The China-based IoT platform firm recently launched PDash, a parallel distributed architecture for data storage and sharing. It looks at how data sharing occurs today and addresses the various inefficiencies from security to cost.
"While it has the power to change our everyday lives, IoT remains fragmented and comprised of various incompatible systems, fraudulent data, and risky open network sharing that can lead to a breach," Dr. Long Chengnian, CEO of CPChain said.
"PDash addresses these major hurdles by connecting data providers and users more efficiently and securely via a chain that unites and stimulates all data sharing participants. We're excited to give our fans and future users an inside look at our innovative platform," Dr. Long added.
Essentially, PDash incentivizes users to share data and assure its high quality without the need to enlist costly, third-party data miners. It shares encrypted data using a distributed ledger or blockchain to ensure transparency and security.
Its wallet feature allows users to transact data based on its value and sharing lifecycle, while its marketplace feature will enable users to view and purchase data or upload it for sale. It rewards valid transactions and penalizes fraudulent ones.
PDash also includes a decentralized proxy network to ensure data is intact and can be readily retrieved by the user, improving accessibility.
CPChain has big hopes for PDash across industries as many firms grapple with the data risks for their IoT applications. A press release noted that the company considered automotive/transportation, supply chain/industrial, medical and finance as critical industries. It is also discussing potential applications with BMW and Lynk & Co.
The full PDash platform will be available in October 2018.