The IEEE group is working on blockchain-based identity for IoT devices

MENLO PARK, CA?? Researchers and scientists from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX and the Chinese Academy of Information and Communications Technology are developing the global standards for decentralized blockchain identities, the president of the IoTeX announced. ‘IEEE Object Identity Working Group, Dr. Xinxin Fan.

The newly launched Institute of Electrical and Electronics Engineers (IEEE) group is developing a universal specification for blockchain-based decentralized identity (DID) for IoT devices that Dr Fan?? Founding member of IoTeX and Head of Cryptography ?? started in 2019 alongside the World Wide Web Consortium (W3C).

Blockchain identity standardization is essential to ensure interoperability and communications between Internet of Things (IoT) devices, people, and businesses. Eliminating technical barriers and enabling heterogeneous entities to communicate with global standards enables global commerce, economic growth and local communities to thrive,

Led by Dr. Fan, the task force is committed to ensuring that by defining a global DID standard for human and machine interoperability, the $12.6 trillion total potential value of IoT that McKinsey predicts by 2030 can be unlocked globally.

Specifically, the Identity of Things standard defines a decentralized Identity and Access Management (IAM) framework for the IoT to manage the lifecycle of IoT devices as well as IoT security services such as device authentication. , data authorization and access controls.

Interoperability is a crucial part of the task force’s role in developing standards that unlock the full power of the blockchain innovation ecosystem,” said Dr. Ramesh Ramadoss, Co-Chair of the IEEE Blockchain Initiative. .

Ramadoss explained interoperability using WiFi as an example. The IEEE has set the global standard for Wi-Fi. Thanks to this, people can travel anywhere in the world and connect to the Internet with just their username and password.

Dr Ramadoss also used electrical outlets to explain why global standards are needed. People face problems when traveling to other countries with electronic or electrical devices that require a plug adapter. In the case of electrical outlets, there are several regional standards around the world, but no global standard.

“Standards help growth and adoption of new technologies by lowering technical barriers,” Ramadoss said. “In the blockchain space, the lack of interoperability is a technical barrier. There are many blockchains and how devices are connected to blockchains to enable decentralized machine-to-machine communications should follow a universal standard.”

The Object Identity standard that the working group is developing aims to ensure that all people and machines can communicate frictionlessly, wherever they are. They will enable billions of machines around the world to communicate, regardless of who made them and where. With countless industries adopting internet-connected devices, the need for devices to exchange intelligence and value is paramount for a reliable and automated future.

The world is already seeing smart cities and highways being built on a global scale. In the not so distant future, machines will be the main workforce. The IEEE Identity of Things standard will ensure that vehicles can communicate seamlessly with humans, with toll booths, parking meters, gas stations and electronic charging stations. And to allow people to order self-driving taxis, pick them up on time and drop them off at the designated location, by making a digital payment. These are just a few use cases, but the possibilities are endless.

Dr. Fan explained that with globally standardized DIDs, people can globally contribute to society with valuable real-time climate, geography, traffic and other data.

“Despite technological innovations, today even humans face communication barriers due to language barriers,” he said. “This problem is compounded when we look at machines made by different companies and deployed in different geographic regions.”

“That’s what the task force I’ve chaired since April has been working on, and today I’m happy to say that we’ve formed a fantastic first class of forward-thinking companies to drive this standard forward and move forward. significantly, although many challenges remain,” Dr. Fan added.

“By co-creating standards with industry experts, IoTeX is committed to innovating in the blockchain space through our real-world products, such as Ucam and Pebble Tracker. We want to help people own their data by safe, earning by monetizing them and the value their smart devices generate and make the world a better place,” Dr. Fan said.

IoTeX has embraced MachineFi, or the decentralized machine economy. This will allow people to connect IoT devices and machines to the blockchain with DIDs. They will be able to monetize their data and the value generated by their devices and improve their lives and their environment. One way is to receive rewards for planting trees, using environmentally friendly transport, using sustainable energy, driving safely, exercising and sharing this data. This will benefit others without compromising their privacy or handing over control of their data and smart devices to Big Tech.

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