Blockchain based platform backed by Hyundai BS&C
Hdac is a blockchain based platform backed by Hyundai BS&C. The platform allows IoT devices to quickly and effectively communicate, handling identity, authentication, data storage and micro-payments. Hdac will develop a new blockchain based on multichain capable of handling the scale and contract functionality required for an IoT platform, as well as bridges to Bitcoin and Ethereum to facilitate payments. IoT devices powered by Hdac will mean more actionable data to improve lives, businesses and governments. It differs from other IoT offerings by the convergence of the private blockchain and the public blockchain which creates a faster transaction speed.
Society in the future will be “hyper-connected” and digital innovation will be continuously reintegrated into global economic systems. New technology will be enabled by an appropriate combination of blockchain (which has its value as a cryptocurrency) and the IoT. The market and consumers will demand more reliable and more affordable industrial transactions. This will lead to the development of Machine Currencies which can be implemented using and within hybrid blockchain technology.
We believe that the future digital world will be a world where the Hdac platform operates a highly reliable blockchain network that can conveniently utilize the services of the world’s numerous IoT devices. It is said that “the currency of the new economy is trust,” and so it is paramount that new technologies be built on trust. The Hdac platform will be a key tool for implementing a more reasonable and efficient transaction system as the worlds of blockchain and IoT converge.
The technological philosophy underpinning Hdac is to dramatically improve M2M transaction environments in daily: economic activities should all be seamless and easy transactions. In addition, we believe it will be possible, using our technology, to promote reasonable consumption and accurate, smart management for all communication and utility expenditures.
Blockchains and cryptocurrencies are expected to serve as reliable, secure, and efficient transaction instruments for the Internet of Things [IoT] environment in the near future. Machine-to-Machine [M2M] transaction will be implemented with peer-to-peer [P2P] transaction that improves upon the high cost and low efficiency structure of the current centralized billing / deposit / settlement system used in such industries as apartment management and mobile billing.
However, it is also necessary to identify (authenticate) and connect (map) to the appropriate device to ensure everything is in a connected environment with pre-approved privileges, and to provide identification functions to handle requested tasks securely. These changes enable a payment culture that allows micropayments and transparent settlement in all economic activities, such as when purchasing consumer goods or using public services in daily life. For example, consumer goods can be purchased and consumed in needed quantities only. Transactions will be immediate with low transactional cost or risk for both private and public goods such as electricity, water, cable TV, and the Internet.
Society in the future will be “hyper-connected” and digital innovation will be continuously reintegrated into global economic systems. New technology will be enabled by an appropriate combination of blockchain (which has its value as a M2M transaction) and the IoT. The market and consumers will demand more reliable and more affordable various types of transactions. This will lead to the development of M2M transaction which can be implemented using and within blockchain technology.
Hdac Private Blockchain [HdacT], a blockchain based smart transaction method on the Hdac platform, is designed to perform a given task under the various commanding conditions in the IoT environment. HdacT provides these M2M transaction functions and a simple transaction service environment, and with the rationality and efficiency that the Hdac platform pursues, it will be the platform of choice for use and control with IoT devices.
In addition, Hdac will evolve into a hybrid blockchain platform by providing a hardware wallet for user security and transaction convenience in service of the aforementioned communication and transactions between IoT devices.