SUMMARY

Web 3.0 Ecosystem to Accelerate IoT Adoption

The Internet of Things (IoT) is growing as a core infrastructure of the 4th industry based on digital data along with artificial intelligence (AI) and big data. With the rapid development of hardware and network-related technologies, almost everything around us is currently connected to the network to produce a lot of digital data, and IoT technology is being used in almost every industry regardless of field.

As the use of IoT technology increases, security issues such as the integrity of data generated through IoT, security of network systems, and device accessibility restrictions are also receiving attention. In addition, the data sovereignty issue is receiving attention as much as the security issue. Currently, most of the data produced in the IoT ecosystem is operated as an unreasonable system occupied by a specific centralized company or organization rather than a producer. Such a centralized system structure is constantly exposed to threats such as attacks on specific servers or gateways as well as issues of the sovereignty of data.

Blockchain and Web 3.0 are technologies that can open new vitality to such an unreasonable centralized IoT system. Blockchain technology is a decentralized distributed network system that provides data reliability, stability, security, and efficiency, and overcomes security vulnerabilities by providing a trusted process to the existing centralized IoT ecosystem. In addition, the blockchain-based Web 3.0 system can accelerate the adoption of IoT technology by effectively protecting the data sovereignty of data producers and transforming the IoT ecosystem into a more transparent and fairer ecosystem.

The Ontact Protocol aims to combine blockchain and IoT technology to create new values by connecting data of all things and establish a decentralized Web 3.0 type IoT ecosystem where everyone can produce and exchange digital data fairly across the boundaries of companies, individuals, industries, and countries.