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New Blockchain Consortium Launched by Bosch, Cisco, BNY Mellon and Others

New Blockchain Consortium Launched by Bosch, Cisco, BNY Mellon and Others
As sectors beyond finance seek to benefit from bitcoin’s underlying technology and in an attempt to secure and improve "internet of things", Cisco Systems Inc, Bosch Ltd and several other companies, have set up a consortium to work on how blockchain can be applied to use.
From washing machines to shipping containers, will be connected to the internet and will be able to send and receive data, and collaboration will be done to develop a shared blockchain protocol for the internet of things - the concept that everyday objects by the group that includes Bank of New York Mellon Corp, Foxconn Technology Group, security company Gemalto and blockchain startups Consensus Systems (ConsenSys), BitSE and Chronicled Inc.
While increasing the scope of devices which could be hacked, having more devices connected to the internet presents some advantages for consumers and businesses.
Maintained by a network of computers on the internet and secured through advanced cryptography, blockchain is a tamper-proof distributed record of transactions. It could be used to provide additional security and better identity management features to internet of things applications, believes proponents of the nascent technology.
"We are seeing tremendous potential for the application of blockchain in industrial use cases," said Dirk Slama, chief alliance officer at Bosch Software Innovations. "Being able to create a tamperproof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability ..."
Aimed at advancing the development of blockchain technology, the consortium is one of several collaborative efforts by large companies. While technology firms such as IBM Corp and Hitachi Ltd are part of a consortium led by the Linux Foundation, around 40 banks are members of a blockchain consortium run by startup R3 CEV.
By recently announcing plans to deploy new blockchain systems this year, some financial firms have forged ahead in the use of b;lockchain technology while companies in different sectors are looking at using the technology in more ways than one.
How companies could make bigger moves in blockchain this year is highlighted by the new internet of things consortium.
"Securing identity for physical property and packaging is going to be a big business opportunity over the next decade, high value parts of logistics supply chains and regulated industries like energy, pharmaceuticals, and cold chain could all see a blockchain component over the next decade," said Joe Pindar, director of product strategy at Gemalto.
There are however warnings about the technology with a number of experts are of the view that the technology may take several years for companies before they can reap its benefits and the technology could be much hyped even as large investments into blockchain continues to grow.

Christopher J. Mitchell

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