There seems to be an obvious correlation between blockchain technology and the Internet of Things. As more devices are connected to the internet, sharing information and real-time micropayments become more important. The blockchain is more than capable of accommodating these needs. Chronicled, a technology startup, launched their open registry for IoT on the Ethereum blockchain.
Merging Blockchain and Internet of Things
The way Chronicled sees the future of Internet of Things is simple: there is a need for interoperability. There is little no point in having billions of Internet-connected devices who do not share communication and information in a global manner. To address this problem, the San Francisco-based tech startup uses the Ethereum blockchain.
Open Registry, as their project is called, will store identities of physical items on the blockchain. In the early stages, these items will encompass collectives and consumer goods, all of which will have embedded Bluetooth and NFC microchips.
Doing so allows for establishing an interoperable and secure digital identity. Additionally, it also enables new opportunities for proximity-based consumer engagement with these items. For example, a retailer could offer rewards to loyal consumers wearing specific products in real time.
Ryan Orr, CEO of Chronicled, explained the idea as follows,
“Chip companies, physical IP creators, and brands can now register and verify their BLE and NFC chips on a public blockchain. These tamper-proof chips can be ordered today and are already being deployed in consumer goods.”
So far, the company has deployed nearly 10,000 NFC and Bluetooth LE chips. Moreover, they have also open sourced their entire project under the Apache License. Developers can register their own chips on the blockchain, and associate chips with physical products. This will allow for new authentication functionalities in the long run.
Chronicled Solves Critical Issues Through Strategic Partnerships
Interoperability is a key issue in the Internet of Things market that needs to be addressed. Using private databases is not a viable option, and the blockchain seems to be the only solution. To be more precise, using a public blockchain standard is a must, and Ethereum seems to fit the bill neatly.
Brands and retailers can benefit from this new initiative as well. Since Bluetooth and NFC functionality is supported by Chronicled’s open registry, new ways of customer engagement are within reach. Providing fee digital gifts for successful in-store purchases is just one example of what the blockchain will allow retailers to do.
So far, Chronicled has been working together with different Internet of Things and technology partners. The company gained the support of Silicon Labs, Identiv, Ambisafe, and SmartTrac, to name a few. This list will continue to grow as more companies see the value of this blockchain-based IoT open registry.