Thursday, February 7, 2019

IoTeX is Building a Platform for the Next Generation of IoT Applications

IoTeX is Building a Platform for the Next Generation of IoT Applications

Connected devices have become a part of our business practices and daily lives, with Internet-connected smart homes, smartphones, wearables, and even vehicles emerging around the world. The emergence of the Internet of Things (IoT) enables new engagement models between people, devices, and applications, and has driven high expectations and valuations for various IoT-enabled industries. For example, a recent McKinsey analysis estimates the global IoT market will drive $3.9 to $11.1 billion of market impact by 2025.

Although the IoT industry is growing, the centralized and Cloud-based models employed by today’s IoT enterprises greatly hinder the potential of IoT applications. Today’s IoT industry is plagued by inefficiency from high operational costs, lack of scalable infrastructure, and various data privacy concerns. Taking IoT applications to the next level requires forward-thinking infrastructure to support community-driven, secure, and privacy-centric applications for the future IoT landscape.

IoTeX is one of the companies leading the way in redefining the infrastructure of IoT networks by creating a privacy-oriented blockchain platform tailor fit for IoT. Moreover, their approach employs a fully open source and decentralized ecosystem that creates a foundation of trust between otherwise untrusted entities, opening the door to innovative applications and business models.

Building a Foundation of Trust Using Blockchain and IoT

The use of IoT devices is clearly growing, with smart home and tracking devices a common part of our daily lives. As the variety and underlying standards of these devices continue to expand, the heterogeneity of devices presents a problem for standardizing communication and interoperability across devices. Furthermore, due to the lack of an adequate foundation for ensuring trust across people, devices, and companies, the ability to exchange information autonomously requires an intermediary (“middleman”) to facilitate the process.

Today, difficulties in effectively syncing heterogeneous devices and improving their autonomous capabilities present major roadblocks for IoT. The IoT industry has succeeded in connecting everything to the Internet but has struggled to enable interoperability, autonomy, and, most importantly, trust in regards to data and devices. To drive automation and standardization, today’s cross-company and cross-industry data sharing mechanisms must be replaced with peer-to-peer models where unnecessary middlemen are removed.

Blockchains like IoTeX provide a distinctive solution for solving these problems by enabling a foundation of trust across otherwise untrusted parties, guaranteed by cryptography and a transparently distributed ledger. The peer-to-peer and decentralized nature of blockchain allows companies to operate on the same shared information and removes the need for intermediaries to settle disputes, progress workflows, and share data. In fact, blockchain allows competing organizations to collaborate and derive benefits from the same ecosystem.

The open-source nature of blockchain technology also standardizes communication across heterogeneous IoT devices. By encoding communication standards at the protocol level, blockchains overcome the problem of independent, siloed data formats that limit the capacity of devices to share data. Further, decentralized autonomous organizations (DAOs) built and operated on public blockchains enable the orchestration of groups of IoT devices, leading to transparent and autonomous data sharing opportunities across companies and industries.

To manage the large amount of IoT data stored and exchanged on their decentralized network, IoTeX also offers unique privacy-preserving features on its blockchain platform to enable private data storage and sharing. Using a combination of secure multi-party computation (sMPC) and trusted execution environments (TEE), IoTeX is developing a privacy-preserving sub-blockchain that is available to all network users. Ultimately, this allows groups of untrusted individuals and enterprises to run computations without leaking unwanted information or compromising data privacy or security.

The use cases enabled by blockchain and IoT, as well as IoTeX’s unique privacy features, are far-reaching and have already garnered the attention of various global enterprises. The promise of an open-source, decentralized, and privacy-enabled platform is on the horizon. In the near future, decentralized models can complement existing business models, while standalone use cases of blockchain and IoT technology are just beyond the horizon.

IoTeX Enterprise Partnerships & Use Cases

After years of designing and building their robust blockchain platform with IoT and privacy-focused tools, IoTeX is now actively working with global enterprises to create innovative blockchain-powered applications for real-world use cases. Based on the team’s extensive experience building large-scale infrastructure at Google, Uber, Facebook, Bosch, Intel, and other industry giants, IoTeX is well-positioned to meet the needs of enterprises that require high security and resilience.

IoTeX is co-developing a supply chain finance platform with ChainedFinance, backed by Foxconn Technology Group, one of the world’s largest electronics manufacturers. With the goal of serving over 40 million SMB’s financing needs, the solution will make every supply chain transaction transparent, manageable, and easily authenticated.

The solution will be built on IoTeX’s blockchain infrastructure and utilize IoTeX’s lightweight, blockchain-compatible Trusted Execution Environment (TEE) hardware to bring trust, efficiency and data protection to the supply chain ecosystem.

With a leading mobile big data company, IoTeX is co-developing a private credit score application to ensure consumers’ personal identifiable information (PII) is fully protected. In 2017, hackers stole the personal data of 150 million Americans from Equifax, including names, social security numbers, addresses, and more. IoTeX’s highly secure blockchain infrastructure and data privacy technologies will facilitate the credit scoring process while protecting consumer data.

Finally, SmartHab – a smart building platform for real estate developers – is building a new data management platform for real estate developers using IoTeX technology. Similar to an airplane’s ‘black box’ that stores crucial flight information, SmartHab is building the ‘black box for real estate’ to secure crucial building data from various IoT devices and privately transmit to insurance companies, city planners, and regulators.

The intersection of IoT devices, trusted data, and crypto-economic incentives offer enormous potential. Prudently analyzing how to improve the IoT infrastructure to support a future landscape of secure and scalable interconnected devices is the path that IoTeX is blazing, and presents some intriguing solutions to many problems facing the growth of IoT economies today.

IoTeX is Building a Platform for the Next Generation of IoT Applications

IoTeX is Building a Platform for the Next Generation of IoT Applications

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

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