Reports said that six worldwide corporations have banded together to beg standardizing the IEEE blockchain Identity of Things.
It has been reported according to IEEE chair of the Identity of Things working group Dr. Xinxin Fan that researchers from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX, and the China Academy of Information and Communications Technology are developing the global standards for blockchain-based decentralized identities in an effort that commenced two years ago.
However, after two years of research, the six major global businesses have provided the proof-of-concept for blockchain-based decentralized identification (DID) for IoT devices, which Dr. Fan started in 2019 with the World Wide Web Consortium (W3C). IEEE is a non-profit organization that has created standards for the general needs of technology related to wireless devices, networks, and services.
The report said that blockchain interoperability is crucial for the success of the Internet of Things (IoT), people, and enterprises. It is possible to advance global trade, economic development, and local communities around the world by eliminating technological hurdles and enabling diverse entities to communicate with worldwide standards.
Giovanni Franzese, the Head of Blockchain Business Development at Ericsson, said:
"IoT, decentralized identifiers, verifiable credentials, blockchain are technologies accelerating fast and bonding together. It's a huge privilege to contribute to the IEEE P2958 standards development, bringing the market perspectives, the Ericsson knowledge and participate in a cooperative cross-industry group to make the standards effective and fostering for adoptions with our clients."
Thus, Dr. Fan leads the working group that intends to ensure that the entire $12.6 trillion potential value of the IoT in 2030, as predicted by McKinsey, can be unlocked by defining a global DID standard through which people and machines can interoperate.