Blockchain
Kadena has announced that it is all set to bring improvements to one of the most fascinating segments of technology – IoT. Short for the Internet of Things, it currently faces problems in terms of security and scalability. The one to make a move is Crankk, a venture that recently received funding (or a grant) from Kadena.
Kadena’s grantee has identified that the core problem is in the mechanism being based on the centralized system. This puts them at the risk of security breaches and downtime. Directing all the data to the cloud server means that a single failure can lead to a massive outburst for the network. Routing data to third-party cloud servers has also been identified as a potential target for unauthorized access and hacking.
Making it worse is the fact that the centralized system can only take a limited amount of load upon itself. IoT devices are only going to gain traction in the times to come. Systems in place will need to be ready enough to handle processing requests.
Investments are always in bulk when it comes to maintaining the centralized system. Thereby making it expensive for clients to manage not just the number of devices but also to maintain the system for data traffic and day-to-day operations.
Decentralized Wireless Infrastructure by Kadena’s Crankk leverages the true potential of blockchain technology to solve all these problems.
For starters, it aims to improve the privacy concerns of data and transmission of the same. It uses distributed ledger technology to manage and store data. Needless to say, all of it happens in the most transparent & tamper-proof manner. While unauthorized access is still a possibility, the chances of that happening are lowered by a huge margin. Failures and vulnerabilities to the system take a back seat to accelerate innovative output.
Similarly, Crankk’s solution helps clients to back a large number of devices and integrations. It backs the tools of smart contracts to streamline interactions and automate the process to even avoid manual intervention. Efficiency gets a push when devices interact with no interruption.
New business models and revenue streams are expected to open up as the usage of blockchain technology, or any other type of technology for that matter sees a rise. Peer-to-peer transactions will be at the forefront for better collaboration. It will also enable new methods like micropayments, distributed energy management, and supply chain tracking.
All of it is working well for Kadena. KDA was last seen being traded at $0.607, a 0.54$ increase in the last seven days. If Kadena prediction is to be believed, then it has the capability to cross the $1 mark by the end of 2023.
Lastly, the solutions to be brought into the picture by Kadena’s grantee will increase transparency and accountability between stakeholders. Benefits for clients will speak a different language, but Crankk’s implementation is sure to bring positive results.
