Leading IT companies, Blockchain startups and financial institutions including Cisco Systems, Foxconn, Bank of New York Mellon and ConsenSys formed a consortium to focus on the development of Blockchain-based Internet of Things (IoT) applications.
The consortium which also includes BitSE, Bosch, Gemalto and Chonicled, is attempting to establish a decentralized and immutable Blockchain protocol as a shared platform to build IoT devices, applications and networks.
Dirk Slama, Bosch Software Innovations chief alliance officer stated:
"We are seeing tremendous potential for the application of Blockchain in industrial use cases. Being able to create a tamperproof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability."
Vast applicability of IoT devices
According to Gemalto, a multi-billion dollar digital security company and a member corporation of the consortium, the organization intends to look into the applicability of IoT networks in securing identities of physical properties and packaging.
Joe Pindar, director of product strategy at Gemalto, firmly believes multi-trillion dollar industries such as healthcare, manufacturing and pharmaceuticals will utilize Blockchain-based IoT networks within the next decade.
Pindar emphasized the ability of Blockchain technology to secure important data in a transparent ecosystem, wherein multiple parties will gain real-time access to information being distributed and recorded onto a public Blockchain.
"Securing identity for physical property and packaging is going to be a big business opportunity over the next decade, high-value parts of logistics supply chains and regulated industries like energy, pharmaceuticals and cold chain could all see a Blockchain component over the next decade,” said Pindar.
Blockchain network
At the moment, the consortium is prioritizing the development of a Blockchain network which will be set as the shared protocol amongst member banks and startups within the institution. Upon the completion of the shared Blockchain platform, the consortium will begin to explore structures of IoT networks and design appropriate applications.
Cisco Systems, one of the founding members of the consortium already acquired a major IoT company Jasper for $1.9 bln in February of 2016. Since then, the tech corporation has been actively looking into the potential of IoT and innovative technologies within the field.
Relying on the experience of Jasper and the expertise of Cisco Systems in the IoT scene the consortium intends to push the development of innovative IoT platforms throughout 2017.