Chronicled, a blockchain startup headquartered in San Francisco, has introduced an Ethereum blockchainbased physical asset verification platform that enables companies and manufacturers to register and verify physical items in an irrefutable and decentralized network. Chip companies, physical IP creators and manufacturers can authenticate embedded Bluetooth Low Energy (BLE) and Near Field Communication (NFC) chips on the ChronicledEthereum platform, which serves as an interoperable backend for app developers and consumers.
The startup’s launch of its interoperable and tamperproof verification platform sets a positive precedent for other developers in the Internet of Things (IoT) market, as the Chronicled team believes the launch of its platform is a significant milestone for the IoT ecosystem.
“The IoT concept has been around for a long time,” Chronicled CEO, Ryan Orr, explained to Bitcoin Magazine , “but the architecture of the first ‘informationweb’ of the early2000s was insufficient to support secure registrations of private property and the actions that consumers wanted to do with private property like buying, insuring, financing, reselling, etc. have never been supported in an atomic way.
Thus the IoT concept has not flourished and instead, each company has all of its IoTconnected products registered to its own private backend database or cloud service and interactions are limited mostly to content provision.” The Chronicled platform also serves as a solution to an intriguing problem dealt by developers and users in the telecommunications industry.
That is, telecommunications firms prefer to host their own cellular phone networks and private databases instead of leveraging an interoperable network for other companies and organizations in the industry to access. Such barriers between telecommunications service providers and others in the industry, including developers, users and manufacturers restrict the development and emergence of innovative applications, platforms and products.
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