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The VeChain protocol has filed a patent application in the field of IoT. This specific use case can help drive the price of VET to a new ATH in the long run.
VeChain, an enterprise-class decentralized blockchain protocol, has reportedly filed patent applications related to its proposed Internet of Things (IoT) innovations. According to the confirmation of the information by the official account of the VeChain protocol on Twitter, the L1 protocol is trying to use blockchain technology to speed up the connection of the various players in the IoT sector.
To justify its application, VeChain said that the IoT devices and the software that drives the connection often have different product specifications, different identifiers, and different communication standards that make it difficult for the protocols to sync adequately.
vechain continues to build the future of #Blockchain, #IOT and the basis of the digital industrial revolution.
Our teams of technical experts are pioneering the next generation of the global economy.
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— vechain (@vechainofficial) March 15, 2023
While this major industry challenge may not matter right now, it can represent a major pain point that requires the right technology to solve. This is where blockchain technology and VeChain come into play. According to the current design of IoT-based technology, it will require significantly high construction costs to develop centralized servers, which can help leverage the various aspects of different manufacturers.
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VeChain also noted that according to the current design, increasing user adoption in the IoT world will lead to many security vulnerabilities that could 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 minutes stressed how secure its systems can be to mitigate such problems.
VeChain’s solution for IoT systems
According to the protocol, it plans to design the methods, application servers, IoT devices, and underlying media for implementing IoT services. It plans to start developing these systems in partnership with three of its inventors from China, namely; Chen Yanyu, Gu Jianliang and Zhou Ziheng.
According to the patent application information, the IoT device to be developed will be based on blockchain technology and will implement both public and private keys. The protocol states that the user device will contain memory and a processor with machine-executable instructions.
According to the details provided, some of the instructions that may be performed by the user device include performing a hash operation on user data and sending an authentication request to the IoT device, among others. Since the data is stored in blockchain technology, there is inevitably no source of error in these systems as the data is easily accessible.
The decentralized nature and distribution of the stored data across different nodes will also help improve the security posture of the system, as a compromise of data may not affect other aspects of the system.
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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 gain a foothold in the IoT ecosystem, the demand for the token needed to use the products will increase to a great extent.
According to data from Marketcap, VET is currently trading at a price of $0.02292 and over time, the price is expected to eventually reach $1.
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