Visa has created an initiative called The Visa Ready Program for Internet of Things. Which provides IoT device manufacturers with a path to embed secure payments into their connected devices, enabling anything from a watch to a car to initiate payments. With just a touch of a button, consumers could pay for gas, food or parking without leaving their connected car.
That being said, Visa’s solution is fully centralized, we will never know how and what will happen if the central server being hacked or what about the fees, will it increase every year?
Blockchain is a technology that allows for fast, secure and transparent peer-to-peer transfer of digital goods including money and intellectual property. And Hdac, South Korea-based company owned by Hyundai family, is combining the power of blockchain with their technology to ensure a seamless experience between users and IoT devices while maintaining the security of IoT payments.
Hdac believes that privacy is the important factor when it comes to IoT payments, since we will trust our “machines” to do all the things. If someone breached the privacy data, then no one can imagine what could happen next. A person can take control of other people’s live, their house, their car, their money, everything!
That is why Hdac takes this issue seriously. Instead of using credit card into the IoT devices like what Visa did, Hdac moves one step ahead by “going beyond the human pay”. It means you can provide the currency your devices can use. You are in control, safe in the knowledge your transactions are interactively secure.
Privacy is one of the biggest challenges facing IoT, so Hdac configures unique Hybrid Blockchain Networks for general and special purpose users. The platform acts to support micro-transactions with state-of-the-art hardware wallets immune to viruses.
Unlike Visa, Hdac built their own private blockchain. The reason is to have all the process handled from private to public and back again, Hdac Hybrid Blockchain is configured as a hidden network with safe tunneling between a user and device to combat hacks, privacy invasions and external attacks. Remember, mutual authentication between device and user is crucial for a reliable Private Blockchain, which fundamentally will only be practical if it interacts with the Public Blockchain.
Through secure Blockchain technology, Hdac can assign contracts to all smart devices to fit people’s life pattern.
So yes, Hdac can win this competetion or even better, Visa decided to partner with Hdac to build a trustless IoT payments!
Learn about Hdac and their token sale at:
Website: https://hdac.io | Telegram: https://t.me/Hdac_TGE
