A team of industry leaders in the Silicon Valley has officially announced the launch of “Trusted IoT Alliance”, a partnership to advance the development of Blockchain-enabled IoT initiatives. The consortium includes leading companies such as Bosch, Cisco, Gemalto, Chronicled, BNY Mellon, US Bank, Big Chain DB, Chain of Things, Qtum, Bitse, ConsenSys, Ledger, Skuchain, Slock.it, HCM International of Foxconn Group, IOTA, and Oaken Innovations. Trusted IoT Alliance aims to foster collaboration among enterprises for developing an open source blockchain protocol, in order to support IoT innovations across the world.
Trusted IoT Alliance will conduct annual events to connect Fortune 5000 companies, developers, and blockchain technology enterprises. The membership focuses on ‘working together to enhance IoT and blockchain’. This will be done by heading pilot projects, publishing open source codes and establishing standardized references and architecture. The alliance has plans to award funds to support open source development, after reviewing proposals submitted by IoT and Blockchain technologists. Members of the Trusted IoT Alliance have also rolled out a common API to register ‘things’ on Hyperledger as well as Enterprise Ethereum blockchain networks.
The Alliance will function as a board that comprises intellectual property as well as open source tools and standards for IoT products. In other words, enterprises can utilize these tools and standards to preserve and present “things” and “events” on a decentralized blockchain system. While open source is considered as the most widely accepted solution for developing IoT standards, it is a challenge to establish a consortium between enterprises. Trusted IoT Alliance will act as a platform to facilitate collaboration between Fortune 5000 enterprises and startups, simultaneously adhering to technological standards.
Zaki Manian, one of the co-founders of Skuchain, has been designated as the Executive Director of Trusted IoT Alliance. In his words, the most crucial goal of the Alliance is “to capture the potential of blockchain and distributed ledger technologies by linking these secure virtual systems to secure physical IoT systems.”
To sum up, Trusted IoT Alliance is an open source establishment built to derive business value from the confluence of blockchain and IoT ecosystems.