Among participants within the project, we mention Cisco Systems, Foxconn, Bank of New York Mellon and ConsenSys, BitSE, Bosch, Gemalto and Chonicled, who are attempting to establish a decentralized and immutable blockchain protocol as a shared platform to build IoT devices, applications and networks.
According to Gemalto, a 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. Company representatives said for CoinTelegraph that they believe multi-trillion dollar industries such as healthcare, manufacturing and pharmaceuticals will utilize blockchain-based IoT networks within the next decade.
Another advantage of using block chain is the technology’s ability 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.
Currently, the consortium is prioritizing the development of a blockchain network that will be set as the shared protocol amongst member banks and startups within the institution. Upon the completion of the shared platform, the consortium will begin to explore structures of IoT networks and design appropriate applications.
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