The Internet of Things (IoT) in its broader definition, is the interconnection of many heterogeneous devices –ranging from desktop computers, embedded systems, small sensors, among others-. The IoT paradigm seeks to bring smart devices and sensors to all places, can Blockchain Technology help in this task? The Isle of Man thinks so.
The government of the Isle of Man has announced its intention (along with a proof-of-concept) to build a blockchain platform that will assist in identification and verification of IoT devices.
The IoT paradigm presents challenges and risks, among them security and coordination seem to be the most pressing ones. Having millions of sensors all around the globe can prove to be difficult because they may pose a risk for being an easy entry point for hackers.
In light of these threats and challenges, the authorities of Isle of Man began working together with Credits, a blockchain infrastructure provider for building secure and scalable blockchains. Credits offer the ability to implement blockchain applications in a secure, controlled environment.
Nick Williamson, the co-founder of Credits, stated:
The idea behind [the experiment] is that IoT has a promise of assigning a unique, non-forgeable identity to physical items and what the blockchain provides is the way of managing and maintaining an identity.
The report was originally sourced by Financial News, the publication stated:
The Isle of Man government is testing whether the blockchain can be used to safeguard new technology that enables everyday objects – from watches to washing machines – to be brought online.
This collaboration may shed light about the viability of these two technologies and paradigms working together.
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