Leading Internet of Things (IoT) blockchain project IoTeX’s Head of Cryptography has been appointed the Vice Chair of the IEEE Standard for “Blockchain use in IoT.”
Another Milestone for IoTeX
IoTeX, an EVM-compatible blockchain geared toward the IoT economy today announced that its Head of Cryptography, Dr. Xinxin Fan, has been appointed as the Vice Chair of the IEEE P2418.1 Standard Working Group “Framework of Blockchain Use in Internet of Things (IoT).”
For the uninitiated, the aforementioned standard seeks to provide a common framework for both permissioned and permissionless blockchain usage, implementation, and interaction with the IoT economy.
It is worthy of note that standards are expected to play a critical role that will aid in the rise of a market expected to reach close to $31 billion worldwide by 2030 with 73.5 percent annual growth, says Fan.
“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.”
Standards Critical for Blockchain and IoT Adoption
As previously mentioned, the aforementioned standards are important for blockchain and IoT as both ecosystems involve a complex cobweb of connectivity across several devices developed by hundreds of different companies.
Unsurprisingly, interoperability has emerged as a key component of the working group’s role in developing standards that will leverage the full potential of the blockchain innovation ecosystem, noted Ramesh Ramadoss, the co-chair of the IEEE Blockchain Initiative. He adds:
“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. Standards will align data formats, achieve interoperability across systems, and aid adoption of this innovative technology.”
Fan stated that the involvement of individual researchers, startups, global companies like IBM, GE, Dell, and Huawei with the IEEE puts it at the forefront of building standards and aligning stakeholders across all emerging technologies.
“By co-creating standards with industry experts, IoTeX is committed not only to innovation in the blockchain space via our real-world products, such as Ucam and Pebble Tracker, but also the research/standards space via our leadership positions in the IEEE and IIC to help shape the future of blockchain and IoT,” Fan concluded.