Chronicled, Inc., a San Francisco-based technology company, showcased IoT platform integration with Quorum at Enterprise Ethereum Alliance launch event held at J.P. Morgan's Brooklyn Offices on 28 February 2017.
Quorum is an enterprise-focused version of Ethereum, ideal for any application requiring high speed and high throughput processing of private transactions within a permissioned group of known participants. It addresses specific challenges to blockchain technology adoption within the financial industry, as well as beyond.
Chronicled showcased its blockchain-secured IoT solutions by demonstrating how a deed of title and a bar of gold, secured with tamperproof form factors protecting NFC PKI identity chips, are registered to a Quorum blockchain. With the combination of secure hardware, tamperproof form factors developed in partnership with Cellotape Smart Products, and the Chronicled blockchain synchronization engine, this solution creates a secure link between any physical asset and the blockchain, the release said.
Once the physical and digital identities of the title deed are connected, related events, occurring through smart contracts, can also be enacted via any smartphone that is in proximity to the physical object, Chronicled said. Events can be actions from the transfer of the deed to creating a pledge as collateral.
"In the not too distant future, assets such as title deeds, luxury goods, livestock, and more, will be registered to a blockchain back-end. Reflected in smart contracts, which would allow everything from instant payment and asset transfer to insurance, Things will be 'clickable' with full provenance details accessible via a blockchain explorer or through a user interface”, said Dan Morehead, Chronicled investor and long-time trader.
Chronicled further said that it is collaborating with a group of leading Fortune 500 enterprises and blockchain and Internet of Things technology start-ups to build an open source blockchain and IoT protocol. The protocol will be blockchain-agnostic and serve as a shared resource. The working group aims to advance blockchain and IoT technologies overall, as well as device security and interoperability.
CoinDesk reported that Microsoft has added JPMorgan’s Quorum blockchain to its Azure platform. Speaking at the EEA launch event, Marley Gray, Microsoft’s principle architect in charge of blockchain services, said:
"We are proud to announce that Quorum is now available on Azure."
