A range of public and private companies have set up the Trusted IoT Alliance to establish an ‘industry leading consortium’ to catalyse the development of blockchain-enabled internet of things (IoT).
Members of the alliance include Bosch, BNY Mellon, Cisco, Gemalto, Chronicled, Consensys and Qtum.
The companies have all come together to develop open-source blockchain protocols to support IoT technology throughout the global economy. The alliance will also look to lead pilots, fund small grants, house intellectual property, and coordinate standards and reference architecture.
Some members of the group have already published an API that allows users to register ‘things’ to both the Hyperledger and Enterprise Ethereum blockchain networks. The founding members have been informally cooperating since late 2016.
Here, a ‘thing’ could be any internet-connected machine or product, ranging from cars and refrigerators to energy meters.
In a press release, the Trusted IoT Alliance lists its main goal as:
“…the creation of a trusted IoT ecosystem that links cryptographic and registrant identities, along with metadata, to give objects the equivalent of digital, transferable “birth certificates,” that can be inventoried and managed across blockchain networks.”
Hilton Romanski, Senior Vice President, Cisco:
“Blockchain and IoT together create a “sweet spot” that form an Internet of Value which allows secure value flow across a range of industry segments. The Alliance is promoting interoperability which is a key factor that drives broad-scale technology adoption. This consortium will assist innovators across industries to develop transformative applications.”
Dr. Rainer Kallenbach, CEO, Bosch Software Innovations:
“For us, technologies such as blockchain are strategically very important. They allow consumers to securely share data online without involving a third party. Consumers can conclude agreements and contracts online and transact payments securely, and the technologies ensure the data is anonymized.”
Ryan Orr, CEO, Chronicled, Inc:
“The world is beginning to recognize the potential of blockchain technology to fundamentally reshape the way business is done globally – and we’re still just scratching the surface. At this early stage we think it’s vitally important to establish an inclusive framework that ensures openness, trust, and interoperability among the many parties, in both the public and private sectors, that we believe will begin to adopt blockchain technology over the next several years.”
Todd Moore, Senior Vice President of Encryption Products, Gemalto:
“As governments and businesses move more activities online, blockchain provides a truthful understanding of transactions where many people and departments are involved. However, for blockchain-based systems and projects to be successful, security needs to be at its core to protect data, devices and users. The Trusted IoT Alliance is a collaborative setting for companies to address these challenges and opportunities and work towards the common goal of a secure and convenient connected world.”
You can read more about the alliance here.