Blockchain start-up to cut IoT data transfer costs
October 4, 2018
Taiwanese blockchain start-up IoeX has agreed to reduce the high data transfer costs of software update and maintenance for IoT device manufacturers, its founder Aryan Hung (pictured) announced this week.
The IoeX Agreement for decentralised point-to-point networking combines distributed node networking and blockchain technology to provide a network transfer consensus mechanism.
Compared with traditional OTA updates, it can reduce costs by 70% for the global M2M data exchange, which has an estimated market value of US$18bn, resulting in savings of over $12.6bn. For companies, the agreement requires almost no technology conversion cost and it reduces costs by paying for services with cryptocurrency.
IoeX is a decentralised network technology combined with basic F2F data networks formed by bootstrap, peer and phone nodes. The bootstrap node constructs a basic network structure assisted by a peer node; the bootstrap node provides file transfer functions to the peer node but does not participate in the application level, which is handled by the peer node. The phone node is classified as a smart device that does not share storage space.
Currently, IoeX connects bootstrap and peer nodes between physical and cloud devices and future collaboration with companies will continue to scale the decentralised network for online data transfer, temporary file storage and software updates.
In 2016, founder and CEO Hung started IoeX for the development of IoT control systems. Due to the need for OTA updates in IoT devices, a decentralised network was established.
"The primary clients of IoeX are OTT box, smart speakers, IoT box, chip manufacturers that require mass data transfer and OTA updates, integrated suppliers, and ODM suppliers,” said Hung. “We expect to sell one million network devices equipped with IoeX by the end of 2018 to the USA, south-east Asia and Europe. Continuing in the future, IoeX will integrate the computing and data storage functions of network nodes to construct a cloud computing platform that allows more developers and service providers to access networking functions and create applications and services."