The most significant fear of Internet of Things (IoT) is security. When machines start talking to each at light speed, a single breach can multiply within seconds. Before you know it, your entire network is down within minutes.
Not if the Trusted IoT and Singapore-based Qtum get their ways. In a new partnership initiative, both firms are looking to strengthen IoT devices with blockchain technology.
Qtum is a blockchain application platform that combines the Unspent Transaction Output (UTXO) model, an Account Abstraction Layer allowing for multiple virtual machines and a proof-of-stake consensus protocol. It is an open network and protocol that is governed by the Qtum Foundation.
To drive this new initiative, the Qtum Foundation is awarding around USD 250,000 to the Trusted IoT Alliance members and the general public to submit proposals on leveraging Qtum protocol for IoT security.
The selection will be by done on Jan. 26, 2018, in Berlin, Germany, by the Trusted IoT Alliance. The Selection Committee will share the final results with the Qtum community live.
"There's a reason why these global firms and Qtum are meeting at the intersection of IoT and blockchain technology. Blockchain technology presents an unparalleled opportunity to have connected devices operate securely and autonomously while communicating and transacting with one another," Patrick Dai, founder of the Qtum Foundation said in a press release.
"We know by accepting proposals for blockchain IoT use cases, the community will be able to highlight Qtum's unique advantages," he added.
According to the firm, the Qtum protocol presents unique strengths when applied to IoT devices and secure edge computers. Qtum can execute Solidity smart contracts from light clients in low-bandwidth environments and can secure the network with a proof-of-stake consensus protocol.
"With Qtum, we hope to pioneer a new model for how public blockchains can inspire deeper collaboration and the creation of an authentic ecosystem and use cases," Zaki Manian, Executive Director of the Trusted IoT Alliance said.
"This grant will support exploration into protocols and smart contracts and provide valuable insight to the Qtum community on which directions for future development to pursue," he added.