IONChain: The Blockchain backbone of the Internet of Things (IoT) industry

mrbreeziewrites (58)in #blockchain • 6 years ago (edited)

INTRODUCTION

IoT Landscape: Opportunities and Weaknesses

Many times when we see movies, most especially the action-packed ones where an actor would seat in an intelligent car, with the engine automatically started, best route determined and their distances calculated - ready to run ahead of chasers! Another might be a snap of a finger controlling the lighting of the room or atimes a kitchen equipment, say a coffee machine, automatically making coffee at a known mixture and temperature.

We would wonder how these actions were possible or if possible, what the underlying technology could be. Well, as we already know, technology is beginning to take over almost every facet of life. The technology of the Internet of things (IoT) which is the brain behind the "wonders" exhibited in these movies is becoming a popular tool in the information technology space.

Internet of Things (IoT), as the name suggests, is a network of interconnected things. It extends and expands on the power of the Internet to interconnect devices for exchange of information and communication. Today, its wide range application is found in industries such as medicine, agriculture, transport, construction and many more.

Its prospect as a technology that can completely change the way we live has led to an already growing competition between giant technology companies like IBM, PTC, GE, and Microsoft who have already started to develop their own IoT technologies with the hope of becoming the company to lead in taking off the pearl on the crown. Economically, a recent study also revealed that:

It is expected that 1289.9 Billion USD will be invested into IoT by 2020 and the number of devices with IoT software is expected to grow to 30 Billion within the same timeframe.^{^(source)}

However, the weakness of this growing technology is also tied to its functionality.

Data security and privacy protection of users of this technology put a dark cloud on the future of this industry. Since IoT servers remain centralized and users are unable to control the private data they submit to the system, they become targets for hacks and fraud.

The lack of interoperability between platforms also creates a barrier for data sharing and data circulation between devices hence limiting the possibility of real-time communication between these interconnected devices.

IONChain, an IoT infrastructure project introduces a concept called “One Device, One Coin, One Code” which aims to standardize the way data is interpreted such that the communication parameters of all devices over the IoT Network is the same, regardless of the device used!

This is made possible by the integration of the IoT technology and the blockchain technology.

So, What is IONChain and how will it impact the IoT industry?

IONChain is an IoT infrastructure project based in Singapore and Shanghai. It was started early 2018 by a team of experienced developers who aim to solve a wide range of problems in the IoT networks in terms of data security, data circulation, data sharing, and data transactions.

As earlier stated, even though the IoT industry is fast becoming popular, it is still faced with major problems such as lack of cross-device compatibility and global standardization of how they operate. Thus, the IONChain team aims to scale through these limitations by expanding on the decentralized nature the blockchain technology.

Problems such as value measurement, data circulation, security, and interoperability of data can then be solved by the blockchain’s account book technology and token economic system.

How can the IONChain ecosystem improve the way smart devices are used and communicate with each other?

In clear terms, the IoT industry is faced with the following problems:

Data Security and Privacy Protection
Data Interoperability (Data sharing and Data Circulation)
Cross-device compatibility and global standardization of how they operate
Lack of a data market because of the absence of a means of value measurement.
Poor Machine-to-machine (M2M) data communication due to operation on cloud computing technology

The IONChain ecosystem which operates on the concept of "one device, one code, one coin" has been developed to tackle each of these problems. "one device" refers to each of the interconnected devices, "one code" refers to the unique identification code for each device and "one coin" refers to IONC which the IONChain ecosystem token used to reward device owners for uploaded data.

The core of operation of the IONChain ecosystem depends on the Edge computing for smooth Machine-to-machine (M2M) data communication, implementation of IPFS (Interplanetary file system) as a medium of data storage and the use distributed architecture of the blockchain technology to effectively evade the potential safety hazards of centralized storage on the cloud as well as its favorable privacy protection.

This robust technological combination maintained in the IONChain ecosystem will improve the way smart devices are used and communicate with each other. With each device having its own "unique code", data generation becomes easier and can be collated for interpretation into a standard format thereby eliminating cross-device compatibility.

The Blockchain technology helps to solve the problem of data security as well as privacy protection while the IPFS storage ensures that the transaction speed contradictions can be overcome solving the issues of a slow transaction.

