MOUNTAIN VIEW, Calif., Sept. 19, 2017 /PRNewswire/ -- Today, in conjunction with the official launch of theTrusted IoT Alliance, Skuchain announces the establishment of the Trusted IoT Alliance Supply Chain Working Group to catalyze the development of a blockchain-enabled, trusted Internet of Things (IoT) for the supply chain. The mission of the Trusted IoT Alliance is to bring companies together to develop and set the standard for an open source blockchain protocol to support IoT technology in major industries worldwide. The specific purpose of the Supply Chain Working Group is to establish standards by which blockchain may serve as the security protocol for IoT devices in the supply chain context.
Skuchain has been working with its customers and partners to build frameworks for integrating sensor data with the blockchain. We do that using Smart IoT Contracts for the supply chain, which bring interoperability, scalability and identity to the signals, making them truly actionable. We began with the first Letter of Credit transaction on the blockchain, in which Wells Fargo and Commonwealth Bank of Australia used GPS sensors attached to cargo to gain additional insight into the trade.
Blockchain-based open protocols can standardize the use of GPS, RFID, temperature, humidity and other common sensors in the assembly line in a way that allows their data to securely automate actions. Logistics and transportation will also realize enormous benefits from using open protocols to integrate existing industry IoT tools with the blockchain for even greater visibility.
The Supply Chain Working Group will allow Skuchain's existing Smart IoT Contract effort to work with the wider Trusted IoT Alliance to foster the development of intellectual property and open-source tools and standards that support trusted digital identities for IoT-connected products. Specifically, the Supply Chain Working Group will lead pilots, publish open source code, and coordinate standards and reference architecture. For more details, please visit skuchain.com/iot.
About Skuchain, Inc.
Skuchain is a blockchain technology company that provides transparency, security and efficiency to the supply chain, enabling optimal planning and agility for downstream buyers and working capital relief for upstream suppliers. Skuchain's agile solution suite has been adopted across aerospace, food and agriculture, electronics, energy, auto, finance and other industries. For more information, go to www.skuchain.com or email [email protected].
About the Trusted IoT Alliance
The Alliance offers an inclusive membership model and annual events to connect Fortune 5000 enterprises, software developers, and blockchain technology companies. The Trusted IoT Alliance is an open source software foundation where member organizations are involved in projects that provide cryptographic identities to things with a blockchain and smart contract powered backend. It coordinates POCs, testbeds, publishes open source code and standards, and awards grants to support innovative open source projects.