How blockchain can cure IoT illnesses
May 31, 2018
The future of the IoT is threatened by frail connectivity, poor scalability, absent trust, cracked security and a broken business model, according to Chinese start-up Blockcloud.
This is despite, it says, many people benefitting from the IoT for applications such as internet of vehicles, intelligent health and smart homes.
With years of involvement in intelligent hardware and IoT cloud platform, the team of Blockcloud knows the pain points of IoT development. CEO Zhongxing Ming is leading his team to establish a service-centric IoT blockchain system by combining the advantages of service-centric network (SCN) and blockchain.
Blockcloud connects users with service providers in IoT, incentivising individuals with the capability of servicing to contribute through the Blockcloud economic system, with the aim of building up an ecological IoT system of service sharing and payment gaining.
The core team behind Blockcloud has made contributions to this technique. The team is composed of international scientists and engineers from China, the USA, Japan and the Middle East, from research institutions such as Princeton, Tsinghua University and Tokyo University, and companies such as Morgan Stanley, BAT and Huawei.
IoT and blockchain, the two utmost popular new techniques nowadays, are being combined at Blockcloud. With a service-centric IoT blockchain network system, Blockcloud says it plans to bring the dawning light to the revolution of IoT and put more IoT scenarios into practice.
The token-economy system Blockcloud designed absorbs the advantages of the existing token systems and gives investors, holders and users all rewards. Blockcloud has created a new type of IoT service market. Through the pricing and distribution of IoT services, it stimulates the ability of competent devices to contribute to the internet and provides economic incentives for the development of the IoT community.
“We systematically studied the costs and rules of currency issuance, and comprehensively considered the factors that affect the economic structure of the blockchain currency, including issuance volume, monetary policy, application scenarios, proportion of token allocation, and lock-up period before designing the Blockcloud economy,” said Ming.