The government of the Isle of Man has announced its latest blockchain proof-of-concept.
Profiled today in Financial News, the project is a collaboration with blockchain startup Credits that finds the two partners exploring whether the technology can be used to help keep Internet of Things (IoT) devices from being compromised.
Credits co-founder Nick Williamson told the new source that the idea behind the project is to assign unique identities to physical items, thereby creating a way of affirming their authenticity.
Williamson told the publication:
“The idea behind [the experiment] is that IoT has a promise of assigning a unique, non-forgeable identity to physical items and what the blockchain provides is the way of managing and maintaining an identity.”
The trial comes more than a year after the British dependency revealed it was working with Credits (then called Pythia) on a blockchain database for corporate registries, and nearly two years after it launched a digital currency-focused incubator.
Isle of Man image via Shutterstock