President Dae-Sun Chung announces plans for the company’s first token generation event
Hyundai in collaboration with Hdac Technology, the global corporation located in Switzerland, disclosed today its plans to initiate a TGE (Token Generation Event), intended to bring blockchain technology to IoT transaction platforms and secure transactions between connected devices.
Hdac Technology and Hyundai, particularly HyundaiPay are always searching for novel and innovative technology to integrate into their products, and the joint TGE will safeguard IoT devices and their users from hacks, privacy invasion, and external threats, especially for business activities. Hdac technology and Hyundai Pay will initiate a TGE for the HDAC token on November 27th. The TGE will operate on the Hdac blockchain, an independent entity asides Bitcoin and Ethereum, which is maintained by the Hdac Technology group.
The Internet-of-Things (IoT) is producing a noticeable and instant impact on the tech industry of recent, and will be worth $270 billion by 2020. Connected devices, homes, and vehicles can already be located in progressive countries, and as anyone with know-how in the industry knows, the difficulty of ensuring secure transactions, is close to unattainable.
Think about the security challenges involved in assuredly conducting an online transaction on your phone in the open. The susceptibility of security cracks is very high between connected devices. There is high-security peril for office buildings, large convention centers, or even a connection at home which involves data transfer for the whole of the day.
A chain of economies and transaction platforms in the IoT have to incorporate blockchain into their system in order to provide sincerity and familiarity to their users, and to quash the conundrum behind this advanced solution for security failures.
Advancements in blockchain technology ensure greater honesty and trust, especially pertaining to transactions, and can help attain all those self-driving cars, smart home devices, and even your FitBit that have engulfed the industry in recent years. The objective of HyundaiPay and Hdac Technology’s TGE is to buttress the gradual advancement of the Hdac blockchain, as blockchain technology has the ability to greatly improve the security of the IoT. Hdac, which runs separately from the Ethereum and Bitcoin protocols, is based on hybrid blockchain technology, which offers a wider range of capabilities to ensure reliable connection and secured processing between devices. Hyundai will work to apply this pioneering platform to hardware transactions applications and to enhance both their security and reliability.
Blockchain technology is the sole avenue to attain the level of security that Hdac technology and HyundaiPay are striving to attain. The Hdac blockchain takes care of security problems by bringing sacrosanct details on top of smart contracts. It makes the automated security and transparency principles application over the platform, in a possible way that was previously impossible to guarantee.
“We are delighted to hold a TGE as a means of bringing security and transparency to IoT devices,”
said Dae-Sun Chung, Founder of Hdac Technology AG, “With more IoT devices on the market daily, our lives become more associated. Although there are many gains to this, we leave ourselves vulnerable to massive security risks. Blockchain technology, and special the Hdac blockchain, is the most ideal avenue for leveraging trust, transparency, and security on IoT.”