Prasaga - Evolving the True Potential of Internet of Things (IoT) via Blockchain

What is Blockchain?

Blockchain is a huge invention that cannot be over emphasized. Since its invention, it has evolved into something even greater more than expected, and common question every single person is asking is: What is Blockchain? Originally, blockchain was built for the digital currency and Bitcoin blockchain, the technology had now found other greater uses to reckon with. A Blockchain is a series of immutable records of data that is controlled and powered by some sets of computers which are not owned by anybody. Each blocks of data is secured and connected to each other by chains. Blockchain network is not owned by any body; its decentralized, this makes it a technology that is much more sought of. No central authority is needed for it to operate, and no third party intermediaries are necessary to carry out any operations like transaction of funds. It’s a true definition of a “democratized system “. Since it’s a shared and immutable ledger, all the information in it is transparent and anybody could access it with ease. No secrete about blockchain as everything is ”open sourced”.

With blockchain, information can be transferred from an individual to another in a fully automated and secured manner. When an individual initiates a transaction, it creates a block which is verified by thousands of millions of computers distributed around the net. The verified block is added to a chain which is stored across the network, creating a unique code and record which cannot be tampered with. These records are virtually traceable without stress on the blockchain network. Take for instance, a football Clubs needs to sell match tickets, fans just need to buy it via blockchain and all records would be securely stored without stress on the network. Additionally, fans could save money on using credit card processing fees, as it can move the whole ticketing process to the blockchain. Since monetary transactions on the blockchain is a unique, independently verifiable and unfalsifiable record, so can the ticket be.

Features of Blockchain

• It is not controlled or powered by anybody, it is apparently decentralized.
• Data are stored cryptographically.
• Blockchain is 100% transparent, so anyone can track the data stored in it.
• The blockchain is virtually immutable, i.e. no one can tamper with it.

Blockchain and Data

The connection between blockchain technology and data is living up to its expectations. Due to the fact that cryptocurrencies and other applications built under blockchain technology are becoming increasingly higher, the amount of transactional data stored within various ledger is becoming higher on a daily basis. This is not surprising because blockchain has really turned the world around with it’s amazing features. More people keep using it on a daily basis. Data can be stored on the blockchain without the doubt of being stolen. Common types of data sold include advertising, demographics, personal information, business intelligence, research, and market data.

Blockchain and Data are expected to obviously transform the way businesses and organizations are run in the future. Blockchain and Data are both powerful on their own, however when they work together, they can produce the unexpected number of opportunities. With the growth in data produced and consumed, good analytics is becoming a problem necessary to solve without delay. The more data increases in size and the connected devices, the more companies data are exposed to security breaches. Securing a larger amounts of data and information is never easy, but with the help of blockchain, an ideal solution is available to face these challenges.

Introduction to Prasaga

Prasaga is a technological platform that enable companies and people to maximize the amount of data produced by industries and commercial internet of things (IoT) smart devices. By using Prasaga, smart cities, industries and people can exchange real-time anonymous and secured data in the marketplace. Immediately a data is available in the marketplace, a buyer can easily purchase it. Prasaga provides the DataGrid which enables data to be moved quickly using one unified standard available to anyone. People can easily make profits by selling off their data in a secured and anonymous environment. Most essential data are being wasted or being stolen by companies, Prasaga had come with a solution of using blockchain to democratize the selling and buying of data.

With this DataGrid Blockchain, Prasaga aims to save lives by reducing traffic fatalities, crime rates, and chronic treatment costs. Also, Prasaga objective is to help the environment by reducing global greenhouse gas and vehicle emissions. Increase in energy efficiency at home, farms and factories are other Prasaga’s aim.

Internet of Things (IoT)

Internet of things (IoT) is one of the hottest technologies in the era of digital transformation, which connects everything to the internet. It is the technology that powers smart homes, smart phones, self-driving cars, smart cities, and smart utilities meters. Everything about IoT is “smart”. The number of IoT devices keep growing daily as a lot of devices are connected to the internet. IoT devices has a lot of benefits which include automation, amazing communication between devices, and also saves time and cost. Despite the amazing features provided by the IoT devices, it still baffles with an issue – IoT security. There are lot of smart devices that have been easily hacked in the past due to low security protection. Challenges faced by IoT include but are not limited to ;

Security Issue – Security has been the major problem faced by IoT which has obviously hindered it’s large-scale integration. IoT devices frequently suffer security breach that makes them prone to Distributed Denial of Service (DDoS) attacks. Many DDoS attacks have caused disruption for organizations and individuals in recent years. Unsecured IoT devices also make it easier for cyber-criminals to be able to breach the security system using the DDoS attacks.

