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- VeChain protocol has filed an application for a patent in the IoT field.
- This specific use case can help drive the price of VET to a new ATH in the long term.
Enterprise-grade decentralized blockchain protocol, VeChain has reportedly filed applications for Patents related to its proposed Internet of Things (IoT) innovations. According to confirmation of the information by the official account of the VeChain protocol on Twitter, the L1 protocol looks to harness the use of blockchain technology to bootstrap the interconnection of the different actors in the IoT sector.
In justifying its application, VeChain said the IoT devices, and the software powering the interconnection often exhibit different product specifications, different identifiers, and different communication standards that make it hard for protocols to synchronize appropriately.
vechain continues to build the future of #blockchain, #IOT and the base of the digital industrial revolution.
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— vechain (@vechainofficial) March 15, 2023
While this major challenge in the industry may not be significant at the moment, it can represent a major pain point that needs the appropriate technology to solve. Here is where blockchain technology and VeChain in particular come in. According to the current design of IoT-based technology, it will take a significantly high construction cost to develop centralized servers that can help harness the different aspects from varying producers.
VeChain also noted the growing adoption of users in the IoT world per the current design will lead to a lot of security flaws that might hamper the system. Citing the case of Fiat Chrysler which recalled more than a million vehicles whose IoT system was hacked by cybercriminals who can harm users, the protocol highlighted how secure its systems can be to mitigate such issues.
VeChain’s Solution to IoT Systems
According to the protocol, it plans to design the methods, application servers, IoT devices, and the underlying media for implementing IoT services. It is planning to embark on the development of these systems in partnership with three of its inventors from China namely; Chen Yanyu, Gu Jianliang, and Zhou Ziheng.
According to the Patent Filing information, the IoT device that will be created will be based on blockchain technology and will have both public and private key implementation. The protocol said the user device will include memory and a processor with machine-executable instructions.
According to the details provided, some of the instructions that can be executed by the user device include but are not limited to performing a hash operation on user data, and sending an authentication request to the IoT device. With the data stored on blockchain technology, there is bound to be no conduit for failure in these systems as the data are easily accessible.
The decentralized nature and distribution of the stored data on different nodes will also help enhance the security alignment of the system as a compromise on one data may not affect other aspects of the system.
Impact on VET
At the heart of the VeChain ecosystem of today and the near future is the VET token. Should the patent application be approved and VeChain gains a foothold in the IoT ecosystem, the demand for the token which will be needed to take advantage of the products will become enhanced by a high measure.
VET is currently trading at a price of $0.02292 according to data from Marketcap and over time, expectations that the price can touch $1 eventually.
