Chain of Things (CoT) is examining whether blockchain technology can be effective in establishing security within IoT. The lab will test the feasibility of all potential blockchain applications within IoT. This will be done on a global scale through empirical research, bounties, and live testing environments as well as the organization of events and competitions. After research and testing, the Hong Kong-based research lab will report results and suggest a roadmap for developing an open standard if necessary for the industry to adopt.
Lisk CEO, Max Kordek, added:
Together we will investigate merging points for blockchain technology and the Internet of Things. Through this new partnership, we hope to find possible areas of cooperation between other members, and help formulate open standards that will benefit the industry as a whole.
With existing CoT partners Ethereum and IOTA, Lisk will fulfil an important advisory role at the research lab. Therefore, by working in collaboration with the participating members to create an open standard for the industry, we hope that our contributions will bring great success to this shared initiative.
When asked by AllCoinsNews about how Lisk could enable IoT systems, Kordek replied:
The Lisk blockchain has no real advantages in comparison to other currencies like Ethereum. However, the Lisk sidechains have them. Simply create a sidechain for your IoT application.
– IMMUTABLE: Sensor data shouldn’t be manipulated in the future. A Lisk sidechain is tamper proof.– MONETISATION: IoT data might be worth something. A research lab pays for carbon emission data¥ in Dubai today at 2PM. The carbon emission data provider could save the values in a Lisk sidechain and others can buy them with a few LISK.– SCALEABLE: Every IoT app, or every sensor could get [its] own sidechain.