Scalability Problem – Due to the huge numbers of devices connected together through an IoT network, to authenticate, authorize, and connect different nodes in a network has been very challenging. To solve this issue, there is need to invest in servers that can handle large amount of information exchange, which can shut down if the server becomes available.

Unutilized Data by IoT Devices – Smart cities can easily make use of data created and stored by IoT devices to improve basic amenities. A lot of institutions and governments don’t know the essence and importance of data stored by these devices, the data just sit there being unutilized. Well, not their fault, as most data are transferred to silos which are obviously wasted. Presently, there are no way to access data created by these devices. This is a serious challenge faced by IoT.

How Prasaga Intends to Solve Challenges Faced by IoT Using Blockchain

Prasaga using blockchain as the basis intend to help allay the security and scalability issues associated with IoT. Prasaga Intends to provide solutions to problems faced by IoT in the following ways;

Autonomous Devices – Prasaga will provide the automation that will make IoT devices to be able to communicate with each other without human intervention. Humans are prone to errors which can leads to huge problem, but with the help of blockchain, Prasaga Intends to eradicate these errors made by humans to facilitate effective autonomous devices.

Transparency – Prasaga will allow anyone who is authorized to access the network to track the transactions that happened in the past. This will obviously create a way to spot a specific source of any data leakage and take immediate solution to it. As we all know that transparency will also create trust in the system, Prasaga envisage to build the platform in a trusted environment using blockchain. Information and data sent between different groups can be easily recorded and verifiable. This allow individuals to share his data with ease, since it is traceable and transparent for everyone to see.

Smarter Cities – Prasaga also intend to make cities more smarter as data to be used are seamlessly shared with no issues. Via this, inhabitants gets improved standard of living like better traffic, less crime, effective public transportation and low carbon emissions.

Faster Processing of Transactions – Connected devices can make transactions in secs with the help of Prasaga. As number of connected devices grows, there had been congestion in the processing of transactions. Prasaga Intends to make transactions of information and data between connected devices very easy and comfortable with a faster processing of transactions.

Profits by Selling Data – New opportunities are created by Prasaga for users to be able to sell their data to device’s producers. You don’t want to miss this opportunity that was not available in the time past.

DGT Token

DGT Token is the native token of Prasaga foundation. It would be used to facilitate all services provided by Prasaga platform. It is built on Ethereum blockchain with a total supply of 52,278,888,889 DGT.

DGT Token Sale

Due to KYC/AML delays, the private sale have been extended including the bonuses. For more information about the sale, visit this link.

In conclusion, Internet of things has been one of the most important discussion for the past years as more IoT devices are produced. Increase in these devices lead to increase in the production of data which are prone to security breaches and the likes. Although, IoT devices is having an impact in smart cities, but the challenges and problems faced had been enormous especially the common attacks from cyber-criminals which had caused a lot of calamities to affected individuals. Prasaga is a well built platform created to simply eradicate all the problems faced by IoT, from security issues, to scalability and transparency. Aside that, with Prasaga, IoT device users can make money by selling their data to companies instead of just trashing it. Prasaga believe the fact that data can easily be monetized with no stress. Prasaga, with the help of blockchain is going to revolutionize the IoT with a bang. Watch out!

To know more about the project, visit the link below

Website - https://www.prasaga.com

Whitepaper - https://www.prasaga.com/ecosystem-whitepaper

Twitter - https://twitter.com/PrasagaOfficial

Facebook - https://www.facebook.com/prasagaofficial

Linkedin - https://www.dhirubhai.net/company/prasaga

Author - diamond02 (Forum Username)

POA - https://bitcointalk.org/index.php?topic=5310375.msg56125294#msg56125294