Other participants in the consortium include Bank of New York Mellon, Gemalto, a security company and other blockchain startups like ConsenSys, BitSE, and Chronicled.
These companies will be working in collaboration to create a shared IoT blockchain protocol that can connect everyday objects of all sizes to the internet. These networked objects will be able to send and receive data, according to NewsBTC.
The consortium will utilize blockchain to ensure the security of the connection between various IoT devices. The increasing need for securing IoT devices emerged after a massive DDoS attack on the internet exploited several connected devices to do their bidding. With the implementation of IoT devices prognosis to increase in the coming years, it is the right time to explore all available and potential options.
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