The distance between IoT technology and blockchain application, transferring from the VoT blockchain financial platform
Jun 08, 2020
Line Today
Blockchain Application

Networking equipment is lighter in weight, computing power is upgraded, and the development of edge computing is becoming more and more mature, making networked equipment more and more popular in cities, collecting information about cities and enterprises in a fixed-point and mobile manner. How can massive amounts of IoT data be given value and become digital assets for enterprises and cities?

A few days ago, Cathay Financial Holdings Digital Data and Technology Development Center (hereinafter referred to as the Digital Data Development Center), along with new entrepreneurs in the Internet of Vehicles, ChargeSmith, and blockchain startup BSOS, jointly launched the "Electric Vehicle Internet Blockchain Financial Platform". With a rare cross-domain blockchain service, it demonstrates how to build a trust mechanism to recruit other companies to participate in the ecosystem through the establishment of a trust mechanism.

The term data is an asset, after the popularization of the Internet of Things devices, there was a loud voice. However, in the IoT generation that emphasizes cross-industry integration and horizontal connection, from data to assets, how to win the trust of other partners has become the last mile of landing applications. Daniel Huang, co-founder and CEO of blockchain startup BSOS, pointed out that the breakthrough lies in putting the user data stored in the computer rooms of individual companies on the blockchain, a decentralized monopoly network.

To create financial insurance products that are close to personal needs, you will need information from different industries such as driving habits, vehicle information, consumption habits, and personal professional age, all of which are indispensable. If this information is stored in a single enterprise computer room for a long time, consumers cannot call or transfer it autonomously, and data trust cannot be passed on.

Data cannot be trusted by others, not only in the promotion of open banking, common accounts receivable financing, Internet of Things equipment applications, etc., will delay the progress of the entire business process due to excessive costs in auditing data authenticity. Take accounts receivable as an example. In order to confirm the authenticity of accounts receivable, the bank must also confirm that the arguments and statements of both parties and stakeholders are true. Excessive audit costs have led to endless fraud incidents on the one hand, and on the other hand, companies that really need financing turnover must bear huge operating pressure during the period of information review.

Daniel Huang pointed out from the development experience of the blockchain financial platform for the Internet of Vehicles for electric vehicles, the popularity of Internet of Things devices has allowed people to capture smaller-granularity data, and trace data can describe events more delicately. The original data can be encrypted or It is through other verification mechanisms that can be directly connected to the chain to reduce the time cost of establishing trust between enterprises and partners, between enterprises and financial units, between enterprises and upstream and downstream supply chains, and ultimately accelerate the circulation rate of asset value.

Source: Line Today

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