INT Chain attended the China International Blockchain and Business Future Development Summit 2019
From May 31 to June 1, the China International Blockchain and Business Future Development Summit 2019 was held in Xiamen. This summit was hosted by the Blockchain Association of Fujian Province and Xiamen Convention & Exhibition Group.
INT Chain was invited to participate and represent both the Internet of Things (IoT) and Blockchain Technology. Yin Xiangyu, Head of INT Chain China, delivered a very well received presentation of “Blockchain + Internet of Things as the next growth engine”.
Yin Xiangyu pointed out that the concept of the Internet of Things (IoT) was proposed by a professor at the Massachusetts Institute of Technology as early as 1999. 20 years later the IoT has been growing at a much slower pace than its underlying market, the Internet.
Two main factors restrict the development of IoT:
On the one hand, too many IoT standards and protocols while the Internet is unified with the IPv4 standard.
On the other hand, limited wireless network bandwidth. Until the 4G standard was launched, the speed and stability of wireless networks could not meet at all the IoT requirements.
In addition to the above, the IoT development is also constrained by the lack of user privacy, security, and interoperability, which can be solved by blockchain technology.
In his speech, Yin Xiangyu explained how blockchain could play a decisive role in promoting IoT:
1. Protecting user privacy.
Data generated by the growing number of smart objects (mobile devices, wearable devices, home devices, etc.) is collected and used by manufacturers without their user’s awareness and consent.
Blockchain provides a decentralized alternative that gives the ownership of data back to users while guaranteeing their privacy through encryptions.
2. Providing automated transaction and accounting systems.
With the development of IoT, Machine-to-machine (M2M) communications are evolving from isolated device-to-device communications to a grander scale where vertical software stacks need to automate and manage communications between multiple devices.
Blockchain technology enables an interoperable software and hardware environment where decentralized transactions between machines occur without any human interactions.
Yin Xiangyu also emphasized that INT Chain is considering the engineer’s route as a strategy layout. This decision is based on the founding Team prior experiences and the development of the industry. Hence prioritizing the development of the INT Chain technology and ecosystem.
Finally, Yin Xiangyu gave a brief introduction of INT Chain core technology and terminal products:
1. Dual consensus mechanism: DBFT+DPoS to not only meet the security requirements of different industries but also to improve efficiency through a double-chain structure.
2. Smart Contract: developing a new smart contract to meet the requirements of the high-frequency transactions and avoid the security issues (i.e. privacy) in the current smart contracts.
1. China Telecom Esurfing Blockchain Router.
2. Internet of Vehicles OBD device.
Yin Xiangyu closing quotes:
“The development of blockchain technology can solve multiple bottlenecks at the same time.”
“INT Chain mainnet was officially released on January 16, 2019. Currently, the network is running stable, and we are going to build an INT Chain ecosystem.”
“We welcome you to join us and together we will make a different world!”
— INT Chain Foundation