Dr. Xinxin Fan, IEEE Chair of the Identity of Things Working Group, announced that researchers and scientists from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX, and the China Academy of Information and Communications Technology are working on global standards for blockchain decentralised identities.
Dr. Fan, IoTeX Founding Member and Head of Cryptography, started working on a global definition for blockchain-based decentralised identity (DID) for IoT devices with the Institute of Electrical and Electronics Engineers’ (IEEE) newly formed group in 2019. (W3C).
Interoperability and connectivity between Internet of Things (IoT) devices, people, and enterprises require blockchain identity standardisation. By removing technological hurdles and allowing heterogeneous organisations to interact using global standards, global trade, economic progress, and local community prosperity can all be realised.
The working group, led by Dr. Fan, is dedicated to ensuring that the full $12.6 trillion potential value of the IoT, as predicted by McKinsey by 2030, can be unleashed internationally by developing a global DID standard for humans and machines to interoperate.
The Identity of Things standard, in particular, defines a decentralised identity and access management (IAM) architecture for the Internet of Things (IoT) to manage the lifetime of IoT devices as well as IoT security services including device authentication, data authorization, and access controls.
Dr. Ramesh Ramadoss, co-chair of the IEEE Blockchain Initiative, said, “Interoperability is a crucial component of the working group’s role in establishing standards that unleash the full power of the blockchain innovation ecosystem.”
Ramadoss used WiFi as an example to show interoperability. The IEEE established WiFi as a global standard. People can now connect to the internet from anywhere in the world using only their login and password.