, the blockchain technology has developed rapidly in recent years. In the 13th Five-year National Information Plan issued by the State Council of China, blockchain technology was mooted as one of the frontier technologies within the National Strategic Layout. Blockchain technology is going to provide the fundamental infrastructure for the next generation of Internet – the Internet of Value and is now collaborating with emerging technologies in different fields to progressively expand the application range.
As we know, IoT network is seen as an extension of the Internet, so it is inevitable that IoT will eventually be merged with blockchain. Especially considering the security issues involved with massive amounts of data potentially being collected by IoT devices in the future.
IONChain aims to solve a wide range of the current problems of IoT networks in terms of data security, data circulation, data sharing and data transactions, thus enhancing the efficiency of the whole IoT ecosystem.
IONChain introduces the concept of “One Device, One Coin, One Code” which facilitates the integration of IoT devices with the IONChain blockchain network. With the use of Edge Computing technology, it enables every device on the IoT network to be utilized as a mining machine, making every IoT device that uses IONChain subject to mining rewards.
Owing to the use of blockchain technology, the data source will always be reliable and verifiable on the IONChain network. Furthermore, the value of the data is quantified and data transfers are fast and secured. This makes it easier for IoT standards to emerge, unlocks a plethora of new IoT application scenarios and boosts the whole industry to enter the next level of development.
How IONChain Amalgamates IoT And Blockchain
Listed below are cases of how IONChain will interact with IoT and Blockchain
- Data trading markets: Those on the data demand side, such as enterprises, need user data. Users or enterprises with IoT devices can upload the device data to IONChain and quantify the value through IONC. When users buy cars with the IONChain network, users can get IONC as long as they authorize their data to be used by the data demand side.
- Making shared economy a reality: It supports operation authority trading and uses smart contracts to realize device-device interactions and device-user interactions. Take bicycle rental as an example. Anyone can become a lessor or a renter. There are no third parties or service charges throughout the entire process.
- Privacy and Security: IONChain stores encrypted data through distributed nodes to ensure data security. At the same time, users get control of the data. Thus, the data can be converted into value under the authorization of the users.
With the help of edge computing and ionization algorithms, IONChain can allow IOT nodes of any size and any type to be connected. This will make Everything could be a mining machine a reality. It will also make the stratification of value creation and value transfer through ionization algorithms possible.
Once tens of billions of IoT devices finally realize value creation and transfer, the value of the IoT will explode. It is reported that IONChain has already entered into a cooperation agreement with several leading IoT device manufacturers in China. They will jointly develop IoT devices based on IONChain.