Proving the Business Case for the Internet of Things

BCL adds IoT layer to blockchain structure

Steve Rogerson
August 16, 2018
Singapore-based BCL Foundation has added an IoT layer to the traditional blockchain structure so it can connect the virtual and real world through the power of blockchain and IoT devices. The aim is to create a full-scale public chain for enterprises.
Through the BCL Chain, enterprises in Singapore, Japan and around the world will be able to lock and unlock digital and physical assets automatically through smart contracts. This is possible because the BCL Chain has added the device layer to the traditional blockchain structure, allowing IoT devices to be directly connected to the infrastructure layer.
"The BCL Chain is designed specifically for the sharing economy," said Ken Okamoto, CEO and founder of BCL Foundation. “From property and space rental, hotel check-ins, to home and supplier deliveries, BCL Chain empowers organisations and individuals to safeguard their personal and shared spaces. Tailor-made to meet the needs of every customer, we expect this new concept to take off in a sustainable and scalable way as the adoption of blockchain continues to evolve.”
The introduction of BCL Chain provides a route through the needs and demands of today using a tokenised sharing economy. Through the foundation, enterprises can participate in a mainchain – a decentralised commercial public chain with a built-in token economy that allows partners to launch their own subchains, even issue their own assets.
The simple concept is meant to ensure scalability and ease of use in the long run, promoting the concept of lock as a platform. To further streamline the process, the foundation provides consortium partners with dedicated smart contract templates, customised for the smart lock and the sharing economy. The templates allow developers to reduce time to market and development costs by eliminating the need to learn a new programming language.
"There is no need for enterprises to worry about ease of use, either, as any third party participating in the BCL ecosystem will be able to create its own unique service through pre-set options," said Okamoto. “This allows businesses to set up their own blockchain business in a few simple steps. Of course, there will be room for companies to make changes accordingly to ensure that it matches their specific need and use case."
Upon joining the BCL ecosystem, companies will be offered an IoT smart lock, connected directly to the infrastructure chain through an IoT cloud. Additionally, BCL plans to integrate more IoT devices for applications such as a smart delivery box, smart appliances and smart cars together with third-party ecosystem partners in the near future, opening doors to more spaces and assets to be shared. The BCL ecosystem will also introduce the concept of authenticating and paying between devices.
Founded in Singapore this year, BCL says its mission is to unlock the world by merging blockchain technology with the token economy, bringing together the virtual and physical worlds through a commercial blockchain infrastructure that enables the seamless transfer of information and value. The vision is to form a consortium to facilitate a P2P sharing economy among property owners and device suppliers, and standardise the protocol between blockchain and IoT devices.