- VeChain has filed patent applications for its proposed Internet of Things (IoT) innovations that utilize blockchain technology to connect different actors in the IoT sector.
- VeChain’s proposed IoT device will be based on blockchain technology and will have both public and private key implementation.
VeChain, an enterprise-grade decentralized blockchain protocol, is set to tackle one of the major challenges in the Internet of Things (IoT) sector. The challenge revolves around the interconnection of different actors, which exhibit different product specifications, identifiers, and communication standards. VeChain has filed patent applications for its proposed IoT innovations that will harness the use of blockchain technology to address the challenges in the IoT sector. According to VeChain, the IoT sector requires the appropriate technology to solve this pain point.
VeChain believes that the current design of IoT-based technology requires significant construction costs to develop centralized servers that can harness the different aspects from varying producers. Moreover, the growing adoption of users in the IoT world may lead to security flaws that can harm users. VeChain’s proposed solution is to design methods, application servers, IoT devices, and the underlying media for implementing IoT services.
VeChain will develop these systems in partnership with three of its inventors from China, namely Chen Yanyu, Gu Jianliang, and Zhou Ziheng. The IoT device that will be created will be based on blockchain technology and will have both public and private key implementation.
The user device will include memory and a processor with machine-executable instructions. Some of the instructions that can be executed by the user device include performing a hash operation on user data and sending an authentication request to the IoT device. With the data stored on blockchain technology, there is no conduit for failure in these systems, as the data are easily accessible. The decentralized nature and distribution of the stored data on different nodes will also help enhance the security alignment of the system, as a compromise on one data may not affect other aspects of the system.
VeChain’s proposed IoT devices could have a significant impact on the VeChain ecosystem, especially the VET token. If the patent application is approved, VeChain will gain a foothold in the IoT ecosystem, and the demand for the VET token, which will be needed to take advantage of the products, will be enhanced by a high measure. According to data from Marketcap, VET is currently trading at a price of $0.02292, and over time, there are expectations that the price can touch $1 eventually.
In conclusion, VeChain’s proposed IoT innovations that harness the use of blockchain technology to connect different actors in the IoT sector may provide solutions to the major challenges facing the IoT industry. If successful, it could lead to enhanced security alignment of the IoT systems and a significant impact on the VeChain ecosystem.