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Hyundai’s IT arm to hold token sale to bring blockchain technology to IoT

Hyundai BS&C, South Korean automobile giant’s arm focused on construction and IT services, is going to hold a token sale to bring blockchain technology to Internet-of-Things (IoT), Finance Magnates reported.

HyundaiPay, in collaboration with Swiss fintech company Hdac Technology, is working to improve the security of IoT payment platforms. Using blockchain technology, they want to protect the systems against data tampering, thereby making transactions amongst connected devices more secure.

Hyundai Digital Asset Currency or “Hdac” aims to build a blockchain platform to meet the needs of the IoT and payment environments through a machine-to-machine payment system. According to the official release, the token generation event (TGE) is aimed at protecting IoT devices and their users from hacks, privacy invasion, and external threats, especially for payments and transactions.

The TGE will support the continuing development of the Hdac blockchain. Maintained by the Hdac Technology group, the Hdac blockchain is based on hybrid blockchain technology, which offers a wider range of capabilities to ensure reliable connection and secured processing between devices.

“We are thrilled to hold a TGE in order to bring security and transparency to IoT devices. With more IoT devices hitting the market daily, our lives become more connected. Although there are many benefits to this, we open ourselves to great security risks. Blockchain technology, and special the Hdac blockchain, is the best way to leverage trust, transparency, and security on IoT,” Dae-Sun Chung, founder of Hdac Technology AG, said.

Hdac technology and Hyundai Pay will hold a TGE for the HDAC token on November 27th. This will follow a highly successful pre-sale round in which around $100 million has been raised.

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