Penta Security System has chosen blockchain as its new driving force. Based on its experiences from vehicle security industry, it is planning to introduce blockchain for trading vehicle data. It is also pushing for ICO (Initial Coin Offering) in Singapore next month.CEO Lee Seok-woo of Penta Security held a press conference at its headquarters on the 24th and announced Penta Security’s plan to start blockchain business for trading vehicle data. “We observed that blockchain is a key that opens up new paradigms and it quickly changes societies.” said CEO Lee. “With automobiles that are turning into the biggest Smart Device at the center, we are planning to develop a blockchain platform where vehicle data can be traded.”Recently, automobile has transformed itself from an engine-based machine to an enormous Smart Device. Huge amount of data such as behaviors of drivers and information on vehicle movement is also collected. However, there has yet to be any standards for trading vehicle data. Penta Security’s goal is to create credible standards by utilizing blockchain technology.Vehicle data is recorded into each blockchain node as basic data. However, large data such as atypical data will be managed after being encrypted separately.
“Unlike internal-combustion vehicles, Smart Car, connected car, and electric cars are heavily relied upon different software (SW).” said CEO Lee. “Our blockchain platform that will allow people to share and trade vehicle data will help us to lead relevant markets.”Penta Security is also planning on ICO through its Singapore branch. Cryptocurrency that will be distributed through its platform is called ‘AMO’. Drivers are compensated with AMO coins when they sell vehicle-related information to automotive manufacturers and other various service providers.“We are pushing for reverse ICO and it is different from normal ICO that is meant to just gather business funds.” said CEO Lee. “We are hoping to create more business opportunities and induce more participations through ICO.”Penta Security is going to develop a main blockchain network after creating an Ethereum-based platform. It is going to introduce its blockchain network with its own abilities to trade and save data during the third quarter of 2019.Staff Reporter Jung, Youngil | jung01@etnews.com
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