The cloud arm of Chinese web giant Alibaba Group has partnered with Xiamen ZhongChuan IoT Industry Research Institute to accelerate the ambitious development timeline of a new blockchain designed specifically for the Internet of Things (IoT) space.
Alibaba Cloud, which serves more than 1 million paying customers, has recently launched cloud products around artificial intelligence and big data in Europe. The products have already been in use in other markets, including China.
This collaboration provides Alibaba Cloud with multiple IoT application solutions designed by the ZhongChuan IoT and helps establish an AI hub to promote establishment of new smart cities in Xiong’an and Yuhang.
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The partnership also focuses on promoting Waltonchain blockchain technology to achieve the municipal and commercial IoT coverage.
Blockchain has recently garnered widespread support across many sectors due to advantages in high performance, security, speed access and efficient operation.
The decentralized approach of blockchain technology is promising for IoT security in terms of how it works with cryptocurrencies. The integration creates a more resilient ecosystem for devices to run on by ensuring that data is legitimate, and that the process by which new data is introduced is well-defined. In addition, the technology behind Bitcoin can be used to track, process and coordinate transactions between devices, allowing for significant savings to IoT industry manufacturers.
Nevertheless, the approach could be a bit challenging since blockchain works through consensus between millions of nodes that are physically distributed around the globe, while the small IoT networks may lack this important feature.