With the spread of Internet of Things and an increase in market for smart homes, factories and office spaces, it has come to light that most devices will become more intelligent and behave on the basis of their environment. Interconnecting devices will need to interact and transact so as to enable a healthy IoT ecosystem. While there are many emerging technologies like networking, distributed processing technology etc. which are going to facilitate these interconnections and transactions, one such technology is use of IoT Contracts, and it is expected that this will be possible in many industries.
An IoT contract, works like established conditional contracts between devices. Eg. in order to switch off a smartTV using a smartphone at 9:00 p.m. daily, there will be an IoT contract which will need to be established between these two devices on the condition that the time is 9:00 p.m. On the face of it this sounds easy as communication protocols can be setup between the two devices and they can interact easily at 9:00 p.m. daily. But when there is a complex contract, the issue of security creeps in and it becomes important to keep the contract secure and away from leakage. One way to facilitate this has been tried by HDAC, which will combine blockchain and IoT, allowing low cost, machine to machine transactions while keeping a strong authentication mechanism in place. HDAC will use public and private blockchains and use quantam random number generation to secure these transactions.
To read more about this amazing technology please visit : https://hdac.io/
Or get a detailed understanding through a whitepaper :
https://github.com/Hdactech/Hdac/wiki/Hdac-Technical-Whitepaper.