HyundaiPay in cooperation with Hdac Technology AG, the multinational corporation based in Switzerland, announced today its plans to hold a TGE (Token Generation Event), aiming to bring blockchain technology to IoT payment platforms and secure transactions amongst connected devices. Hdac Technology and Hyundai, specifically HyundaiPay are always looking for new and innovative technology to incorporate into their products, and the joint TGE will protect IoT devices and their users from hacks, privacy invasion, and external threats, especially for payments and transactions.
The Internet-of-Things (IoT) is making a visible and immediate impact on the tech industry these days and will be worth $270 billion by 2020. Connected devices, homes, and vehicles can already be found in advanced countries, and as anyone with experience in the industry knows, the complexity of ensuring safe financial transactions is close to impossible. Consider the security challenges involved in safely making an online payment on your phone in a public place. The vulnerability of security breaches is very high between connected devices. There is a high-security risk for office buildings, large convention centers, or even a connection home that is transferring data constantly throughout the day.
A network of economies and payment platforms in the IoT have to integrate blockchain into their system in order to offer integrity and confidentially to their users and to revoke the mystery behind this futuristic solution for security failures.
Integration of blockchain technology will solve various issues in terms of security in IoT:
- Interconnected security risks: IoT devices are all connected, if one node on this network becomes compromised, this puts the whole fabric at risk.
- Different security protocols and requirements of each device: These differences make integration slow and difficult at times.
- Many points of failure exist, which makes monitoring a wide network of IoT devices at best difficult, at worst impossible.
Developments in blockchain technology enable greater transparency and trust, especially regarding payments, and can help secure all those self-driving cars, smart home devices, and even your FitBit that have flooded the industry in recent years.
The goal of Hyundai BS&C and Hdac Technology’s TGE is to support the continuing development of the Hdac blockchain, as blockchain technology has the ability to greatly enhance the security of the IoT. 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 pioneering platform to hardware payments applications and to enhance both their security and reliability.
Blockchain technology is the only way to achieve the level of security that Hdac technology and HyundaiPay propose to achieve. The Hdac blockchain addresses security issues by providing immutable information on top of smart contracts. It makes the automated security and transparency principles application over the platform, in a possible way that was previously impossible to guarantee.
“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.”