Six companies from around the world have come together to launch the blockchain standardization, IEEE Identity of Things.
According to Dr. Xinxin Fan, President of the IEEE Identity of Things Working Group, researchers from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX and the Chinese Academy of Information and Communication Technology are developing global standards for blockchain-based decentralized IDs in an effort that began two years ago.
After two years of research, the six global companies have provided the proof of concept of blockchain-based decentralized identification (DID) for IoT devices, which Dr. Fan initiated in 2019 with the World Wide Web. Consortium (W3C). The IEEE is a non-profit organization that has created standards for the general needs of technology related to wireless devices, networks, and services.
According to the press release, Blockchain interoperability is crucial to the success of the Internet of Things (IoT), people, and businesses. Advancing global trade, economic development, and local communities around the world can be achieved by removing technological hurdles and allowing diverse entities to communicate with global standards.
“IoT, decentralized identifiers, verifiable credentials, and blockchain are technologies that are growing rapidly and coming together,” said Giovanni Franzese, head of blockchain business development at Ericsson. “It is a tremendous privilege to contribute to the development of the IEEE P2958 standards, bringing market insights, Ericsson knowledge, and participating in an inter-industry cooperative group to make the standards effective and encourage their adoption with our customers.”
Dr. Fan chairs the task force that aims to ensure that the full potential $ 12.6 trillion value of the IoT by 2030, as projected by McKinsey, can be achieved by defining a global DID standard for people and machines to be able to achieve. interoperate.