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Cisco, Bosch, Foxconn and several other companies are building up a Blockchain consortium for the internet of things applications (IoT). This syndicate aims at extending the power of Blockchain beyond finance sector by using bitcoin’s underlying technology to secure and improve IoT based applications. Besides Cisco, Bosch, and Foxconn, this team includes Bank of New York Mellon, Gemalto (the security company), and a couple of Blockchain startups. The consortium has announced last Friday that they will collaborate to build a shared Blockchain protocol for IoT- by which all everyday objects are connected to the internet and will be able to share and receive data.
While IoT offers the possibility of connecting more machines and devices to the internet, it also increases the scope of cyber security flaws. Hackers can shift the control from your hands anytime. It is a time when the IoT world is discussing more on the strengthening and implementing advanced security features, that this newly formed team is exploring the features of Blockchain for IoT security. Blockchain involves a secured, tamper-proof record of transactions maintained by computer networks on the internet and is made resilient through advanced cryptography. If used well, Blockchain has the potential to provide advanced identity management features and extra security layers to IoT applications.
This new consortium is one among the leading collaborations built by large companies researching on the development of Blockchain technology. For instance, the Blockchain association led by the startup R3 CEV has around 40 banks as members. IBM and Hitachi are part of another Blockchain team headed by Linux Foundation. Many industries, especially finance firms have announced that they are planning to deploy novel Blockchain systems in 2017.
Blockchain is still a nascent technology and people even think that it is often hyped. It will take a few years for these consortiums to fully realize the benefits of the technology. IoT, for that matter, offers a great platform for companies to experiment and implement advanced Blockchain security features.