Cisco, Bosch, Foxconn, and others have formed a consortium to study the feasibility of using blockchain technology in Internet of things

According to the source, Cisco, Bosch, Foxconn, Gemalto, Bank of New York Mellon and several other companies created a consortium, which will explore blockchain technology and the potential application in the app segment of the Internet of things.

The blockchain is a chain of blocks of transactions, or, if simpler, distributed database. For ease of understanding, it is sufficient to recall the essence of any cryptocurrency (e.g. Bitcoin) — decentralization.

The newly formed consortium will develop a single blockchain Protocol of the Internet of things aimed at any device. Distributed database, in whatever direction it may be used ensure the security of the system. In this case, data used by the IOT devices. Because in the future these devices will be everywhere and will become commonplace. But this, in turn, will give more opportunities to interested parties to access confidential data of a person. The blockchain may help to solve this problem.

Note that the consortium includes startups, initially specializing in blockchain technology: Consensus Systems, BitSE and Chronicled.


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