MENLO PARK, Calif., May 6, 2021 /PRNewswire-PRWeb/ — Dr. Xinxin Fan, Head of Cryptography at IoTeX, has been appointed Vice Chair of the IEEE P2418.1 Standards Working Group focused on creating a universal standard for the use of Blockchain in the Internet of Things (IoT), as part of the Blockchain Standards Committee. IoTeX’s Vice Chair role was elected by other standards committee members and will work alongside Dr. Ramesh Ramadoss, Chair of the IEEE 2418.1 Standards Working Group and Co-Chair of the IEEE Blockchain Initiative.
Per the working group’s mandate, “this standard provides a common framework for blockchain usage, implementation, and interaction with the Internet of Things (IoT)” and will address the “security and privacy challenges with regards to Blockchain in IoT” across both permissioned and permissionless blockchains.
Standards are a critical component that will fuel the rise of a market expected to reach $31 billion worldwide by 2030, with 73.5% compound annual growth, says Fan:
“The IEEE has been instrumental in creating global standards for emerging technologies. I’m honored to participate in this process for blockchain IoT, which will benefit from standards that boost interoperability while protecting privacy and fueling innovation. These are the building blocks that bring even more enterprises on board with blockchain IoT.”
These standards are especially important for blockchain and IoT, which involves a complex tapestry of connectivity across many devices, built by hundreds of different companies.
Interoperability is a key component of the working group’s role in building standards that unleash the full power of the blockchain innovation ecosystem, says Ramesh Ramadoss, the co-chair of the IEEE Blockchain Initiative:
“Standards help with the growth and adoption of new technologies by lowering the technical barriers. In the blockchain space, lack of interoperability is a technical barrier. The way devices are connected to blockchains to enable decentralized machine-to-machine communications should follow a universal standard. Standards will align data formats, achieve interoperability across systems, and aid adoption of this innovative technology.”
With participation from individual researchers, startups, and global corporations like IBM, GE, Dell, and Huawei, the IEEE is at the forefront of building standards and aligning stakeholders across emerging technologies. This work is critical to the future of blockchain IoT, concludes Fan:
“By co-creating standards with industry experts, IoTeX is committed not only to innovation in the blockchain space via our real world products, such as Ucam and Pebble Tracker, but also the research/standards space via our leadership positions in the IEEE and IIC to help shape the future of blockchain and IoT.”
ABOUT IEEE
As the world’s largest technical professional organization dedicated to advanced technology, IEEE has over 400,000 members across 160 countries. Members work in a variety of roles across science and technology, including the electronic and computing fields.
ABOUT IOTEX
Founded in 2017, IoTeX is an EVM-compatible blockchain to fuel the Internet of Trusted Things, an open ecosystem where humans and machines can interact with guaranteed trust and privacy. IoTeX envisions a future where everyday people can own and control their smart devices, as well as the data and value they generate. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, decentralized identity, and secure hardware to enable user-owned IoT devices and networks.
MEDIA CONTACT
Saul Hudson
Angle42
Media Contact
Larry Pang, IoTeX, +1 (310) 357-4866, larry@iotex.io
SOURCE IoTeX