Foxconn, Cisco, Bosch & Others Join Hands to Form a New Blockchain and IoT Consortium
Blockchain and Internet of Things are currently being seen as technologies that’ll become ubiquitous in the near future. But, there are also individuals who’re working towards the amalgamation of the two to build secure smart home solutions. They’re now looking to expand the scope of this tech beyond its financial confines and into Internet of Things (IoT).
Thus, a collective of Fortune 500 companies and industry-leading blockchain startups are coming together to address the potential of these technologies. These partners include technology leaders like BNY Mellon, Bosch, networking hardware giant Cisco, security giant Gemalto, and hardware maker Foxconn. The startups in the initiative include Ambisafe, BitSE, Chronicled, ConsenSys, Skuchain, among others.
These two parties have already conducted a meeting and decided to collaborate on the development of a shared blockchain protocol for the Internet of Things. This initiative was brought to the front lines after several IT firms successfully deployed blockchain-registered tamper-proof hardware for several use cases.