xensor, IOT network for automation of machinery and fixed asset management.
The advent of the fourth industrial revolution amidst novel innovations and technology induced revolutionary changes in everyday life. In particular, technology behind internet of things (IoT) began to receive much attention in constructing smart cities for its potential to solve problems concerning superannuated cities, traffic, energy deficiency, and crime. As both developed and developing nations competed to promulgate “city revolution” by devising smart cities, the importance of IoT garnered even more importance. However, many hurdles, such as high investment costs and the dangers of data hacking, impeded the rapid commercialization of IoT. In order to manage entire cities and assets, communication networks requiring the manual installation of numerous gateways had to be implemented, and the costs of server construction and maintenance amounted to considerable burden. As a result, insufficient funding of the communication networks led to holes in security that increased the vulnerability to hacking. Xensor, a business that previously developed and manufactured IoT sensor hardware, tackled the challenge to provide the IoT infrastructure required to construct smart cities. In doing so, Xensor decided to adapt blockchain technology and cryptocurrency ecology to solve the two ever-looming problems of IoTs: frail security, and high investment as well as maintenance costs. Xensor project has elevated the efficiency of data storage and transactions by automating specific points of data management, and has simultaneously lowered the cost of constructing IoT communication networks. In addition, Xensor plans to apply an incentive policy to its hardware clients by tokenizing data and providing monetary value to the data provided. These aspects play important roles in the structure of the Xensor ecology. All in all, Xensor project has taken the challenge to integrate IoT, one of the main components of the fourth revolution, and blockchain to help construct efficient and effective smart cities