SAN FRANCISCO, Dec. 18, 2017 /PRNewswire/ -- The Trusted IoT Alliance today announced its initiative with Qtum to strengthen connected device security using blockchain technology. The Qtum Foundation has awarded approximately $250,000 USD for the Trusted IoT Alliance to provide to members and the general public who submit proposals for promising approaches to leverage the Qtum protocol for IoT security. The Trusted IoT Alliance Selection Committee will choose from proposals and provide real market feedback to the Qtum community on the most promising applications. The Selection Committee is expecting to meet on Jan 26th in Berlin.
"There's a reason why these global firms and Qtum are meeting at the intersection of IoT and blockchain technology. Blockchain technology presents an unparalleled opportunity to have connected devices operate securely and autonomously while communicating and transacting with one another," said Patrick Dai, founder of the Qtum Foundation. "We know by accepting proposals for blockchain IoT use cases, the community will be able to highlight Qtum's unique advantages."
The Qtum protocol presents unique strengths when applied to IoT devices and secure edge computers. Qtum is able to execute Solidity smart contracts from light clients in low-bandwidth environments, and is able to secure the network with a proof-of-stake consensus protocol.
"With Qtum, we hope to pioneer a new model for how public blockchains can inspire deeper collaboration and the creation of an authentic ecosystem and use cases," said Zaki Manian, Executive Director of the Trusted IoT Alliance. "This grant will support exploration into protocols and smart contracts and provide valuable insight to the Qtum community on which directions for future development to pursue."
Please see the Request for Proposals for more info.
Qtum is a blockchain application platform. At its core, Qtum combines the advantages of the Unspent Transaction Output (UTXO) model, an Account Abstraction Layer allowing for multiple virtual machines, and a proof-of-stake consensus protocol aimed at tackling industry use cases. The Qtum Foundation, headquartered in Singapore, is a decision making body charged with accelerating the development of this open network and protocol. Learn more at qtum.org.
SOURCE Trusted IoT Alliance