Bosch, Cisco, BNY Mellon, Others Launch New Blockchain Consortium

Cisco Systems , Bosch and several other companies have set up a consortium to work on how blockchain can be used to secure and improve "internet of things" applications, as sectors beyond finance seek to benefit from bitcoin's underlying technology.

The group, which also includes Bank of New York Mellon Corp , Foxconn Technology Group, security company Gemalto and blockchain startups Consensus Systems (ConsenSys), BitSE and Chronicled reported that they will collaborate to develop a shared blockchain protocol for the internet of things - the concept that everyday objects, from washing machines to shipping containers, will be connected to the internet and will be able to send and receive data.

"We are seeing tremendous potential for the application of blockchain in industrial use cases," said Dirk Slama, chief alliance officer at Bosch Software Innovations. "Being able to create a tamperproof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability ..."

The consortium is one of several collaborative efforts by large companies aimed at advancing the development of blockchain technology. Around 40 banks are members of a blockchain consortium run by startup R3 CEV, while technology firms such as IBM and Hitachi are part of a consortium led by the Linux Foundation.

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