IoT Chain is an IoT Startup in Singapore that works on providing secure, lite OS for the Internet of Things. IoT Chain is working on solving current IoT Security and safety issues using distributed ledger technology. Using a hybrid approach of Blockchain, Practical Byzantine Fault Tolerance (PBFT) Consensus, and blockless Directed Acyclic Graph (DAG) architecture, ITC is able to create a decentralized IoT network with unparalleled speed and security that allows users to control and monetize their data.
The decentralized nature of our network ensures customer information remains secure, while at the same time they can choose to provide their data, abstracted or not, to third parties who want it. This ensures their privacy is protected while allowing a data marketplace to emerge. Businesses can obtain the data they need but the customers are always in control of their data.
Their architecture can be divided into two parts. The first is the distributed Blockchain network which provides efficient and secure transmission of value. The second is the hardware client chip. The hardware chip uses a mature IoT communication technology and provides each device with a unique ID. This ID is similar to that of a Bitcoin address, combined with public and Private Key technology to ensure security and safety. They will be working directly with chip manufacturers to create this hardware. Smart device companies will simply use this existing chip solution to connect their product to the IoT Chain network.