Smart contract platform Fantom, which is powered by the DAG or Digital Acrylic Graph system, has teamed up with Korean IT solutions and cybersecurity software firm Hancom Secure, to develop a scalable IoT infrastructure. In order to achieve that, the duo will be focusing on achieving two primary objectives:
a) to enable Hancom Secure develop IT solutions with blockchain technology at its core, depending upon Fantom’s contribution in that regard and
b) to enable Fantom to make use of the security technology that Hancom usually applies, integrating it with its own blockchain.
The overall objective of the partnership would be to develop blockchain solutions aimed at making Internet of Things or IoT a more scalable tech offering. Out of all the things you can build on blockchain apart from cryptocurrencies, IoT forms a small part but has been enjoying increasing relevance in the recent days.
Internet of Things would basically enable gadgets and household appliances to be operated in a smart, intuitive manner, something blockchain smart contracts would play a major role in ensuring.
Hancom Secure is known for its expertise in PKI encryption and authentication and has a solid reputation backing it up. It even developed its home country’s first online banking network. With the integration of blockchain, developments of more pathbreaking solutions seems to be underway.
The Medium post from the side of Fantom which announced the project reads:
“The blockchain promises direct and secure (disintermediated) connections across an infinitely sized network. We’re nearing that goal, but we’re not there yet. More than the scalability issue — which we’re solving with our DAG-based platform — there are security concerns. Security is particularly paramount when we talk about IoT and many devices processing micropayments in real-time.”
Clearly, this partnership is the harbinger of a smarter, more automated future where IoT revolutionizes the way we work with our appliances and devices. It allows for the creation of a ecosystem that brings together several fields of work to transform the world of fintech. By facilitating micro payments and blockchain smart contract usage, this collaboration is definitely expected to speed up how we use technology.