IONChain: Bridging The Gaps Between IoT Devices and The Blockchain

Introduction

Source: IONChain

An industry that could worth 1.289 trillion dollars by year 2020 is just too big to be ignored. Currently, there are over 14 billion IoT (Internet of Things) devices market that are left untouched by the waves of decentralization, and this could grow to 30 billion before the end of year 2020. This statistics is huge and beautiful, it shows the potential of blockchain and how it can disrupt the IoT industry.

Here Is The Connection

Source: wikipedia

Ion is known for its ability to bridge substances together, it is really indispensable in nature as some things do not binds together without ions (cation and anion). The role of the new blockchain named as IONChain is to connect current and future IoT devices with the blockchain and vice versa. The world is changing fast, the future is all going to be about Internet of Things where human to machine, and machine to machine transactions will be seamlessly done. IoT devices will become a combined harvesters that would harvest several quintillions of information and data about us. But this will live us with some thoughts;

• how secured are the data that are being collected?
• who own them?
• who is selling/buying them?
• does the owners of data know what it is being used for?
• who are the major beneficiaries?

Above are just a fraction of questions that will pop-up in the future, and the early they are addressed, the better we can find solution- and I have a good news.

The Grand Revoltionary Concept

Source: Open Clip Art

IONChain has created a decentralized blockchain that will create a robust data economy driven by privacy, demand and supply. The IONChain team have realized the need to give power to data owners by means of incentivizing them through the currency (IONC) that fuels all transactions on the ION blockchain. Also, to onboard IoT device manufacturers across the world through partnership and incentives.

Confluence of Edge Data and Blockchain

Source: PcMag

In the centralized ecosystem, Edge data technology has greatly helped in reducing feedback and data request time, this is a featured that is required if IoT is going to work seamlessly with fast response time. The future IoT will involve complex information chain, and it has to be done without delay.

The implication of combining blockchain and Edge data is that, it will allow seamless communication between IoT devices on distributed ledger system which is immutable to attacks. This is the role of IONChain in the ecosystem, is to bring all these devices together on the blockchain.

IoT Economy

Source: Bank Info Security

Without doubt, your data is the real you, you are your data. In other words, data is life. Imagine that you have absolute control over who is using your data, and you know what purposes it is been used for. Beyond this, imagine that you are empowered to either sell a particular set of data or give it up for free.

Nothing feels sexier than freedom.

The new data economy is about trust, it is about creating a chain where everyone will benefit and feel secured. The true IoT economy will enable establishment new business model for the industry, provide security and privacy protection, improve interoperability between platforms and reduce delay in cloud computing. Ultimately, the new economy will create a unique ideal, hence mass adoption.

One Device, One Code and One Coin

Source: Science Direct

This is a tripartite function as all IoT devices are unique and the same, in the sense that they are integrated together by a chain on IONChain, they are encrypted using IPFS (Inter Planetary File System) and communicate effortlessly using identification code that can be embedded in the hardware of IoT devices in order to timestamp the data from the very beginning of it useful life.

This feature combined with the immutability of records on the IONChain distributed ledger makes all the data unique, reliable and therefore effectively traceable. Page 13 of IONChain whitepaper

IONC is the single currency that is mined through hybrid of PoS (Proof of Stake) and PoW (Proof of Work), altering data is extremely hard and not profitable because computing power of all devices ensures security of IONChain ecosystem.

Dapps, The Armies of IONChain Blockchain

Source

The true essence of a blockchain is creation of smart contracts which allow users to interact effectively with the technology by creating digital agreement at any time, and provide ability to automate data trading. For instance, Dapps (Decentralized Applications) paved way for mass adoption on the Ethereum blockchain.

The importance of global data for security is to ensure that citizens data/information are safe and adequately protected. Creating guidelines for Dapps will go a long way in building users' confidence and ultimately make integration easier for project developers who seek to onboard applications on IONChain blockchain.

Meet IONChain Rock Solid Team

The Consultants

Personal Review of IONChain

For More Information
IONChain Website
IONChain Telegram
IONChain Whitepaper

Watch presentations of IONChain project on IONChain YouTube Channel and you may want to follow IONChain on Twitter to stay updated with latest information about the project.

Read more on Medium, checkout the team on LinkedIn and read the depository on Github.

Tweet: https://twitter.com/CoinLee_/status/1059769495886159873?s=20

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