Hyundai Token Generation Event for Blockchain to Secure IoT
In cooperation the multinational corporation based in Switzerland – Hdac Technology AG, HyundaiPay has announced plans to hold a Token Generation Event on the 27th of November, aiming to bring blockchain technology and smart contacts to IoT payment platforms and secure transactions amongst connected devices. This will protect IoT devices and their users from hacks, privacy invasion and external threats, especially for payments and transactions. The event will run on the Hdac blockchain, a separate entity apart from Bitcoin and Ethereum, which is maintained by the Hdac Technology group.
The Internet-of-Things is beginning to make an impact on the tech industry, and it is estimated that it will be worth $270 billion by 2020. Connected devices, homes, and vehicles can already be found and ensuring safe financial transactions and data transfer will be vital. To secure the network of economies and payment platforms in the IoT, it will be necessary to integrate blockchain into the system in order to offer integrity and confidentially to users.