Ericsson, Lenovo, Huawei, Bosch and IoTeX create blockchain-based IoT standards – Bits Media

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Ericsson, Lenovo, Huawei, Bosch и IoTeX создают стандарты для IoT на основе блокчейна - Bits Media

Lockheed Martin Companies, Ericsson, Lenovo, Huawei, Bosch, IoTeX and CAICT join the IEEE Standards Association, to create standards for the development of the Internet of things and blockchain.

Institute of Electrical and Electronics Engineers (Institute of Electrical and Electronics Engineers, IEEE) represents international non-profit organization, which is considered a world leader in the development of standards in the field of radio electronics, electrical engineering and network technologies. How
said the chairman of the IEEE working group on the development of the Internet of things (IoT) Xinxin Fan (Xinxin Fan), Researchers from these companies have been working on international standards for decentralized identification using blockchain for several years now..

This initiative began in 2019 year together with the World Wide Web Consortium (W3C), involved in creating standards for the Internet. After research by Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX and China Academy of Information and Communications Technology (CAICT) presented a proof of concept for decentralized identity (DID) blockchain-based for IoT devices.

According to Fan, Blockchain interoperability is critical for successful IoT development. Besides, the use of blockchain technology can improve the efficiency of international trade and accelerate economic development, and it will be easier for various organizations to comply with international standards. Giovanni Francese (Giovanni Franzese), Head of Blockchain Development at Ericsson, commented:

"Internet of Things", decentralized identification, verifiable credentials and blockchain are technologies, which are developing at an accelerated pace and are becoming increasingly interconnected. It is a great honor for us to participate in joint work with a cross-industry group. This will allow us to contribute to the development of IEEE standards and promote their adoption among our customers."

According to Research Dive researchers, Investments in the international market for blockchain-based IoT devices will only increase, and to 2026 the size of the market will reach $5.8 billion.