Auto News

Hyundai backed Hdac reveals blockchain development plan


Today, Korean blockchain firm Hdac announced that it has completed a proof of concept (PoC) with backer Hyundai as part of its enterprise development plans. The company also revealed details of its new Proof of Stake (PoS) based blockchain platform for payments and Internet of Things (IoT) projects, such as the construction of smart homes.

Hdac (Hyundai Digital Access Currency) was founded by Dae Sun Chung, the CEO of Hyundai BS&C, which is the car brand’s IT and construction arm. The firms worked together on a DLT solution for car production and quality data management.

The PoC aimed to ensure data integrity and security plus real-time monitoring of automobile manufacture. Thanks to blockchain technology, new cars can be traced across the production process and their quality data logged immutably.

After the project’s success, Hdac will go on to work with one of Hyundai BS&C’s construction partners. This upcoming project will focus on implementing blockchain in the building and maintenance of IoT enabled smart homes.

“Hdac aims to provide enterprise solution with better security by integrating blockchain technology with IoT, big data, and cloud, which are driving forces of the era of the Fourth Industrial Revolution,” said Hdac founder and Hyundai BS&C lead Sun Chung.

His firm hopes to achieve this with its new blockchain platform named ‘Friday’. The project will work with the IoT ecosystem, and so is based on PoS and comes with its own consensus algorithm. Friday’s testnet is slated for release this November, ahead of a full launch next year.

Hdac recognizes that balancing scalability, security, and decentralization is a current pain point in enterprise blockchain. The Friday Consensus algorithm hopes to address this by being “suitable for not only DApp services but also IoT and payment services by securing scalability and processing speed while realizing Smart Contract functionality,” today’s release explained.

Sun Chung said: “With the development of new blockchain, Hdac will be reformed as a blockchain platform better optimized for the IoT environment and payment services.”

The firm will bolster its expansion with the sponsorship of successful esports team G2 and plans to be listed on more global exchanges. As of today, Hdac is listed on European crypto exchange LATOKEN and will be on Bitrrex by the end of this year.

Hyundai has previously partnered with IBM for blockchain in supply chain finance. Though it is a leading global car brand, it is not a member of the MOBI alliance, unlike BMW, Ford, and Renault. However, Hdac is quickly becoming a big name in blockchain for IoT security and joins Korea Telecom and Xage in the sector.

Image Copyright: filmfoto / BigStock Photo