The Dubai Silicon Oasis-based firm, Next Big Idea Technology (NBIT), a group of Harvard-graduate blockchain professionals, is all set to develop and launch the state-of-the-art security system for IoT and blockchain with plans to reach the global market through the Middle East and Africa as its starting point.
Sang Soo Lee, the CEO of NBIT said, his firm, on the basis of US and Korean technology, has come up with an OAS Blockchain Renaissance Project that blockchain technology applies beyond cryptocurrency.
He said, “It is unfortunate that the general population believes blockchain’s only application is cryptocurrency. The goal of this project is to help people change such perceptions and to see and appreciate its true value.”
OAS Blockchain Renaissance Project consists of OAS Secure Pay, OAS Secure Private Blockchain Hosting, and OAS IOT Gateway.
First, OAS Secure Pay allows users to safely recover coins that have been lost due to hacking or other means. Selected arbitrators can override validated transactions that were carried out due to error or hacking, eliminating the anxiety of both parties in various P2P transactions. This secure payment system can be applied to short and long-term investors of stocks as well as cryptocurrency to prevent hacking in exchange platforms.
“It also has the advantage of providing a safe transaction payment environment without a centralised bank or lengthy payment process, significantly reducing transactions fees,” Lee explained.
Second, OAS Secure Private Blockchain Hosting Service facilitates easy and secure endorsements of transactions to be stored in blocks. In conventional blockchain hosting services, users endorse (i.e., sign) and send their transactions to the blockchian management nodes (i.e., hosting servers), who in turn include received transactions and put them in a new block.
“Such a model is inconvenient if a transaction has to be endorsed from multiple users, because in real scenarios not all users are always expected to be online at the same time.
“Some user has to take the job of collecting endorsements from all required users before sending it to the blockchain nodes.”
OAS blockchain hosting service resolves such inconvenience for users by also servicing an endorsement collector for each blockchain, who collects endorsements (i.e., signatures) from users for each transaction. Once minimum required endorsements are collected, the endorsement collector sends the endorsed transaction to the blockchain nodes for inclusion in the next block. Thus, OAS private blockchain service frees users from the burden of having to stay online until collecting all necessary endorsements for each transaction, and thereby provides better user experience.
Meanwhile, even if the endorsement collector gets hacked, it doesn’t compromise the integrity of the blockchain. In particular, the endorsement collector can’t tamper with blocks or add a false block to the blockchain, as it doesn’t have the endorsement (i.e., signing) key for a new transaction. This is because the endorsement collector is not an endorser.
If existing security system for IOT-based innovations such as home network, autonomous vehicles, factory automation, etc. get hacked, the damage will be astronomical and utterly devastating. OAS IOT Gateway system is a solution to this problem: It detects hacking of IOT devices within its system and quickly and automatically reboots after self-healing, preventing damage to peripheral devices.
When local IoT device requests Internet access to OAS Gateway after booting, it is granted access to only the remote attestation server, and only when remote-success message is provided, connection is permitted.
NBIT is currently working in partnership with the Dubai government, agencies, and major corporations. Patents for these revolutionary technologies have been filed in Korea and the United States.