The Internet of Things (IoT) is a term used to describe the interconnection of computer devices embedded in everyday objects enabling them to share data. It is the network of physical devices, home appliances, and any other items embedded with electronics, software, sensors, and connectivity which enables these objects to connect and exchange data. The figure of online-capable devices increased 31% from 2016 to 8.4 billion in 2017. As per the estimate, the IoT will consist of about 30 billion objects by 2020 and the global market value of IoT will reach $7.1 trillion by 2020. IoT will make human life easier and it will be part of our day to day activities in future. Using IoT many things will be possible. One of the benefits I can see in near future is, using wearable devices you can store your personal health data to secure platform and AI can analyze your health data and can provide you real-time health advice, maintain well-being, and identify risks to prevent disease.
But currently there are many issues with IoT network. First, it’s not 100% secure, there were some attacks on IoT devices in recent time. Also, the owner doesn't control over their own data.
IoTChain
IoT on Chain (also known as IoT Chain or ITC) looks to solve current IoT security and safety issues using distributed ledger technology. Using a hybrid approach of blockchain, Practical Byzantine Fault Tolerance (PBFT), and blockless Directed Acyclic Graph (DAG) architecture, ITC able to create a decentralized IoT network with unparalleled speed and security that allows users to maintain their data sovereignty.
IoTChain is based on blockchain technology and the basic architecture of blockchain is immune to traditional internet attacks. The feature of IoT’s information encryption and secure communication is security through publicity, and this will help protect users’ privacy. Management of identity access and multi-party consensus will contribute to the recognition of misbehaving nodes and prevent malicious nodes from accessing or destroying the network.
Due to the centralization design of traditional IoT architecture, the users’ behavioral data is stored in the center servers controlled by merchants. Thus, the users’ data is prone to be leaked out and the users’ privacy, as well as safety,y will face severe threats. In ITC, users’ data belong to themselves. Any company who intends to do bigdata analysis or algorithm model training of advertisement recommendation need to request the data from ITC and they need to pay the ITC tokens to the user who provides the data.
ITC’s vision is to implement impenetrable security in their Internet of Things network and to give control of data back to its rightful owner. ITC will also promote the development of artificial intelligence through user data. ITC plans to provide unparalleled stability and speed for data transfer. Their test network supports 1,000 transactions per second but it can scale a magnitude of 10 million if necessary. IoT Chain's goal is to reach 100,000 transactions per second before the main network is implemented. Under this network, the interconnection of IoT devices of a home, a business or even a city can truly flourish without worry of transfer congestion, malicious attacks or losing privacy.
If you want to know more about ITC, you can follow Superbloom below at their social sites -
Website: https://iotchain.io/
Telegram: https://t.me/IoTChain
Twitter: https://twitter.com/iot_chain