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Hyundai is looking ahead to set blockchain technology in motion by virtue of its European based collateral IT arm, Hdac, and Hyundai BS&C.
The firm has registered a trademark from Intellectual Property, Korea for three of the businesses. Recently, a media outlet revealed that the CEO of Hyundai BS&C Chung Dae-sun has approached the authority of intellectual property to attain the Atolo, Altum, and Rizon brand names. The application specifically describes the features of electronic wallets to hold a cryptocurrency.
Hyundai still has something interesting to acknowledge in detail about their miscellaneous intention in the tract of blockchain.
The trademark filing information clearly indicates that the firm is targeting to offer the industry with crypto integrated services for ATMs, trading, sales, insurance, software, and hardware. As per the initial report it has been claimed that the services would provide basic functionalities like storage, transmission, proof of state.
At the same time, a blockchain auditing organization Certik signed a partnership agreement with Hdac after auditing the mainnet’s design named as “ Friday ” completely with codebase implementation. The statement also mentioned that the Certik Co-founder under the agreement would join the advisory board of Hdac.
Friday targets to influence industry’s decentralized applications with PoS which can efficiently solve trilemma problems with IoT’s, Dapp’s sphere, retail services, and payment transactions. PoS is a consensus algorithm initialized by Bitcointalk Forum in 2011 and in 2012 became the first to implement cryptocurrency known as Peercoin. It aims to achieve the distributed consensus to provide incentives for the validated transactions with integrity and the incentives are paid as transaction fees. The transaction validated users are able to build a new block called Forgers.
Hdac tech is the blockchain handling arm of the largest Hyundai Motor car manufacturers in South Korea and from 2019, they are putting constant effort to strengthen their streamline business with the adoption of blockchain.
Certik was a startup for system verification focused on building trustworthy blockchain ecosystems and smart contracts. Now, it has become one of the most trusted and recommended auditing organizations preferred by the blockchain platforms. Security organizations that gained vast experiences and provided crypto-based firms like Binance, Huobi, and OKEx with auditing services.
Certik’s marketing manager, Connie Ngo, said:
“Because of their [Hdac’s] future plans, we decided it would make sense to formally partner with one another as a public promise of Hdac’s focus on security and a symbol of CertiK’s ability to support larger enterprise-level solutions such as Hdac’s.”
In 2019 October, Hdac declared a blockchain contribution fund of $10 M. The fund was released for supporting new startups, mainnet’s project, developing decentralized apps, and create a realm to compensate cryptocurrency.
Hyundai is consistently taking embracing steps towards the implementation of blockchain technology. The firm introduced an application based on blockchain to pair electric automobiles with smartphones. The company agreed on a partnership with the global giant IBM commercially in order to integrate business models with blockchain.
Certik and Hdac created incredible synergy which is expected to discover new standards for security for Hyundai. Further would build trust between the communities of the IoT world and Blockchain.
Article produced by Rajeev Sharma
