New IoT and Blockchain Standards Initiative Lead by Bosch, BNY Mellon, Cisco, Foxconn and Gemalto

A new industrial blockchain initiative has been launched to define the standards and protocols for distributed ledger and the 'Internet of Things' (IoT), including Fortune 500 firms BNY Mellon, Bosch, Cisco, Gemalto, and Foxconn, as well as a host of blockchain startups.

Participants in the discussions included blockchain companies Ambisafe, BitSE, Chronicled, ConsenSys, Distributed, Filament, Hashed Health, Ledger, Skuchain, and Slock.it.

"We are seeing tremendous potential for the application of blockchain in industrial use cases. Being able to create a tamper-proof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability, eg for quality assurance and prevention of counterfeits. This must be supported by a shared blockchain infrastructure and an integrated Internet of Things protocol." Said Dirk Slama, Chief Alliance Officer at Bosch Software Innovations.

"Blockchain has the power to improve resiliency and efficiency in a fully connected world," "What's missing today is a solution that provides trusted, tamper-proof guarantees for any title deed, public record, compliance event, or transaction, building on the way paper documents are used currently." Said Alex Batlin, Head of Blockchain at BNY Mellon.

"Securing identity for physical property and packaging is going to be a big business opportunity over the next decade, high value parts of logistics supply chains and regulated industries like energy, pharmaceuticals, and cold chain could all see a blockchain component over the next decade." Said Joe Pindar, Director Product Strategy at Gemalto. Read the full article here.