Cisco, Bosch, Gemalto and other business giants have announced the launch of the "Trusted IoT Alliance" as part of an effort to promote the use of the blockchain to secure IoT devices worldwide.
On Tuesday, the group of companies said the Trusted IoT Alliance will "further a blockchain-based Internet of Things (IoT) open-source working group" that will create a "blockchain-enabled, trusted IoT" ecosystem with improved security and trust protocols.
To reach this goal, the alliance intends to create an open-source blockchain protocol to "support IoT technology in major industries worldwide."
The blockchain is usually associated with cryptocurrency, but its uses go further than as a means to trade in Bitcoin. The distributed, decentralized electronic ledger can also be used to underpin everything from voting records to legal documents, and with the same information distributed across different systems, tampering, falsification, or compromise is difficult to achieve.
Bosch, BNY Mellon, Cisco, Gemalto, US Bank along with Bitse, Chronicled, ConsenSys, Ledger, Skuchain, Slock.it, HCM International of Foxconn Group, IOTA, Oaken Innovations, Qtum, Chain of Things, and Big Chain DB are the first batch of companies to sign up to the alliance.
However, it is hoped membership will expand membership by targeting Fortune 5000 enterprise companies.
The group has already published a common API for registering IoT "things" to the Hyperledger and Enterprise Ethereum blockchain and plans to issue grants to support the development of additional open-source blockchain technologies.
"Proprietary technology and competing interests made a truly open network difficult to develop," the alliance says. "Open-source is widely recognized as the solution...