SILICON VALLEY, Calif., Jan. 26, 2018 /PRNewswire/ — BAIC (Blockchain of AI and IoT) is a decentralized platform with the aim of promoting data interconnection, transaction settlement and smart contract between IoT and AI. BAIC believes that the data generated by human activity and the biological signals that are generated by the activity, representing all forms of labor, will become the value basis of the future AI world. BAIC’s goal is to integrate AI, data and IoT by leveraging the BAIC value chain.

With data as its core value, BAIC provides end-to-end handling of data storage, data trading and data collection. Based on directed acyclic graph or DAG technology, the platform uses IoT devices and equipment as nodes to validate transactions, and, by amassing and collecting together nodes, can generate huge amounts of computing power, provide the critically-needed security, set up the reimbursement mechanism and reduce transaction barriers through a flexible charging mechanism for fees.

With the aim of promoting data trading and settlement between IoT devices and AI applications and encouraging consumers to share their data, the BAIC community launched a blockchain technology-based point token system based on incentives and the circulation of the value provided by IoT data.

For example, if an air conditioner part has failed or worn out, the platform can automatically notify the vendor who can change or repair the part and the transaction can be settled with tokens. The daily usage data collected from smart home appliances are shared with vendors, so that vendors can accurately deliver fully relevant advertising and return the advertising revenue to users through tokens, benefiting users.

“The goal of the BAIC community is to connect AI applications, Internet of things devices, and data through blockchain technology, enabling the data to be traded and circulated directly between users, data buyers, device vendors and advertisers and settled using BAIC’s Token system, making users the true beneficiaries of their personal data.” The idea gained a lot of support after it was shared with companies from different industries. The open-source blockchain technology community BAIC was established on this support.

The BAIC community was initiated by Terry Tan. Tan is an internet entrepreneur, the founder of IMIO Labs which is an AI enterprise and the chairman of the IEEE Smart Home working group. He studied in the United States, graduating from the University of Southern California with an MBA degree. He founded the world’s largest Chinese Android developer community GFAN.COM, as well as the first Chinese hardware community PCBIRDS.COM and China’s first online games company SQUARE ENIX.

Tan said: “AI and the Internet of things need technology support in terms of how the two will communicate with each other, and that can be provided by blockchain. The Internet of things and blockchain technology are key steps in the transformation from weak to strong artificial intelligence. I believe there is a great likelihood that this transformation will lead to the second explosion of science and technology after the industrial revolution, and that it will produce artificial intelligence on a level that is far superior to the human variety in the foreseeable future.”

On the technical side, Tan said that the existing public blockchain is more or less unable to meet the needed levels of performance or functionality, so BAIC has chosen to launch its own public blockchain and provide two kinds of smart contracts. One is called the standardized smart contract, which targets straight-forward situations, fulfills the necessary business requirements, is standardized and highly efficient when it comes to execution. Without needing any further development, the contract provides the service on the blockchain via simple parameter configuration. The second, known as programmable smart contracts, supports fast blockchain applications by providing rich components tailored to the needs of users.

Mr. Tan added, “China now makes up 99 percent of the global production capacity of IoT devices. With that in mind, I believe that, as the technologies have been created by teams of developers located in China, these same teams should be involved in and even lead the development of the global public blockchain and the development of the standards. By working closely with the BAIC community and IoT firms across China, I have reason to believe BAIC has the potential to become the world’s first widely-deployed IoT blockchain application and build the world’s first test network connected to tens of millions of IoT devices.”

BAIC hopes to integrate big data, AI and IoT via the blockchain and utilize a machine trading system and complete smart contract platform as the basis for the establishment of an IoT-AI ecosystem platform, which is able to supply data exchange, device settlement, as well as AI-enabled AIaaS services, in addition to providing manufacturers with self-directed access to the chain, all of which will benefit mankind.

About BAIC

BAIC launched the data sharing-based bonus reward system with Lifesense, the third largest smart wristband company in China, which, in turn, attracted attention of the developers of the exercise and fitness app FEEL. BAIC is seeking more such partnerships with the aim of launching additional exercise data-based bonus reward systems. The BAIC community is also in charge of the China Smart Home Industry Alliance. At present, we are working with the alliance and its 1,300 members to provide the blockchain connection service for the smart home. The community has also formed partnerships with Bubi, among other blockchain firms, to jointly develop the IoT public blockchain and the IOTA test network in China. The community has also entered into long-term cooperation agreements with multiple AI companies, among them, IFLYTEK, Tricorn, Unisound, Moran, and Sense Time, with the goal of connecting smart home AI housekeeper services to the blockchain.

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SOURCE BAIC