Hedera Hashgraph, a distributed public ledger organization, announced on Tuesday it has joined the Trusted IoT Alliance, an open source software consortium that aims to create a secure, scalable, interoperable, and trusted Internet of Things (IoT) ecosystem. The organization reported that as a member of the Alliance it will work with Fortune 500 companies and startup members to leverage the hashgraph consensus algorithm to secure and scale IoT ecosystems. It was also reported that the Alliance works to bring together Fortune 500 companies with innovators such as Hedera Hashgraph to develop standards, certification, technical advancements, and business opportunities for an IoT ecosystem.
While sharing more details about the Alliance, Zaki Manian, Executive Director of the Trusted IoT Alliance, stated:
“The Trusted IoT Alliance aims to increase interoperability and interworking across innovative new technologies. We have heard tremendous demand from our membership to be able to test and work with the Hedera hashgraph distributed ledger technology, particularly to help drive the concept of a virtual twin for every IoT device in their ecosystem. By creating a twin of each device on a distributed ledger, organizations will be able to build a trusted IoT ecosystem that links cryptographic registration, device identities, and metadata. Establishing this trust is critical for applications in payment, government, and enterprise that can benefit from a trusted IoT.”
Jordan Fried, VP of Global Business Development for Hedera Hashgraph, then added:
“We are excited to join the Trusted IoT Alliance, to allow industry leaders across various segments to leverage Hedera’s Hashgraph technology as a crucial part of their IoT strategy moving forward. We are excited to be working with these thought leaders and technology firms to develop an interoperable, enterprise-grade IoT ecosystem that is fast, fair and secure.”