The Isle of Man has announced that it will test blockchain technology to see if it can prevent IoT devices from compromise by hackers. And Peter’s been giving his reaction.
Financial News broke the original story according to Internet of Business, reporting it as a collaboration with startup firm Credits. Credits will offer its platform-as-a-service (PaaS) framework to enable enterprises, government and the public sector to build blockchains to establish provenance, authentication and reconciliation. The framework should work with other legacy and blockchain systems.
The framework has also been endorsed by the UK Government which awarded it a contract under G-Cloud 8 to provide distributed ledger technology software and cloud-based services to enterprise and public sector bodies.
BIO CEO Peter Veash comments in the article for Internet of Business, explaining that the Isle of Man has always been supportive of new technologies. “Blockchain is the next logical step. The technology isn’t just used for crypto-currencies like Bitcoin – the opportunities for it are limitless and the Internet of Things industry is definitely one that can benefit from it. Given that a blockchain uses code that theoretically can’t be altered and keeps a record of every transaction, it is very hard to hack.”
Read more from Peter on why the Internet of Things is an outdated – and potentially damaging – term in this article for IoT Now.