As smart technologies become ubiquitous in every part of our lives – from personal devices to public infrastructures – the ever-expanding digital infrastructure poses ever-growing vulnerabilities.
The reality is that IoT requires umpteen devices and sensors to connect and share potentially crucial or personal information. IoT thought leader, John Moor of IoT Security Foundation, proactively warns the IoT community, in his recent post, that “digital hygiene is no longer optional.” In fact, the first of three core IoT values he outlines is that security cannot be an afterthought – it needs to be integrated by design. With so much at stake, security should be at the top of the mind, right?
Here at MXC, the answer is, Duh! Security is intrinsic to what we do. Always. Seriously. Security is baked into the design of how MXProtocol operates.
MXProtocol leverages the asymptotic security of blockchain technology (keep reading if you don’t know what this is!), and combines it with a data market (this too!) facilitated by Machine eXchange Coin (MXC).
First, a little background on MXProtocol
The future of IoT will inevitably depend on LPWAN, which requires the lowest power currently possible for a low cost and wide access connectivity. While the technology has been around for a decade, it didn’t quite take off…until now. MXC solutions are making way for a new generation LPWAN by providing the tools to empower anyone to build an efficient and secure machine-connected network. The MXProtocol provides the first consumer-friendly eco-system of IoT and blockchain "plugins" through which individuals and organizations alike can participate in the construction of a decentralized, ubiquitous and secure LPWAN.
If you take a look at the MXProtocol stack, you can see that a decentralized and autonomous LPWAN is built for a permissionless blockchain. MXProtocol can work on any permissionless blockchain, such as IOTA, Stellar, Skywire and NEO. The blockchain technology allows this massive network of data to be securely traded in the MXProtocol inter-chain data marketplace. Only trustworthy “things” would autonomously pay each other with MXC tokens and get accredited by sharing the data with different users/marketplaces.
Blockchain: Asymptotic Security
MXProtocol is built for permissionless blockchain with these four must-haves:
- Decentralized control
- Low latency
- Flexible trust
- Asymptotic security
Let’s focus on the fourth.
Asymptotic security permits affordable exchange between honest parties, but makes exchange prohibitively costly to "adversaries". Think spammers, hackers and other bad apples. Basically, in order to utilize MXProtocol, it is required that there be an anti-spam role as a preventive measure against nefarious users flooding the network.
MXC Economy: Managing data as an asset
Now, let’s talk about how your data are secured through MXProtocol.
By being distributed among data owners, data receivers and data network hosts, MXC is the first token designed to bridge current commodity-based trading of cryptocurrency tokens and data collected using sensors. Individuals and enterprises will be able to purchase data as it is being collected from a sensor.
Data can be easily passed, copied and edited by a number of parties without their knowing whether the data has been corrupted or shared amongst potential competitors or unauthorized parties. Its source and those who rely on its authority have meanwhile no mechanisms to ensure the data is authentic.
With MXC, data in the MXC economy can be allocated to one dedicated source; an LPWAN sensor. Thus, MXC makes it possible to track intangible data so that only the appropriate buyer/receiver gets access to the data, as well as ensuring that the information is coming from a qualified and reliable source.
Gone are the days of crossing your fingers, hoping that a paper certificate hasn’t been sold, copied or exposed to potential multiple parties on its way to the actual buyer.
Safe and sound from the moment you plug-and-play
As the future of IoT puts greater pressure on all of us to optimize connectivity, speed and use of resources as ambitiously as possible, we want to make sure that security practices don't end up trying to catch up to the needs of the growing data exchanges. End-to-end encryption is inextricable from MXProtocol so you can rest assured that data authorship and financial transactions remain secure in the MXC economy.