IoTeX has been appointed to Vice Chair of the Standard for the framework of blockchain use in the internet of things. The Standard addresses items such as security and privacy challenges in permissioned IoT blockchain, and permission-less IoT blockchain.
IoTeX Head of Cryptography, Dr. Xinxin Fan, is the appointee and will sit as the Vice Chair of the IEEE’s P2418.1 Standards Working Group, a blockchain initiative that aims to provide a common framework for both permissioned and permissionless blockchain usage, implementation, and interaction with the Internet of Things (IoT).
The IEEE name is well known in the technology sector, and stands for the Institute for Electrical and Electronic Engineers. The organisation is one of the largest technical organisations in the world, with close to half a million members in over 60 countries. The goal of the IEEE Standards association is to provide a neutral platform to bring experts from all over the world to work on standards, and come to a consensus on the standards, comments Dr Ramesh Ramadoss, Co-Chair of IEEE Blockchain Initiative.
“Interoperability is a key component of the working group’s role in building standards that unleash the full power of the blockchain innovation ecosystem. Standards help with the growth and adoption of new technologies by lowering the technical barriers. In the blockchain space, lack of interoperability is a technical barrier. The way devices are connected to blockchains to enable decentralized machine-to-machine communications should follow a universal standard.”
As is the case with any new and emerging technology, the importance of creating and maintaining standards is crucial. The IEEE is committed to building these standards with a roster of industry experts including the likes of IBM, GE, Dell, and Huawei. The Standard aims to address the lack of interoperability that currently exists in the blockchain space by lowering the technical barriers to this technology.
Dr. Xinxin Fan addressed the importance of standards in fueling a market that is expected to reach $31 billion worldwide by 2030 in an interview with Dr Ramesh Ramadoss:
“The IEEE has been instrumental in creating global standards for emerging technologies. I’m honored to participate in this process for blockchain IoT, which will benefit from standards that boost interoperability while protecting privacy and fueling innovation. These are the building blocks that bring even more enterprises on board with blockchain IoT.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.