Hence, as technical issues will be eliminated with the robust technologies introduced by IONChain, a data market is also be created making IoT grow beyond its technological intervention becoming an enticing ground for investors.

Edge Computing as IONChain's tool for disrupting the IoT industry

Currently, IoT operates on cloud computing and is known to be marred with response speed hinges which do lead to delays in Machine to Machine communication hence slowing down real-time experience by users. For the growing industry and a bright future, a better and more robust technique - the Edge computing technology is employed by the IONChain team so as to ensure smooth M2M communications.

^{^{source: whitepaper}}

Edge Computing refers to the use of the network, computing, storage, and application core capabilities as an open platform close to the objects or data source, providing nearest-end services nearby. (source)

Its main advantage is its ability to meet up with real-time communication which makes it appropriate for IoT which would see the application in industries that involve in real-time business, data optimization, application intelligence, security, and privacy protection. as well as digitalization in agile connectivity.

Another implication of Edge computing is the fact that it makes each IoT device a "mining device" as devices connected to the IONchain network through the "value creation and transference" algorithm of ionization will be able to generate IONC token as a reward of data exchange. The edge computing technique does act as incentives for SMEs as well as individual users to join the new ecosystem where everything is a mining tool!

IONChain Technical Architecture

To manage this data-based ecosystem, the IONChain team built a value measure which includes a value creation and value transference process combinedly termed Ionization. Ionization will make value creation and value transference separate processes to suit the IoT industry. The IONC token is generated after the value creation process while the data passes through different interface and protocol before being saved on the blockchain technology

The Value Creation process splits into four different layers which are;

Value Generation: this stage involves the conversion of all data collected from the IONChain Connected IoT devices and Edge Computing centers near the device into a standard format and passed on for value verification.
Value Verification: this stage involves the processing of the data through a PoW/PoS combination consensus mechanism unique to IONChain.
Value Evaluation: this stage involves data review and authentication. This protects the transaction from "double spend attacks"
Value Confirmation: this is the final value creation process where the data is confirmed and an IONC token is generated from the transaction.

While Value transference splits up into six different layers, which are;

Source: White paper

Application Layer: this is the user interface layer which uses a Representational State Transfer (REST) API interface based on HTTP
Service Layer: this layer acts like the communication layer between the internal modules
Protocol Layer: this is the unified protocol layer that provides access to the core protocols implemented by IONChain
Smart Contract Layer: it forms the bridge between the blockchain and the application that ensure a user can store a data on the blockchain
Blockchain Layer: the layer is core of the IONChain ecosystem which is the blockchain technology
Data Storage Layer: this the IPFS storage in combination with BigChainDB to facilitate the decentralized storage of data.

IONChain Use Cases

Case I - Building customer base

Dave and Ed run a start-up mechanic shop in a city where the big guns have the customers already. They wanted an edge over their rivals by knowing more information about the operating parameters of vehicles in the neighborhood. They found out about the ion-coin incentive mechanism and offered car users a deal to exchange data about their vehicles and the operational route in exchange for IONC token. They got the data for analysis and won over more customers because they provide precautional information to the car users as well as quick repairs due to their familiarity with the day-to-day operations of the vehicles.

Case II - Individual Use

Daniel is an adept crypto trader and as a technology freak so much that he has his home fully automated by diverse IoT devices. He was browsing the internet and found out about the IONC coin. Being a crypto enthusiast, he quickly opened a tab to read on how he can invest in the coin. But on reading further about the coin, he found out that he can actually mine the IONC token by exchanging data from his numerous IoT devices when he allows for embedment of the IONChain protocol in his devices.

He quickly made the moves and is making a lot of money from the IONChain IoT data exchange protocol and he became a miner himself!

Conclusion

IONChain through its integration of IoT with the blockchain technology as well as adopting the IPFS storage system and the almighty Edge computing technique will improve the way we live and as well improve how the user relates with IoT devices.

There is improved data security, privacy protection as well decentralized storage of data through the IONChain network. It will therefore undoubtedly make the IoT industry a force to reckon in the nearest future.

On top of it, you can be a miner by owning an IoT device!