November 24, 2017
The non-human world around us is getting smarter. For example, your thermostat can now slowly increase the heat as dusk approaches so your home is nice and cozy for your return from work. If you forget to lock your door when you leave in the morning, simply flick a button on your smartphone and it can lock itself. And a hardly notable patch worn on your finger can alert you or your doctor of any health abnormalities you may be experiencing. All these advances rely upon on an emerging field known as the Internet of Things (IoT).
IoT is a system of interconnected computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Smart objects, devices and machines are able to recognize, interpret and respond to changing needs and environments to better assist humans without requiring constant attention. It is one of the most exciting and transformative technologies in the the modern world, with the potential to transform nearly every aspect of life including entertainment, security, shopping, agriculture and the basic ways we interact with each other.
Security is a major barrier for wide IoT adoption. Valuable information stored on or sent from devices or objects are at risk for interception. Similarly, a hacked device could wreak havoc (imagine if your neighbor had access to your computer and could order products that get billed to you). Blockchain has the potential to alleviate these concerns. Because all data is kept as hashes on a transparent, immutable distributed ledger, records cannot be altered and are much less prone to being stolen.
Blockchain can also help devices and objects communicate with greater efficiency. As blockchain engenders trust, expensive, time-consuming middlemen are not required for verification. Instead, humans can trust that devices and objects are sharing accurate, tamper-proof information. The transparent system further ensures the communications are fair and true.
Compliance and verification is another area where blockchain and IoT intersect. As disruptive technologies emerge, there is an increasing need for oversight measures. How can one be sure a person, object or device is what it says it is? And if one cannot do that, how can one be sure all laws and regulations are being followed? Again, thanks to the blockchain’s extreme transparency and security, identities can be verified and trusted. When its identity is certified, it becomes infinitely easier to ensure an object, device or person is acting in full compliance.
As IoT’s and blockchain’s potentials become understood, an increasing number of companies are being established to develop products and services. Few are as accomplished as Chain of Things (CoT). The Hong-Kong based company was formed by a group of technologists at the nexus of IoT hardware manufacturing and alternative blockchain applications. At the base of the chaotic IoT supply chain and manufacturing stack, they saw a clear threat to the future stability of IoT. CoT is setup to explore all security applications within blockchain IoT and look at the development of open-standards for the industry to use.
CoT’s strategy is to organize global events involving industry participants and case studies to test the existing technology and explore practical applications within various verticals. Their core competencies range from sensors, end to end manufacturing, communication protocols, and data analytics, to blockchain, open protocol hackathons, crypto law, global macroeconomics, and design.
Early CoT case studies focused on how IoT can innovate data security, solar energy production and use, and shipping logistics. They have also been pioneers in information dispersal through blogs, reports and frequent speaking engagements and conferences all around the world.
In early 2017, CoT and Infinity Blockchain Labs (IBL) formed a partnership to work on integrated blockchain and IoT solutions for specific industries as well as develop identity verification solutions for humans, objects and devices. The partnership will help CoT apply the most advanced and complete blockchain technology to their operations. By sharing resources, experience, vision and passion, both operations can help one another maximize the impacts of their respective expertise.
One of the first and collaborations between IBL and CoT is Blockpass. The platform is an innovative solution to solve identity and compliance issues of online interactions. Public Blockchains need an identity protocol for compliant interactions. Blockpass verifies individuals against sanctions, Anti-Money Laundering (AML) and Politically Exposed People (PEP) lists and gives them an on-chain identity that acts as a passport.
In the IoT ecosystem, there is a major need for an identity protocol to allow for compliant interactions on public, permissionless blockchain protocols. Most governments require or will require that blockchain businesses and crypto-tokens follow regulatory AML and know-your-customer KYC requirements when bringing on customers or investors. However, such identity verifications take several days or weeks to complete, slowing down user onboarding and leading to significant barriers to entry. The cost of compliance for blockchain businesses is extremely high, representing as much as 20% of their total operating costs.
“Blockpass is a platform-as-a-service designed to solve this problem. Blockpass is a shared infrastructure for blockchain businesses to share a verified user base and reduce this cost of on-boarding customers,” said Hans Lombardo, Chief Marketing Officer of Blockpass IDN.
As a pioneer in the technology, IBL hopes to help blockchain impact as many diverse fields and technologies as possible to nurture global development. To do so, IBL relies on a wide range of expert partners. CoT is a perfect example of a company that is an expert in their field and can thus collaborate on projects, research and information sharing to everyone’s mutual aims. With enough partnerships, IBL can help blockchain fuel the future.
More about CoT can be found here: www.chainofthings.com
Learn more about Blockpass at www.blockpass.org and connect with them on Facebook
You can learn more about Infinity Blockchain Labs (IBL) and stay current with our activities by visiting our website and social media accounts below:
LinkedIn: Infinity Blockchain Labs
Contact: Nicole Nguyen PR@blockchainlabs.asia
Thomas Leiritz firstname.lastname@example.org