Skuchain forms working group to explore blockchain for supply chain
September 26, 2017
California-based blockchain technology company Skuchain has established a supply chain working group within the newly formed Trusted IoT Alliance to catalyse the development of a blockchain-enabled, trusted IoT for the supply chain.
The mission of the Trusted IoT Alliance is to bring companies together to develop and set the standard for an open-source blockchain protocol to support IoT technology in major industries worldwide. The purpose of the supply chain working group is to establish standards by which blockchain may serve as the security protocol for IoT devices in the supply chain context.
Skuchain has been working with its customers and partners to build frameworks for integrating sensor data with the blockchain. It does that using smart IoT contracts for the supply chain, which bring interoperability, scalability and identity to the signals, making them actionable.
The company began with the first letter of credit transaction on the blockchain, in which Wells Fargo and Commonwealth Bank of Australia used GPS sensors attached to cargo to gain additional insight into the trade.
Blockchain-based open protocols can standardise the use of GPS, RFID, temperature, humidity and other common sensors in the assembly line in a way that allows their data to automate actions securely. Logistics and transportation could also benefit from using open protocols to integrate existing industry IoT tools with the blockchain for better visibility.
The working group will allow Skuchain's existing smart IoT contract effort to work with the wider Trusted IoT Alliance to foster the development of intellectual property and open-source tools and standards that support trusted digital identities for IoT-connected products. Specifically, the group will lead pilots, publish open source code, and coordinate standards and reference architecture.
Skuchain provides transparency, security and efficiency to the supply chain, enabling planning and agility for downstream buyers and working capital relief for upstream suppliers. Its suite has been adopted across aerospace, food and agriculture, electronics, energy, auto, finance, and other industries.
The Trusted IoT Alliance is an open source software foundation where member organisations are involved in projects that provide cryptographic identities to things with a blockchain and smart contract powered backend. The official launch last week was made by Bosch, BNY Mellon, Cisco, Gemalto, US Bank, Bitse, Chronicled, ConsenSys, Ledger, Skuchain, Slock.it, HCM International of Foxconn Group, Iota, Oaken Innovations, Qtum, Chain of Things and Big Chain DB