Launch of IEEE Blockchain Identity of Things Standardization Working Group

Six global companies have come together to launch the standardization of the identity of IEEE blockchain objects. According to IEEE Chai...



Six global companies have come together to launch the standardization of the identity of IEEE blockchain objects.

According to IEEE Chairman of the Identity of Objects Working Group, Dr Xinxin Fan, researchers from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX, and the Chinese Academy of Information Technology and Communication. communication develop global standards for decentralized blockchain-based identities in an effort that began two years ago.

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After two years of research, the six major global companies provided the proof of concept for decentralized blockchain-based identification (DID) for IoT devices, which Dr Fan launched in 2019 with the World Wide Web Consortium (W3C ). IEEE is a non-profit organization that has created standards for general technology needs related to wireless devices, networks, and services.

According to the press release, blockchain interoperability is crucial for the success of the Internet of Things (IoT), people and businesses. It is possible to advance global trade, economic development and local communities around the world by removing technological barriers and allowing various entities to communicate with global standards.

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“IoT, decentralized identifiers, verifiable credentials, blockchain are technologies that are accelerating rapidly and bonding together,” said Giovanni Franzese, blockchain business development manager at Ericsson. “It is a tremendous privilege to contribute to the development of the IEEE P2958 standards, bring market insights, Ericsson knowledge and participate in a cooperative cross-industry group to make the standards effective and drive their adoption by our customers. “

Dr Fan is leading the working group with the intention of ensuring that the whole Potential value of $ 12.6 trillion IoT in 2030, as predicted by McKinsey, can be unlocked by setting a global DID standard for people and machine interoperability.