Smart cars on blockchain: how technology cope with issues of smart cars?

From this article you will learn how the new blockchain platform can improve smart cars' technology
13 February 2018   752

The development of the Internet of Things (IoT) is a new stage in the digital revolution. The IoT is a network of connected devices that interact with each other, form and exchange data. All these devices, for example, a well-known watch for fitness tracking, and smart home technologies are used to make people's lives easier and more comfortable. The implementation of a blockchain will greatly optimize IoT processes.

One growing sector of the IoT is "smart" cars, which are a hybrid between a car and built-in artificial intelligence. Cars can be smart in various ways, for example, cars with alternative power sources or self-driving cars. Blockchain platforms should improve the technology and make smart cars even more popular. So how this will happen?

How does a decentralized network improve the operation of a smart car?

The developers of smart cars continue to pour out ideas. For example, a Japanese car company plans to create a car which "predicts" heart problems of drivers, and American engineers have patented a system that tracks short circuits in the batteries. However, the normal operation of such vehicles still requires all systems to work in a well-coordinated way.

According to Christophe Ozcan CEO & Co-founder at Crypto4all, blockchain will help with inter-machine interactions (M2M), i.e. the technology that provides information exchange between machines. As a decentralized network does not allow individual participants to control processes in a blockchain, they cannot disrupt operations in the network. Thus all blockchain members are equal and connected to the network by the same protocols. However, different blockchain platforms view this interaction in different ways.

HDAC (Hyundai Digital Asset Company), founded by the South Korean Hyundai Motor Company, allows users of smart cars to set the conditions of smart contracts in the network by themselves. A smart contract is an algorithm that runs automatically when certain events occur in the blockchain. In addition, processes in the decentralized HDAC network are supported by mining and are built on a proof-of-work algorithm, i.e. a network participant "wins" and gets a reward when they perform a complex task or solve a problem in a blockchain before anyone else.

The new CREDITS blockchain platform also uses smart contracts for M2M that can exist only within an environment providing unimpeded access to all network objects and which excludes any interference in the transactions that take place between participants of the blockchain. For example, a "smart" contract in a decentralized network may not technically allow a smart car to transport a person who is not a member of the network if the smart contract stipulates such a condition.

CreditsCREDITS

The platform has also abandoned mining, so the risks associated with PoW, such as a mining monopoly, are eliminated. The network's work in CREDITS is supported by a delegated share evidence (DPoS) consensus algorithm. Briefly: nodes of a blockchain network admitted to voting are sorted; the node that confirmed the software currentness votes. Each node can become trusted no more than once over a certain period. Thus, decentralization is maintained, which in turn, ensures the smooth operation of the smart car system.

Security issue

Car owners are always concerned about security from theft or hijacking. Smart cars give new ways for human interaction with the car, and intruders can no longer use the same old methods. However, this does not deter them, they still try to "cheat" the controlling system, rewriting its data or replacing the access rights. Once again, a blockchain gives the solution: it is almost impossible to crack a decentralized network.

Self-managed cars on a Blockchain are beginning to be used in carpooling, i.e. sharing of cars using search services for travel companions. Security is provided by a reputation protocol: participants of a blockchain network create rules and those who do not follow them lose the "bonuses" of trust. For example, someone who has not complied with the requirements will simply not be able to open the car door. Could this be applicable not only to "distributed" transport but also to private smart cars?

HDAC uses a "hybrid" blockchain for protection, which is a "double chain" (public and private) with a secure connection between the user and the device. Both the public and private key of a blockchain network user is produced by quantum random number technology. This protects data in the system, and a hacker will not be able to take possession of a smart car owned by someone else.

The CREDITS platform also eliminates hacking of public and private keys in a distributed network but uses a more mathematically complex algorithm. How does it work? Two parties in a network can obtain a shared secret key using an unsecured communication channel. This code can then be used to create a new key or to encrypt further transactions. Therefore the potential hacker is unable to invade the system. However, if a problem has already occurred, for example, a smart car "does not respond" to the owner, it is easy to detect its source. CREDITS is a public data register with information about different aspects of transactions.

CREDITSCREDITS

Security in CREDITS is augmented by one more mathematical solution, a homomorphous encryption: in a blockchain, you can perform operations with encrypted data without having to decrypt them. Additionally, this also increases the speed of the network, and the "hijacker" simply does not have a chance to affect the system in 1-3 seconds (the speed that transactions pass in the CREDITS).

Smart cars and Blockchain: The Future

The IoT is rapidly growing and experts believe that tens of billions of devices will be linked by 2025. Each user of the IoT generates 0.77 GB of data every day, and this number will continue to increase. Currently, blockchain brings some advantages, but over time it may become necessary, as only a distributed network is able to cope with this amount of data.

At the moment smart cars represent a significant share in the growing IoT, and, given the technologies being developed by automakers, these cars will only become more popular. Blockchain itself guarantees safety and protection not only from criminals, but also from the risk that "smart" car operation will suffer from the actions of separate participants in the distributed network. The new blockchain platforms are improved versions of the previous ones without the disadvantages.

Therefore when changing to a smart car, owners should also change to blockchain. Global experience shows that this technology is the future, especially the future of the automobile market.

About CREDITS

CREDITS is an open blockchain platform with standalone smart contracts and an internal cryptocurrency. Due to its technical characteristics, CREDITS provides more than 1 million transactions per second with minimum fees up to 0.001 $. The platform also provides an opportunity to create your own decentralized applications using smart contracts and an open data registry.

