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Bosch, Cisco, BNY Mellon and other Fortune 500 companies have joined hands with blockchain startups to set up a blockchain consortium to discuss and work on the use cases of blockchain in securing and improving Internet of Things (IoT) innovations.
The formation of the consortium follows a December meeting that saw representatives from a group of industry-leading startups and discussed the challenges facing blockchain and IoT applications. The group said that it will collaborate to develop a shared blockchain protocol for the internet of things.
The consortium members include Ambisafe, BitSE, Chronicled, ConsenSys, Distributed, Filament, Hashed Health, Ledger, Skuchain, and Slock.it, along with BNY Mellon, Bosch, Cisco, Gemalto, and Foxconn. The new consortium will highlight on how companies could make bigger moves in blockchain this year.