How the Kandola Network blockchain protocol addresses customer privacy, security in IoT

In recent years, the Internet of Things (IoT) market has grown at a breakneck pace. The global IoT market size was $330 billion in 2020 and is expected to reach $875 billion by 2025, growing at a compound annual growth rate (CAGR) of 26.9% during this period. But an increase in the number of IoT devices also leads to an increase in security breaches, with the possibility of large-scale cyberattacks remaining high.

Having previously worked in the IoT space, Siddharth Banerjee, Krithika Radhakrishnan and Sriram Padmanabhan recognized that the industry’s primary concerns were data security and privacy.

With the aim of guaranteeing data confidentiality and establishing security mechanisms, the trio co-founded kandola– a decentralized network protocol that addresses privacy and security, as well as enables digital identity and ownership of IoT NFTs (non-fungible tokens).

Siddharth, founder and CEO of Kandola Network, explains in a conversation with The Decrypting Story: “In the last few years alone, many IoT cybersecurity laws have been passed around the world, including the California Internet of Things and Internet of Things Cybersecurity Law. 2020 – all of which attempt to address data privacy issues. However, most companies today collect and use customer data. We didn’t want to do this because we had previously worked as a solution provider in the IoT space and didn’t want consumer information to be misused.”

The trip

In 2006, Krithika was Vice Chairman of Goldman Sachs; Fixed Income Derivative Operations, India, while Sriram and Siddharth worked as software developers for SunGard, an American multinational.

“Sriram and I have been good friends since 2006, and when we met in 2016, we were both very passionate about starting an IoT solutions business,” Siddharth recalls.

The same year, Krithika joined Siddharth and Sriram to start Cosine Labs, a Bengaluru-based home automation company that has established an ecosystem for smart living. After working at Cosine Labs, the trio decided to launch Kandola Network.

“When I met Siddharth and Sriram, I was thrilled with the incredible team dynamics and realized they were the dream team, so I got on board,” adds the manager. marketing and co-founder Krithika.

The name of the company has an interesting origin. She explains: “In Sanskrit, the word Kandola means ‘safe house’, and our business ecosystem is designed to ensure security and privacy in the IoT space.”

“We understood that IoT solutions would be difficult to implement without proper privacy and data security mechanisms. This is something we wanted to change in the IoT industry, and more specifically, ensure end-to-end data security. One of the things that we realized was completely missing in the Web3 ecosystem was real-time communication. So these issues have come up and we are trying to address the issue and close that gap,” Siddharth says.

How the platform works

Kandola is a Layer 1 chain who will implement the Proof of Stake (PoS) consensus mechanism, and the company is building a decentralized IoT network protocol that deals with user privacy and security.

Siddharth further explains, “We are developing an IoT3 network that will ensure real-time transactions. » As (Third Generation IoT) The IoT3 network will offer scalable data and users can easily exchange with other applications. Besides the decentralized protocol, the firm also builds firmware on hardware devices and Kandola SDKs (software development toolkit) will act as a server and will be available on both mobile and web.

In order to make the IoT platform convenient for users, the startup claims to offer a complete end-to-end solution with a ‘“Chip-to-Cloud” approach, as this would allow the transfer of data to a decentralized cloud via secure hardware.

“With the implementation of an end-to-end solution, users will be the digital owners of their data. We intend to create a business model that allows users to trade their data for value,” adds Siddharth.

The Bengaluru-based startup is currently an eight-member team and offers several web3-based services that are not limited to the IoT industry. Some of the features include Web3 real-time storage and analytical persistence, Web3 implicit NFTs for every transaction/message, and even Web3 digital identity for people, entities, and devices.

Several IoT blockchain companies, including Helium, Chronicled, Arctouch, Filament, and NetObjex, have emerged in the space.

Siddharth explains, “There is a lack of data security and interoperability in the IoT space, which increases complexity as well as costs for users. At Kandola Network, we not only work to ensure the privacy of user data, but we also work to create Developer-friendly and easy-to-use APIs and interfaces.”

The startup is also launching a token – EKAH, and users holding EKAH tokens will have access to participate in network governance.

Future plans

Regarding future plans, Siddharth says, “We are planning to expand our team and are currently looking to raise funds through a funding round.”

“In the coming months, we plan to launch the TestNet (a test network for testing new features or testing Dapps – decentralized applications) in the IoT3 network. Following the launch of TestNet, the startup plans to launch a main network (mainnet) – the final, fully functional version of the blockchain,” adds Siddharth.

“Once the mainnet is up and running, we will integrate manufacturers and solution developers. We will be a platform for games, metaverse, Web3 chat applications, Web3 social applications and for IoT. We want to demonstrate that Web3 can go beyond finance and NFTs, and can have a positive and meaningful impact on people’s lives,” he concludes.

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