Blockchain
Kadena has announced that it is ready to make improvements in one of the most fascinating segments of technology: the IoT. Short for Internet of Things, it currently faces security and scalability issues. The one to make a move is Crankk, a venture that recently received funding (or a grant) from Kadena.
The Kadena beneficiary has found that the core problem lies in the fact that the mechanism is based on the centralized system. This puts them at risk of security breaches and downtime. By routing all data to the cloud server, a single outage can lead to a massive network outburst. Routing data to third-party cloud servers has also been identified as a potential target for unauthorized access and hacking.
What makes it even worse is the fact that the centralized system can only take on a limited amount of load. IoT devices will only gain popularity in the near future. The existing systems must be ready enough to handle processing requests.
Investments are always in bulk when it comes to maintaining the centralized system. This makes it expensive for customers not only to manage the number of devices, but also to maintain the system for data traffic and day-to-day operations.
Decentralized wireless infrastructure from Kadena’s Crankk leverages the true potential of blockchain technology to solve all of these problems.
To begin with, it aims to improve the privacy issues of data and its transmission. It uses distributed ledger technology to manage and store data. Needless to say, this is all done in the most transparent and fraud-proof way possible. While unauthorized access is still possible, the chances of that happening are reduced by a huge margin. Failures and vulnerabilities in the system take a back seat to accelerate innovative output.
Similarly, Crankk’s solution helps customers support a variety of devices and integrations. It supports smart contract tools to streamline interactions and automate the process to avoid even manual intervention. Efficiency is boosted when devices communicate without interruption.
New business models and revenue streams are expected to emerge as the use of blockchain technology, or any other type of technology for that matter, increases. Peer-to-peer transactions are paramount for better collaboration. It also enables new methods such as micropayments, distributed energy management and supply chain tracking.
Everything works out for Kadena. KDA last traded at $0.607, up from $0.54 over the past seven days. If Kadena Prediction is to be believed, it has the potential to cross the $1 mark by the end of 2023.
Finally, the solutions envisioned by the Kadena beneficiary will increase transparency and accountability among stakeholders. Benefits for customers will speak a different language, but Crankk’s implementation will certainly yield positive results.