IoT Chain technology “will result in an economy of sharing for Internet of Things (IoT) devices in a decentralized and energy efficient environment while producing a wealth of valuable user data which can be used as fuel for the development of AI with users rewarded for providing this fuel.

Under this network, the interconnection of IoT devices of a home, a business or even a city can truly flourish without worry of transfer congestion, malicious attacks or losing privacy.

The implementation and monetization of ITC is not just a concept but has very real applications in the near future.” (IoTChain.io)

Very real applications, indeed. To understand the objectives and recent progress of the ITC team, you have to wrap your head around an already in-use technology known as the “Trusted Execution Environment (TEE).” TEEs are actively operating inside a number of interconnected devices, with Android smartphones most prominently among them. They are separate security structures deeply embedded within the phone that run parallel, yet independently, from the rest of the device’s architecture – thereby enabling a user to operate applications that demand access to certain data within the memory while simultaneously keeping said applications (and potential hackers seeking to exploit vulnerabilities) from being privy to much more sensitive information… like a cryptocurrency wallet.

Hence, the ITC Team is developing the IoT Chain, the blockchain code that will merge with hardware. The ITC Team recently convened with ARM, the makers of TrustZone® hardware architecture, “a system-wide approach to security on high performance computing platforms.” According to the Samsung Enterprise Alliance Program, TrustZone technology “forms the basis of trust for a wide array of applications including secure payment, digital rights management (DRM), enterprise and web-based services.” This system approach means that it is possible to secure peripherals such as secure memory, crypto blocks, keyboard and screen to ensure they can be protected from software attack.” Samsung’s “Secure Folder” application and (many updated Android devices) already use a similar hardware architecture and TrustZone has received security certifications from 29 different countries and organizations.

So far, the ITC Team has achieved the following:

[Done] Virtual machine implementation and test suite

• Abstraction and optimization for different underlying database implementations, no mocking required
• Complete test suite based on property-test
• Optimization of contract recursive call judgment(Still Pending: Achieve more secure node discovery protocol.)

[Done] Multi-currency wallet

• Reactive storage cross-platform persistent storage
• Web3 and etherscan API integration

[Done] Chip module coding

(Still Pending: Chip module debugging, Chip module home scene function upgrade.)

According to the ITC Team, “The Kademlia node discovery protocol (KAD) is a distributed hash table (DHT) technology based on the “exclusive OR” (XOR) distance algorithm.” The team wants “to implement a more secure S/KAD extension in KAD through a secure Node ID allocation mechanism.” They also “monitor non-intersecting paths to help prevent attacks.”

July 29 Update:

Main chain:

[Done] JSON-RPC: Interface definition and implementation of two main APIs

• Private API: account management, hot configuration reloading, and module switching
• Public API: wrapped database interface, transaction and block submission, and blockchain statistics querying

[Done] S/KAD Protocol: Securenode discovery protocol

[Done] Multi-currency wallet

• UI for index, create, import, transact, confirm, and passphrase functionality
• Test transfer interface on test network (ETH, ERC20)

[Done] Wallet: Redux for UI state and caching global state data

Light Nodes：

Completed the master-slave hybrid and enabled multiple node connections

• [In-Progress] Chip module debugging
• [In-Progress]Chip module home scene function upgrades

Asymmetric ECC implementation algorithm for chips

• [In-Progress] Algorithm coding

Just yesterday, at the Huobi Carnival, the IoT Chain team provided a review of the project’s key developments and achievements over the past year, including the achievement of the basic blockchain structure of DAG, the PBFT consensus algorithm and that IoT Chain has been supported by the Ethereum Virtual Machine (EVM). The IoT Chain co-founder, Lyu Xinhao, delivered a keynote speech in which he announced that all Ethereum DApps can now be completely and successfully moved to IoT Chain!

The real-time, already evident proof of concept of this fascinating technology and its adoption by Samsung, one of the biggest players in modern technology and arguably the biggest tech giant in the crypto-friendly hub of the Korean peninsula, stir up some serious anticipation for the fruits of the IoT Chain.

The IoT Chain team is also pleased to announce the establishment of a strategic partnership with Schonell, the leading manufacturer of building communication systems in Singapore and Europe. Teams from both sides will jointly explore the application of blockchain technology in the field of intelligent building communication and promote the development of the smart home industry. The IoT Chain team believes smart home devices play an important role in the future of smart city networks, and technologies such as blockchain will help redefine our smart lifestyle.

There are many other applications beyond that of security that IoT Chain will be able to provide its users, and much more to discuss regarding them. We are very much looking forward to the ITC team’s next development… Stay tuned for future updates!

Also, read Sharing is Caring – The Blockchain Path to an Accessible Economy

Hitesh Malviya

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.