Today, September 19, 2017, marks the formation of the Trusted IoT Alliance, founded by a corporate consortium to further the development of blockchain-based protocols that will link together an Internet of Things (IoT) network.
Members of the alliance include Bosch, BNY Mellon, Cisco, Gemalto, U.S. Bank, BitSE, Chronicled, ConsenSys, Ledger, Skuchain, Slock.it, HCM International of Foxconn Group, IOTA, Oaken Innovations, Qtum, Chain of Things, and Big Chain DB. As announced, these companies will unite to create a trusted IoT network, underpinned by blockchain tech, by setting decentralized standards for global industries. The Trusted IoT Alliance will lead pilot programs in addition to publishing open-source code, while it fosters communication between developers and fortune 5000 enterprises.
CEO of Chronicled Inc. Ryan Orr described the importance of cooperation between industry leaders.
"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," said Orr. "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."
Since December 2016, the founders of the Trusted IoT Alliance have been working in informal cooperation. The alliance acknowledges that open-source development is the easiest way to establish a wide-spread, industry-serving, interoperable network, and is committed to developing tools and standards for this development. Intending to be blockchain agnostic, the alliance aims to foster protocols that promote business-competent interaction between disparate blockchain platforms.
Skuchain is spearheading the Trusted IoT Alliance Supply Chain Working Group to lay a foundation for the development of a blockchain network of IoT devices as they may be applied to supply chain solutions.
Co-founder of Skuchain Zaki Manian has been appointed as the executive director of the Trusted IoT Alliance. He described its goals:
"A big part of realizing the potential of blockchain and distributed ledger technologies will be linking these secure virtual systems to secure physical IoT systems. The Alliance's vision is to support the creation of a secure, scalable, interoperable, and trusted IoT ecosystem and to become a key forum for enabling rapid development of mature IoT enabled blockchain use cases and specifications."
Senior VP of Cisco Hilton Romanski also touched on the importance of interaction as a factor that drives acceptance, saying, "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."
As per the release, “The goal of the Alliance is 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.” Tools like this give consumers control over their information, as noted by Dr. Rainer Kallenbach, CEO of 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. A blockchain is based on a kind of decentralized database, which distributes information entered into it across a network of computers. This gives protection against falsification of data, and consumers are less dependent on one single computing center."
"Together with our partners in the Trusted IoT Alliance, we will make new blockchain solutions ready for the market, and in this way help the IoT become more successful," concluded Kallenbach.