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WoTChain – The birth of a new commercial ecosystem in the 21st century

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WoTChain – The birth of a new commercial ecosystem in the 21st century

March 21
16:51 2019

As an emerging network system, WoTChain is constantly entering the public’s field of vision. In recent years, the application of blockchain technology has led mankind to enter a trustworthy digital life and establish a new business ecosystem with all-kind and benign development. Combining the blockchain + IoT’s WoTChain enables a decentralized, trusted new distributed IoT system. It can reduce the cost of system interconnection, increase the value of data sharing, and ensure user privacy and system security. For the Internet of Things and the ecological network, for all the data that can be acquired, perceived and processed, the WoTChain can do two things: the first is to ensure that the data is trusted; the second is to ensure the value of the data.

WoTChain is designed to build a foundational data platform for IoT systems, providing a full process solution for data collection, storage, sharing and application. WoTChain will break through the core underlying technology of the blockchain application in the IoT system, providing the infrastructure for data sharing and transactions in the IoT. Maximize the value of IoT data by building data aggregation and real-time data flow applications on the WoTChain.

Decentralized blockchain systems require the entire network node to operate on the same transaction (data), which has significant drawbacks from a computational and storage perspective. It does not take full advantage of the collaborative capabilities of distributed network systems, so it is not scalable. WoTChain proposes the idea of separating the data layer and the control layer, constructs a parallel architecture, enhances the scalability of the system, provides an open data sharing function while protecting user privacy, encrypts user data, and uploads it to The cloud reduces the storage burden of the blockchain and ensures the integrity and accuracy of the data. At the same time, it has the characteristics and principles of data-based, device-based, network-based, and value-based.

WoTChain has a very good core technology advantage. The whole system consists of physical layer, data layer, contract layer, application layer and control layer. The blockchain is used as the vertical control layer in data interaction. WoTChain’s decentralized system based on blockchain technology is different from traditional distributed systems. In distributed systems, computing and storage tasks are redundant nodes in each node that store the same data and perform the same computing tasks. On the one hand, this redundant storage and computation allows the blockchain system to be independent of trusted third-party operators, ensuring data integrity, irreparability and consistency. On the other hand, too much redundant data adds to the burden on the system. It makes the joining of new nodes more and more expensive. In the long run, this model is not scalable and unsustainable.

For example, in Bitcoin, Bitcoin’s blockchain size has exceeded 130 GB, which makes the new node spend a lot of time synchronizing data. As time goes by, the difficulty of entering new nodes is increasing. Redundant calculations ensure the consistency of the system state and have certain value and necessity. However, due to the large amount of redundant data storage, the system is heavy and cannot be expanded. In order to solve the scalability problem of data storage, sharing and transaction, a parallel distributed architecture is proposed to combine the industrial chain network with the distributed storage system. As the control layer of the WoTChain platform, the blockchain no longer stores all the data of the system, only uploads the identification and credentials of the data, which not only greatly reduces the storage load of the platform, but also ensures the consistency of the system.

In the era of big data, the value of data is well known. The massive amount of data generated by WoTChain will also be of great value. WoTChain will use blockchain technology to provide all data to users and dispose of it by users, which avoids the monopoly of data of large companies and realizes IoT data sharing. In the field of artificial intelligence, high-quality data is essential, especially for research institutions such as SMEs and universities. With WoTChain’s open IoT data platform, we can get a lot of real data at low cost, which will greatly promote technological progress. At present, scientific research institutions must effectively cooperate with large companies in order to effectively carry out the training of deep learning models, or rely on the open data and open platforms of large companies. In fact, the vast majority of data held by large companies comes from users, but users cannot control their own data. The WoTChain data platform will change the situation in the WoTChain data market. Users can license their data to different organizations and service providers to protect the privacy and rights of data. For users, data sharing is also rewarding. Truly trusted user data brings greater business value.

The value of WoTChain is not only reflected in commercial use, but also in places where civility and other practicalities are more practical. WoTChain can provide real-time traffic data, can build more efficient real-time traffic data sharing applications, intelligently identify and detect traffic environments in unmanned fleet control, and achieve secure intelligent cluster control. In the near future, WoTChain will surely go deep into every aspect of society and make an indelible contribution to society.

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