The group agreed that security, trust, identity, and registration and verification would be the cornerstones of any common protocol
A group of start-ups and Fortune 500 technology companies have gathered in a bid to define a blockchain-based Internet of Things (IoT) protocol.
The initiative stemmed from the New Horizons: Blockchain x IoT Summit held last month where participants included blockchain companies Ambisafe, BitSE, Chronicled, ConsenSys, Distributed, Filament, Hashed Health, Ledger, Skuchain and Slock.it along with BNY Mellon, Bosch, Cisco, Gemalto, and Foxconn.
“We called together leaders in blockchain, hardware, software, venture capital, technology, and finance to discuss the barriers to interoperability and security within IoT and how we can complement existing IoT platforms with a blockchain back-end,” said Zaki Manian, co-founder, Skuchain. “We believe there is a real value proposition here for IoT, supply chain, and trade finance.”
The meeting also resulted in the creation of a blockchain technology industry consortium which will define the scope and implementation of a smart contracts protocol layer across several major blockchain systems with elective steer from the attending Fortune 500 companies.
The group agreed that security, trust, identity, and registration and verification would be the cornerstones of any common protocol, while also acknowledging the need for integration and interoperability across multiple chip types, communication protocols, proprietary platforms, cloud service providers, and blockchain systems.
The functioning of the group is voluntary at this stage with the aim of enabling nimble and fast-moving open source collaboration with any formal membership or governance structures emerging if and when necessary.
“We are seeing tremendous potential for the application of blockchain in industrial use cases. Being able to create a tamper-proof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability, eg for quality assurance and prevention of counterfeits,” said Dirk Slama, chief alliance officer at Bosch Software Innovations.
“This must be supported by a shared blockchain infrastructure and an integrated Internet of Things protocol.”
“Blockchain has the power to improve resiliency and efficiency in a fully connected world,” said Alex Batlin, head of blockchain at BNY Mellon. “What’s missing today is a solution that provides trusted, tamper-proof guarantees for any title deed, public record, compliance event, or transaction, building on the way paper documents are used currently.”
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