China’s Ministry of Industry and Information Technology has joined together with Chinese ecommerce giant Alibaba Group, multinational telecom company ZTE, and China Unicom to develop a blockchain framework for Internet of Things (IoT), called the Blockchain of Things (BoT).
The proposal was made in a report to the International Telecommunication Union, during a study group held in Dubai called the “Internet of Things (IoT) and Smart Cities and Communities (SC&C).”
The companies submitted the proposal as a means to discuss the difficulties they’ve experienced with integrating their current systems to IoT, such as high prices, centralization, low scalability, and network vulnerability. The companies argue that their solution, the BoT, offers an advantage to peers by allowing for the ability to send shared IoT data to cryptographically hashed BoT ledgers, and also by allowing business partners to access and supply IoT data without the need of centralized management systems.
According to the report, “Blockchain with IoT/SC&C together becomes a potential game changer by opening the door to invent new styles of digital interactions, enabling IoT devices to participate in blockchain transactions, as well as creating opportunities to reduce the cost and complexity of operating and sustaining business.”
The companies also describe several use cases that illustrate BoT, such as using it to enhance trust in supply chains, mitigating DDoS attacks from hijacked unsecure IoT devices, improving intelligent transportation systems, and promoting device democracy.