Hdac – A Blockchain based IoT platform

The world is getting digitized and a new technology is blooming every day. Internet of Things (IoT) is on the verge of exponential growth. It is envisaged to establish Machine to Machine communication making the decisions and transactions to be automated without any human intervention. Hdac platform merges the blockchain, FinTech with the IoT to create authentic and secure machine to machine payments. The technical philosophy of Hdac is to drastically improve the payment systems such as investments, loans and utility bill payments. This paves the way for the dawn of Machine currencies by leveraging the blockchain technology.

Bridging Blockchain with IoT
IoT creates a new world of smart homes and smart industries where the millions of sensors are interconnected to the Cloud environment. Blockchain with its distributed registration capabilities and decentralization features can be a great complement for the machine to machine transactions. It opens new doors for the user applications. For example, a user can set a specified capacity or budget to a device like a Smart Tv. The sensor keeps track records to the cloud until the specific value is reached. Then it requests for the authentication of the user and then the payment can be done via the blockchain platform through the Hdac tokens.
The blockchain platform can be made both public and private. In private blockchain network, the network requests for the access privileges and cannot be accessed by every node like in public network. The industry can go for the private or public blockchain network depending on their use case of their IoT network. Blockchain has a major attribute of P2P network which makes the transactions to be smart and connected.

Hdac Features
Hdac tokens can be created without any limitations. The name of the token can be created and distributed between any two authorized administrators. For escrow agreements, multi-user signatures can be created. This enables the specific users to communicate by creating encrypted channels. Hdac has identified number of blockchains that are suitable for the IoT environments. It is found that Ethereum has a more useful model of IoT applications than the bitcoins. Ethereum has a capability of Multichain network which enables it to make 25 Transactions per second compared to Bitcoin’s 7 transactions per second.

IoT Contract
IoT contract transfers the control command between the user and the device after performing the authentication. Depending on the IoT contract, if the status of the running device changes, then it can send status information to the predetermined location. Thus two devices can communicate with each other enabling machine to machine transactions in a secured way. For high performance devices, more complex and high level programming is added to the IoT contract.
The number of transactions and the devices connected to the blockchain network can be highly dependent on the performance of the network and the device.

Hdac Ecosystem
For a continuous and a stable growth, Hdac foundation will perform marketing and public relations with the next generation financial companies. Hdac roadmap is to realize the IoT contract for solving real time problems in every industry. Public-Private blockchain networks are looking for the practical application in the smart homes and the smart factories.

To know more about the project visit:
Website : https://hdac.io/
Whitepaper : https://github.com/Hdactech/Hdac/wiki/Hdac-Technical-Whitepaper
By:PoojaJur
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