Along with the emergence of cryptocurrencies, the blockchain technology has developed rapidly in recent years. In the 13th Five-year National Informatization Plan issued by the State Council of China, blockchain technology was mooted as one of the frontier technologies within the National Strategic Layout.Blockchain technology is going to provide the fundamental infrastructure for the next generation of Internet –the Internet of Value, and is now collaborating with emerging technologies in different fields to progressively expand the application range.As we know, IoT network is seen as an extension of the Internet, so it is inevitable that IoT will eventually be merged with blockchain. Especially considering the security issues involved with massive amounts of data potentially being collected by IoT devices in the future.IONChain aims to solve a wide range of the current problems of IoT networks in terms of data security, data circulation, data sharing and data transactions, thus enhancing the efficiency of the whole IoT ecosystem.
IONChain introduces the concept of “One Device, One Coin, One Code” which facilitates the integration of IoT devices with the IONChain blockchain network. With the use of Edge Computing technology, it enables every device on the IoT network to be utilized as a mining machine, making every IoT device that uses IONChain subject to mining rewards. Owing to the use of blockchain technology, the data source will always be reliable and verifiable on the IONChain network. Furthermore, the value ofthe data is quantified and data transfers are fast and secured. This makes it easier for IoT standards to emerge, unlocks a plethora of new IoT application scenarios and boosts the whole industry to enter the next level of development.
Key words:IONChain, Blockchain Technology, IoT Technology, Edge Computing Technology