Blockchains and cryptocurrencies are expected to serve as reliable, secure, and efficient transaction instruments for the Internet of Things [IoT] environment in the near future. Machine-to-Machine [M2M] transaction will be implemented with peer-to-peer [P2P] transaction that improves upon the high cost and low efficiency structure of the current centralized billing / deposit / settlement system used in such industries as apartment management and mobile billing.
However, it is also necessary to identify (authenticate) and connect (map) to the appropriate device to ensure everything is in a connected environment with pre-approved privileges, and to provide identification functions to handle requested tasks securely. These changes enable a payment culture that allows micropayments and transparent settlement in all economic activities, such as when purchasing consumer goods or using public services in daily life. For example, consumer goods can be purchased and consumed in needed quantities only. Transactions will be immediate with low transactional cost or risk for both private and public goods such as electricity, water, cable TV, and the Internet.
Society in the future will be “hyper-connected” and digital innovation will be continuously reintegrated into global economic systems. New technology will be enabled by an appropriate combination of blockchain (which has its value as a M2M transaction) and the IoT. The market and consumers will demand more reliable and more affordable various types of transactions. This will lead to the development of M2M transaction which can be implemented using and within blockchain technology.
Hdac Private Blockchain [HdacT], a blockchain based smart transaction method on the Hdac platform, is designed to perform a given task under the various commanding conditions in the IoT environment. HdacT provides these M2M transaction functions and a simple transaction service environment, and with the rationality and efficiency that the Hdac platform pursues, it will be the platform of choice for use and control with IoT devices.
In addition, Hdac will evolve into a hybrid blockchain platform by providing a hardware wallet for user security and transaction convenience in service of the aforementioned communication and transactions between IoT devices.