[ANN] IoTBlock: A Trustless Solution and Governance for the Internet of Threats

[IoTBlock]

Official Website
Github

 

Introduction:

IoTBlock was created by a global technology solutions company with the vision of leveraging blockchain technology to develop building blocks for trustless IoT governance, connectivity, and security. It is the first universal Hypercat and PAS212:2016 IoT blockchain registry with real time device health reports and a decentralized infrastructure for IoT devices to securely access smart contracts on any blockchain. IoTBlock uses a decentralized oracle network to provide a fully trustless API with added interoperability between both private and public blockchains.

There is expected to be 75.14 billion IoT devices generating 11 trillion in global revenues by 2025. This massive growth will make the IoT industry a prime target for cybercriminals. Unfortunately, a vulnerability in even the most insignificant device in an IoT network can cause the entire network to be at risk. IoTBlock counteracts these vulnerabilities by providing users of the IoTBlock registry with real-time updates on the health, safety, and functional integrity of their devices. The decentralized oracle network extracts the meta data from the registered IoT devices and updates the device status accordingly. These processes enable users to quickly identify security issues with their devices, thereby lessening the time they are at risk to a successful hack.


Highlights:

- Crosschain, Public, and Private Chain Interoperability
- Masternodes
- Strong Real-World Use Case
- Decentralized Oracle Network
- Registry for all IoT Devices  

How It Works:

The user adds their device to the IoTBlock registry. The device interacts with the oracle network either directly or through a paired device, i.e.. a smartphone. The IoTBlock smart contract verifies the signature received from the device with its root certificates from the network. Once verified, a second smart contract is executed to retrieve the wallet ID from the device owner.

Use Case Examples:

Smart watch/Fitness Bands:

Most wearable Device are connected to the IoT in order to communicate their results to the user's other devices, ie. a computer. The registry could house the data containing the number of steps reached. Once a threshold is met, IoTBlock could help facilitate this event being pushed to a smart contract to be utilized. (Example: Competition or Reward system for fitness goals)

Smart Cars:

The IoT networks in smart vehicles can be manipulated. There have been numerous counts of vehicles being comprised including the first widely reported case which occurred in 2014. To demonstrate the vulnerability of smart cars, security researched Charlie Miller and Chris Valasek hacked into a 2014 Jeep Cherokee and were able to turn the steering wheel, briefly disable the brakes, and even shut down the engine. Registration and monitoring of the devices in a smart vehicle through the IoTBlock network can provide the tools to help prevent these types of attacks.

Team:



The team behind IoTBlock is comprised of cryptocurrency experts with years of experience from top companies.

- Denis Lam, Founder: Successful entrepreneur, 10 years of experience working with multimillion dollar ventures in Asia and North America, UCB Graduate
- Richard Fushimi: Former President/COO of SEGA Games, Co-Founder/CEO of Rocket Internet, Advisor for multiple blockchain projects, MIT Graduate
- Michael Arbach, CTO: 10 years of experience in backend development and distributed architecture, Former Lead Blockchain Architect for Kodak Coin
- Alex Rusnak, Chief Blockchain Architect: Former engineer for multiple Silicon Valley startups as well PE and VC funds, Technical Advisor to multiple blockchain projects, UCB Graduate
- Chelsea Lam, CMO: Formerly at Google and VMware, Founder of Munchee, Current advisor a top blockchain project
- Dr. Sanjeev Verma:: Former leading member at Samsung and Nokia, 13 patents with 8 pending, Current advisor to Data-X

                   

Advisors:

-Long Vuong : Founder of Tomochain, Co-Founder of NEM, Participant in building of NXT Blockchain
-Fred Leung: Founder of multiple companies, Former Associate VP of Acer, Founded USB OHCI, IEEE1394A standard committees, 10 patents
-David Chin:: CEO of Thor Token, Head of International Business Development for Dubai Silicon Oasis, Northwestern Graduate
-Simon Lee: : Formerly designed nuclear power plants with Bechtel, Founder of multiple companies in the EU, Dubai, Middle East, Asia, and Americas
-Douglas Park: Corporate Securities Attorney specializing in Blockchain, Cryptocurrency, and ICOs, Stanford and Harvard Graduate

               

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[dushanya]

Do you have bounty program?

[kubori102]

The IoT market is extremely large, IoTBlock is the first global IoT blockchain to be associated with actual health reporting devices; Focusing on the health and wellness fields is the right idea of the project. The project does not have much information about the date of sale, hardcap, .. I will continue to monitor information about the project.

[rataplannetje69]

ICO Analysis: IoTBlock
Published on December 13, 2018
By Daniel Won
Proof: https://hacked.com/ico-analysis-iotblock/

Verdict
Below is a breakdown of the risks and growth potential of IoTBlock.

Risks
    No information regarding token metrics is not released at the time of writing. This makes it hard to evaluate the project’s worth and any potential return on investment. (-1)
    It is a reasonable assumption that the competition in the IoT sector will be harsh in the future. As more and more technology giants might enter the market, it is likely that they might leave the blockchain-based IoT companies like IoTBlock in the dust with their superior resources. (-2)

Growth Potential
    All-star team members like Sanjeev Verma and Richard Fushimi. (+2)
    The protocol’s device- and block-chain agnosticism. (+3.5)
    The team’s origins can be traced to a hardware and RFID device manufacturer started in 2004. This shows that the team is highly experienced in the IoT sector and not just riding the blockchain hype train. (+2.5)

Disposition
The emerging technology of the Internet of Things is expected to be widely used in the near future. It is estimated that by 2025 the sector will grow to a value of $11 trillion with 75 billion devices. Its use cases are limited only by one’s imagination, but as in the case of any emerging technology, just like blockchains, there are several important problems to be solved to gain wide public acceptance.
Currently, 70% of IoT devices do not use encrypted forms of communication and 80% do not have a basic level of security. As devices in a certain place are connected to the same network, to gain unlimited access to one device is to gain access to the whole network. Some hackers’ gaining access to a thermometer in a fish tank and using it to steal a casino’s database earlier in this year is an example.
IoTBlock provides novel solutions to solve this issues. The team consists of all-star team members like Sanjeev Verma and Richard Fushimi. The protocol is designed in a device- and blockchain-agnostic way, so that IoTBlock can be used by any IoT-connected device and blockchain.
Still, no information on token metrics is released as of the time of writing, making it hard to evaluate any return on investment. Also, the competition in the IoT sector will be extremely fierce in the future and the entrance of more and more technology giants to the sector might leave the blockchain-based IoT companies like IoTBlock in the dust with their superior resources. IoTBlock receives a 6/10.