IBM filed a patent today for an Internet of things blockchain focused configuration that focuses its proof of work (PoW) protocol to address security issues within the IOT network as published on April 26.
IBMs idea is to restrict a nonce (a number that can only be used once) within a predetermined range. This will solve 2 issues currently facing blockchain solutions for IOT.
IOT devices that have software, network, and sensor connectivity embedded within them could be resolved with a blockchain solution. This would decentralize the interaction between these devices and enable smart contract execution.
“Most IoT devices are constrained in the amount of energy they can consume. To enable such low-power devices to compute proof-of-work for smart contracts, the complexity of a crypto-effort or crypto-puzzle should be reduced. However, reduction in the complexity of the crypto-puzzle can enable malicious participants to manipulate the smart contracts.”
IBM’s patent ensures that all intranet competition is controlled as well as protected from outside invaders. This will allow IOT devices to use computing power beyond a particular threshold which will increase the chances of a successful PoW (proof of work).
The applications of IOT Smart contracts, as envisioned by IBM, would extend P2P energy, weather, and logistic networks, amongst many others.
IBM has also partner with international banks in order to develop blockchain trade finance platforms. This is among many other patents that IBM continues to release every month.
IBM partners with international banks in order to develop a blockchain finance trade platform, Batavia, which resulted in the finance platform first life pilot transactions. This reported by Finextra on April 19.
The Batavia platform tracks events in a product supply chain while other key events execute Smart contracts that close trade agreements.
The initial transactions involved sending cars from Germany to Spain and furniture production textiles from Austria to Spain according to the press release.
Niko Giesber of Commerzbank, one of the international banks involved with the partnership states…
“Trade data and smart payment, which is automatically triggered by the transport data, form an important basis for risk management and financing instruments and add value to every supply chain.”
Batavia may also look into other partnerships with fintech and financial institutions moving forward as they plan on building out a product ready solution.
IBM Switzerland registered a start up on blockchain, utilizing the blockchain workflow engine Proxeus, within a fraction of the time it would typically require to register a business.
Proxeus, which has been touted as the “Wordpress for Blockchain”, raised 25 million in two days during their ICO (Initial Coin Offering).
The company’s goal is to make blockchain technology readily available to the public as well as enable users, without any programming background, to utilize a drag-and-drop tool in order to create their own blockchain applications.
Proxeus showcase how the typical process for an entrepreneur, attorney, bank, or notary can be transformed into a very easy and reliable digital workflow.
They state that banking and commercial business registry as well as business startups, can be registered and processed instantly resulting in “record-setting achievement” of registration.
Antoine Verdon, cofounder of Proxeus states…
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“The existing system was slow and inefficient. We have proposed a solution that allowed us to radically speed up the registration process by creating a parallel [B]lockchain track, while still producing all the paperwork necessary to document and formally incorporate the company.” “The process will speed-up the registration from a pushcart to a rocket, facilitate the drafting of legal documents and it will consolidate the various parties in a most effective way.” |
Ulrich Schimpel from Cognitive Industry Solutions and IBM Research stated that the major reason IBM participate in this challenge was to “embrace a digital transformation”.
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“In the big scheme of things, reducing the complexity and duration of all administrative interactions throughout the entire corporate life-cycle has the potential to strengthen Switzerland’s position as a world-leading business location.” |
Proxeus also noted that they analyzed 477 ICO’s during a two-year timeframe in order to see which ones could be used on the Proxeus platform. The results showed that 68% of the ICO’s could be partially or fully replicated on their platform. 39% of the analyze projects could completely be copied utilizing the Proxeus platform.
IBM confirmed its partnership today with the identity startup company Sovrin Foundation (SF) in order to expand its online identity using blockchain technology according to reports published on April 4.
Acting as a “founding steward” of the Sovrin network, the IBM blockchain will allocate network resources a computing power, along with security resources, which will be hosted on IBM’s cloud platform.
The concept of self- sovereign identity revolves around giving users complete control over who has access to certain aspects of their online ID as well as the ability to revoke these privileges should they arise.
Through this partnership IBM’s general manager Marie Wieck states that they can help individuals and organizations celebrate adoption of self – sovereign identity standards. This is an important component for responsible data ownership.
The technology to use “sell sovereign identity” will inherently reduce costs to businesses and banks trying to protect their internal and external data credentials.
According to company reports in 2017, 2.9 billion records were compromised through various security breach incidences across all tech industries.
This news marks the latest in a long history of IBM’s ongoing exchanges with blockchain technology. This has extended over a broad spectrum of global industries within the last several years.
IBM made an announcement today, March 19, that it’s world’s smallest computer, which have the dimensions that are less than a grain of salt, will use blockchain technology to be embedded into everyday devices. This report is given within its summary of “5 and 5 report”, which details the technological innovations that could occur in the next five years.
This release marks a step further into its journey with blockchain. In a increasingly competitive market, IBM’s nano chip would have the same computing power as a computer from the early 1990s.
Nonetheless, this will allow it to perform data handling, on various sources, including the monitoring, analyzing, communication, and many other actions on data.
Also worth announcing, IBM announced that it would be investing in a dedicated fund for financing blockchain startups. This will enable the company to maintain a pulse on cutting edge blockchain innovations.
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Audi, the German-based car manufacturer, is currently testing blockchain technology for both its physical and financial distribution processing. With this new solution, Audi ‘s goal is to increase the security and transparency of its international supply chains.
Audi released its POC (Proof of Concept) system last year after testing the technology on IBM’s Hyperledger Fabric. Audi’s management team decided to advance the project beyond POC due to its overwhelming positive feedback.
Audi’s research teams are currently exploring international logistic processes, including financial settlements with regard to the blockchain technology. They’re also looking to utilize the blockchain to improve safety of data transfers, effectiveness of supply chains, local energy grid management, and the management of digital entities.
Alexander Dietmeier, Head of Group Treasury at Audi AD, stated that blockchain has a potential to change various operating principles. He also stressed that he believes it’s likely the alley will be offering cryptocurrencies as a payment method in the near future.
BMW, Mercedes, and Porsche have also recently hit the headlines with announcements of their own experiments with blockchain technology.
Mercedes Benz, is issuing its own cryptocurrency called MobiCoin to reward drivers for environmentally cautious driving. Porsche is also exploring blockchain applications in its vehicles.
BMW is also planning to expand its portfolio by partnering with a blockchain startup in developing a system for ethical sourcing of cobalt for its future products.
JD.com states that customers will be able to monitor their meat from a farm in Australia. This means that customers will be able to follow the order from when it was raised, butchered, and transported, to their doorstep.
This blockchain technology provides a solution to boosting consumer confidence as it allows them to verify the origins of their meat in seconds, as there was an incident in 2016 where 319 pigs were contaminated by prohibited drugs and were discovered in Southeast China. The new system will reassure consumers they have purchased safe and reliable products for their families.
Blockchain has also proven, with their distributed ledger system, to have the capabilities to track the origin of foodborne illnesses like salmonella. This method would also allow for more accurate tracking from the supplier to consumer chain in order to locate the source of contaminated products that could lead to less food waste and much higher food safety recalls.
Also worth noting, the US retail giant Walmart partnered up with IBM to build a blockchain platform to which they could identify and recall foods from their product list. JD,
Walmart, and IBM are all members of the Chinese Blockchain Food Safety Alliance.
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