CREDITSCREDITS

Start date: February 15, 2018
Accepted currencies: ETH, BTC
Soft cap: 15,000,000 USD
Hard cap: 20,000,000 USD
Website and Whitepaper 

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Top Ongoing ICO 23rd - 29th September

Check these cool new ICOs: Modex, Coin Analyst, eLYQD, BitNautic, Pool of Stake, Tachain and Solidfied
23 September 2018   158

Every week we find a large number of projects which are holding Initial Coin Offerings in order to be able to bring their incredible ideas to life. There are a lot of news regarding ICO and cryptocurrency, and we do our best to report about the updates released, or the crypto conferences held all over the world. And now it’s time to look at the ICO market! In a list below you will find our reviews of the projects we consider worth looking at this week. As you already know, Hype.Codes team is working hard to deliver all top-notch ICO news!

Current list for quick navigation Modex, Coin Analyst, eLYQD, BitNautic, Pool of StakeTachain, Solidfield

Ongoing ICO

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1. Modex

Hype.Codes rate  92

Modex has built a Smart Contract Marketplace and a Blockchain Developer Tools Platform. Modex aims to become the go to place for developers looking to monetize their blockchain programming skills and increase their revenue, as well as companies in need of blockchain development services and ready-to-buy smart contracts.

Vote for this ICO

Sales dates: Sep 15th - 25th
Accepted currencies. Various
Cap 10577066 USD
Website and Whitepaper 

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2. Coin Analyst 

Hype.Codes rate  90

CoinAnalyst is an information and analysis platform for all cryptocurrencies and ICOs worldwide. Purchase and sale decisions can be made on the basis of valid data and intelligent analyses. This enables the user to identify opportunities and risks and react promptly and proactively to price fluctuations. The application thus creates a high degree of transparency when it comes to operating in this new and volatile market.

Vote for this ICO

Sales dates: Jul 7th - Oct 31st 
Accepted currencies. ETH
Hard cap 20M EUR
Website and Whitepaper 

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3. eLYQD 

Hype.Codes rate  89

One of the main features of eLYQD is the use of blockchain technology, which allows making the platform transparent, open and as safe as possible for both transaction parties, reduction of transaction and business costs, and simplifying of the purchase process.

Vote for this ICO

Sales dates: Jul 9th - Sep 30th
Accepted currencies. ETH
Soft cap $2M
Hard cap $15M
Website and Whitepaper 

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4. BitNautic 

Hype.Codes rate  85

BitNautic is a decentralized platform, based on the Ethereum Blockchain, for matching demand and supply of shipping services, for all the industry stakeholders: producers of goods, ship owners, charterers, brokers, importers and exporters. BitNautic comes with distinctive features like AI (Artificial Intelligence) based booking system, a real-time tracking of ships and cargo, and a wholesale e-commerce platform.

Vote for this ICO

Sales dates: Jul 11th - Sep 30th 
Accepted currencies. ETH, BTC, LTC, ZEC, BCH, DASH, DCR, XMR, Fiat
Soft cap 5k ETH
Hard cap 50k ETH
Website and Whitepaper 

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5. Pool of Stake 

Hype.Codes rate  80

Qtum, Stratis, Universa and soon Ethereum holders can unite in the Pool of Stake and start staking together. Pool of Stake aims to operate in all types of PoS blockchains- Smart Contract platforms or blockchains with a delegated mechanism. The main goal for Pool of Stake is to increase the profits for small stakers by enabling a trusted environment to pool funds together. For this purpose, two ERC-20 tokens are used. First, the PSK token that gives discounts an rewards withdrawal fees. Second, an IOU token that acknowledges the user’s investment. The PSK platform will provide an analytics tool via a smart i.o. database that will allow members to track, control and optimize their investments. In this white paper, we explain the implementation of Pool of Stake and its services. We elaborate the governance vision which will be developed in the coming months to ensure that the PSK community remains.

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Sales dates: Jul 20th - Sep 30th
Accepted currencies. ETH
Soft cap $2M
Hard cap $8M
Website and Whitepaper 

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6. Tachain  

Hype.Codes rate  79

Tachain provides comprehensive ad targeting system for advertisers while maintaining full security and effectiveness of a full scale transportation app. With our functionalities in play, we are in a position to steer toward our mission of providing a valid and secure blockchain based service full of fun and joy to our users.

Vote for this ICO

Sales dates: Jul 23rd - Dec 31st 
Accepted currencies. ETH
Soft cap $2M
Hard cap $10M
Website and Whitepaper 

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7. Solidfied 

Hype.Codes rate  80

The future will be built on smart contracts. Smart contracts are only as secure as the code they are written in. As they are immutable after release, they need reliable security due diligence to earn companies and users trust and value. With 200+ code experts and 400k ETH of market cap. secured, Solidified is the market leader in smart contract security already. We know the market and its bugs. It's still fully centralized which allows for fraud and hacks and bad or lazy work hardly has consequences for the auditor. We can fix this. Introducing the first decentralized audit system & Bug Prediction Market! Actors can stake on whether a vulnerability will be discovered in a smart contract by a certain date. The basis for such a market is a smart contract that has been audited and secured by an individual or a group of auditors using the Solidified platform. These actors are held accountable for securing the code by having staked income and reputation in the form of the Solid Token.

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Sales dates: Jul 23rd - Oct 23rd
Accepted currencies. ETH
Hard cap 36k ETH
Website and Whitepaper 

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