Hyundai's IoT division is launching a token offering alongside Hdac Technology, marking Hyundai's entry into the token market as an early corporate adopter. Dae-Sun Chung founded Hdac Technology this
Hyundai's IoT division is launching a token offering alongside Hdac Technology, marking Hyundai's entry into the token market as an early corporate adopter. Dae-Sun Chung founded Hdac Technology this year. He comes from the Hyundai family. His grandfather, Ju-Yung Chung, started Hyundai Group decades ago. The Hdac blockchain platform anchors the partnership. Hdac built it to function as both an IoT payment system and a contract platform. Hyundai plans to use the technology to strengthen device security and embed it into hardware payment products.
Research and Markets tracks the IoT sector. The market stands at $170.57 billion and is on track to reach $561.04 billion by 2022. That growth brings complications. More connected devices means more exposure to attack.
"We are thrilled to hold a token sale in order to bring security and transparency to IoT devices," Dae-Sun Chung said. "With more IoT devices hitting the market daily, our lives become more connected. Although there are many benefits to this, we open ourselves to great security risks."
Hdac built its own blockchain network rather than piggybacking on Ethereum or Bitcoin. The company designed the architecture around hybrid blockchain principles to handle the unique demands of machine-to-machine interaction. The platform moves beyond simple payments. Hdac enables contracts between devices, consolidates data from IoT networks, powers big data analysis, coordinates machine approval processes, and supports application development centered on trustless verification.
The mining mechanism employs a revised proof-of-work algorithm called ePoW, designed to prevent mining concentration. The network processes blocks every three minutes.
A signature feature is IoT contracts. They allow HDAC tokens to be reassigned to serve different purposes depending on the application. A token might work as an access credential for a connected vehicle. The same token type could function as a control mechanism in a smart home.
