At today's Enterprise Ethereum Alliance launch event, held at J.P. Morgan's offices in Brooklyn, Chronicled showcased its blockchain-secured IoT solutions by demonstrating how both 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.
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. Events can be actions from the transfer of the deed to creating a pledge as collateral.
Chronicled is creating a world in which physical and digital experiences are fully synchronized by offering a turnkey solution to securely register any asset identity, from art to automobiles to drones to secure shipping containers and pharmaceuticals, to the blockchain. Chronicled currently runs its product offerings on the Ethereum blockchain, with work underway to expand to several other blockchains, Quorum being the first and followed by Hyperledger.
In addition to its own product, Chronicled 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.
According to Chronicled investor and long-time trader Dan Morehead of Pantera Capital, "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."