On the opening day of the FIFA World Cup coverage from Russia, a TV advert by South Korean internet-of-things (IoT) blockchain startup Hdac (Hyundai Digital Asset Company) was as much a talking point in the crypto space as the host nation’s 5-0 win against Saudi Arabia.
One of the first times that a blockchain company has advertised on TV — and certainly the first to target such a massive audience — Hdac’s vision of a digital world, where its technology efficiently powers the world’s IoT devices, demonstrated how a modern interconnected smart household will operate.
According to a statement by the company, the commercial will air throughout the World Cup coverage on the major UK network ITV, during halftime for all matches, as well as on cable channel Eurosport. So, although the South Korean team doesn’t take the pitch until Saturday for its first match against Mexico, one of the nation’s blockchain innovators is already capturing global attention.
The company, which was formed by Chung Dae-sun, a nephew of the CEO of Korean car giant Hyundai, states, on its website, that its Hdac Platform will be a key tool for implementing a more reasonable and efficient transaction system as the worlds of blockchain and IoT converge.
Its underpinning technological philosophy is to dramatically improve machine-to-machine (M2M) transaction environments, making all transactions seamless and easy. Furthermore, Hdac says the technology will promote reasonable consumption and accurate management for all communication and utility expenditures.
As anyone following the IoT sector understands, the biggest challenge that the industry faces it is the sheer scale of the data produced by so many disparate devices and how this data can be controlled and utilized. Hdac’s answer is the use of distributed ledger technology (DLT) to make sense of it all, so IoT contracts don’t just control access to devices but help communicate between them and ensure anonymity with all transactions recorded in the ledger.
The company, which completed a successful initial coin offering (ICO) of its /DAC tokens late last year, raising USD 258 million, reportedly suffered a hack of its mining pool last month, forcing it to temporarily halt withdrawals. Hdac said, in a statement, that it has no liability because the mining pool is decentralized.
image by Max Pixel