Johannes Vermeer, View of Delft (Mauritshuis, The Hague) 1660-1661
The use of blockchain technology for Internet of Things (IoT) enables decentralized, autonomous communication (peer-to-peer, consumer-to-machine, machine-to-machine) without the need for a trusted intermediary. These intermediaries exist in nearly every dimension of the education industry even though we may only be hardly aware of them. Energy and municipal bond markets (that finance building construction and operation) are only two examples of spaces characterized by the presence of multiple intermediaries.
The need for standards that offer a protocol, common vernacular and support interoperability between blockchain platforms is gathering pace and the Institute of Electrical and Electronic Engineers (IEEE) is a natural home for them; though there is already significant competition among legacy standards developers; especially those financed by incumbent stakeholders. Apart from the market-making among incumbents that is a natural part of the innovation cycle standardization of a framework for blockchain use in IoT will provide a base common understanding enabling innovation in IoT markets.
The IEEE 2418 group of standards provide a common framework for blockchain usage, implementation, and interaction in IoT applications. Standard P2418.1 is the parent standard for the following spin-off standards which should interest @StandardsMich followers:
P2418.3 – Standard for the Framework of Distributed Ledger Technology (DLT) Use in Agriculture
P2418.5 – Standard for Blockchain in Energy
P2418.7 – Standard for the Use of Blockchain in Supply Chain Finance
The framework contemplated in the P2418-suite addresses scalability, security and privacy challenges with regard to blockchain in IoT. Blockchain tokens, smart contracts, transaction, asset, credentialed network, permissioned IoT blockchain, and permission-less IoT blockchain are included in the framework. We start with foundational standard P2418.1 – Standard for the Framework of Blockchain Use in Internet of Things
P2418.1 is currently under development and, according to the IEEE Standards Association consensus product development process, will reach a milestone at the end of December 2021. At the moment we are following but not actively participating on the committee because we are watching action in the competitive landscape among legacy accredited standards developers as well as emergent, open-source standards developers. If you would like to participate in the development of the IEEE 2418 suite the IEEE contact person is Philip Wennblom (wennblom@ieee.org).
Whatever we do will be coordinated with the IEEE Education & Healthcare Facilities Committee which meets online 4 times monthly in European and American time zones. We also include this standard on our Blockchain Standards teleconferences. See our CALENDAR for the next online meeting.
Issue: [17-352]
Category: Blockchain, Energy, Finance & Management, Information & Communications Technology
Colleagues: Mike Anthony, Jim Harvey, Jack Janveja
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