Introducing IONChain: Leveraging Edge Computing and Blockchain Technology For The Development of the IoT Industry

mrrpiusz (60)in #technology • 6 years ago (edited)

Introduction

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The internet is no doubt an intergral form of technology that has been useful to man since its inception. Its relevance in carrying out daily activities has grown over the years and its adoption globally has been remarkable, with the world internet users reaching a mind-boggling figure of over 4billion currently.

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It is important to note that the introduction of the concept of the Internet of Things (IoT), few decades ago is one of the driving force that has led to this remarkable figure. Man's great need to connect virtually every devices and appliances he uses to the internet, has led to the massive adoption of this concept globally and in major sectors of our world today.
With numerous research and statistics predicting the IoT industry to develop at an impressive rate within the space of few years from now, there is no doubt that this industry holds great potentials. However, it is also faced with numerous setbacks that are threatening to stunt its development.
Below is an overview of some setbacks being faced in the IoT industry over the years.

Overview of Setbacks Faced in the IoT industry

Security and Privacy:

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Upon its introduction, IoT was initially touted as a super-secured network that was suitable for storing and transmitting large amount of confidential data. Although majoritiy of the aforementioned fact is true because, compared to the average internet connection or the LAN, the IoT holds great advantage in terms of data security and privacy, but in recent years, the IoT has been faced with series of security challenges whereby users private data priviledges have been compromised on countless occasions due to series of hackers attack.

Interoperability:

Naturally, the IoT ecosystem requires interoperability in order to function till its full potential. But series of situation whereby major companies of the IoT industry are restricting the flow of data between one another majorly due to competition, has caused a significant setback in the industry.
IoT requires seemless data flow. Without it, the whole concept is just a big waste of time.

Business Model

It is sad to note that even with the mind-boggling development the IoT industry has experienced in recent years, there is no solid business model on which the whole concept is structured on.
With the need of a solid business model that must satisfy all requirements for all kind of e-commerce in the industry including: vertical/horizontal market, as well as consumer markets, the development of the IoT industry have been left stunted.

Introducing IONChain: Leveraging Modern Technology For a Seamless IoT Network

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IONChain is an ultra-modern technology that creates an eco-system which provides complete solution to these setbacks faced in the IoT industry. Ranging from data security, data circulation and a whole lot of others benefits you can mention, IONChain provides it all.

IONChain aims to solve a wide range of the current problems of IoT networks in terms of data security, data circulation, data sharing and data transactions, thus enhancing the efficiency of the whole IoT ecosystem. IONChain introduces the concept of “One Device, One Coin, One Code” which facilitates the integration of IoT devices with the IONChain blockchain network.
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One amazing thing about IONChain is that it leverages the best and current form of technology to ensure a decentralized IoT network that offers swift and secured data transfer within the network.

The Benefits of Leveraging Edge Computing and Blockchain Technology

IONChain understands the concept of the Internet of Things (IoT) and is aware that in order to create an ecosystem where the IoT industry can fluorish, leveraging the best form of technology is inportant.
Cloud computing is no new concept as far as IoT is concerned. Before now, the IoT was being run using Cloud Computing technology. This form of technology comes with a whole lot of bottlenecks ranging from firewall insecurity to low data storage capacity to name but a few.

Leveraging Edge Computing and Blockchain Technology, IONChain is able to create a system with seamless ability to provide improved data security and privacy protection, which in my opinion is the major priority as far as data transfer is concerned.
With edge computing and blockchain technology, the data transfer is faster, data is totally secured and is fully optimised to the users satisfaction. An interesting thing to note is that by utilizing edge computing technology, users are at the drivers-seat in terms of their data privacy. In a nutshell, it simply means that with IONChain users are at liberty to choose how much information they want to disclose.
There is however no doubt that IONChain provides an unimaginable system, one which have never been expereinced before in the IoT industry.

IONChain- One Device, One Code, One Coin

IONChain works with three key factors that stands as a backbone to their operation. One Device, One Code, One Coin.
One Device in the sense that using IONChain, all connected smart devices will be unified in a way where seamless data transfer is possible between the connected devices. Also a unified currency has been introduced, called the IONC. With the One Coin concept, users can faclitate value transactions within the network with a unified protocol that governs the whole devices connected on the network; One Code

Use Case

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Chuck is a popular business tycoon who conducts most of his businesses on the internet. His business enthusiasm and success has gain him great media attention within his country. In order to be able reach his customers anytime of the day and at any location through the internet, he has adopted the concept of the IoT. Chuck's devices are connected in such a way that they could all share his vital business informations within themselves no matter the device on which it was originally stored. Chuck made this connection possible between all his devices in order to avoid a scenerio whereby he isn't able to satisfy a customer's need due to the fact that he is not with the actual device he saved information about that specific business transaction at any point in time.
Chuck has been using this system for a very long time and was totally satisfied with its services, but unfortunatelt, one day there was a security breach and some of his private files were compromised. In no time, the media got to know about Chuck's health challenges and even uploaded series of images showing his current medical report.
Chuck was so dissappoint with the IoT because he lost some of his clients due to this recent development, so he decided to quit using IoT network to prevent further scrutiny.
Few weeks after the sad incident, Chuck was introduced to IONChain by one of his business counterpart. He decided to give it a try and in no time due to the perfect security and privacy assurance the IONChain network provides as well as great efficiency in data transfer between connected devices, his business began to fluorish once again. Chuck became a happy Businessman.

Summary

The Internet of Things (IoT) from my perspective, possesses great potentials to become one of backbone to the technology of the future. With the IONChain, I am totally confident that IoT can attain this potential and even exceed it in outstanding fashion.