SDChain Alliance, the world’s first public Blockchain based on international standard truly adopted to ensure the reliability of the IoT, has signed a Memorandum of Understanding (MoU) with Guangzhou Robustel Co, an Industrial IoT/M2M Hardware and Solutions Provider.
SDChain Alliance proclaims to make full use of blockchain for IoT applications. SDChain says it envisions that IoT data from the physical world should be sharable via a fast and cost-effective digital blockchain network where data producers and data users conduct digital asset exchange, within an open partnership ecosystem, based on globally standardised IoT six-domain model.
The full realisation of IoT’s potential depends largely on interoperability among IoT systems. According to a McKinsey study, by 2025 the number of devices connected to the Internet will reach 25 billion, and the output value will reach USD 6 trillion, with the associated economy going up to USD 36 trillion. Research and Advisory firm ISG also believes that the benefits of IoT are undeniable. It can bring much of the physical world – from industrial assets to commonplace devices to people – into a connected ecosystem, resulting in better business outcomes.
Viewed against this background the emergence of the SDChain Alliance assumes greater significance. “The distributed network architecture of blockchain technology provides a mechanism to maintain consensus among IoT devices, without the need for verification with the centre to address security threats and protect user privacy. Blockchain technology can provide point-to-point direct interconnection for data transfer, greatly reducing the cost of computing and storage.” says by Dr. Shen, chief scientist of SDChain.
Commenting on the MoU, Mr David Pan, CEO of SDChain Alliance, observes, “SDChain Alliance is proud to be strategically aligned with Robustel, which possesses strong technical strength and rich market experience. Through leveraging the value of the blockchain, we will explore the potential of innovative applications with IoT and blockchain technologies together.”