The working group on blockchain standardization, IEEE Identity of Things, is born

Six companies from around the world have teamed up to bring the blockchain standardization IEEE Identity of Things to the market.

According to Dr. Xinxin Fan, President of the IEEE Identity of Things Working Group, have researchers from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX, and the Chinese Academy of Information and Communications Technology develop global standards for blockchain-based decentralized identifications in an experiment 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 launched in 2019 with the World Wide Web Consortium (W3C). The IEEE is a not-for-profit organization that has developed standards for the general needs of technology for wireless devices, networks, and services.

The working group on blockchain standardization, IEEE Identity of Things, is born
The working group on blockchain standardization, IEEE Identity of Things, is born

According to the press release, The interoperability of the blockchain is critical to the success of the Internet of Things (IoT), of people and companies. Boosting global trade, economic development and local communities around the world is possible by removing technological barriers and allowing different entities to communicate with global standards.

“IoT, decentralized identifiers, verifiable access data and blockchain are fast growing technologies that come together”, said Giovanni Franzese, Head of Blockchain Business Development at Ericsson. “It is an enormous privilege to contribute to the development of the IEEE P2958 standards, to contribute market insights and Ericsson knowledge, and to be part of an inter-industrial collaboration group to make the standards effective and promote their acceptance among our customers.” .

Dr. Fan leads the task force to ensure that the full $ 12.6 trillion potential of the IoT by 2030, as forecast by McKinsey, can be achieved by defining a global DID standard for people and businesses.

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