Synergy between IoT and blockchain to be boosted
Wuxi, an lnternet of Things (IoT) hub in East China's Jiangsu province, is set to become a spearhead in the application of blockchain technologies in IoT nationwide, according to a forum held at the 2018 World Internet of Things Expo on Sept 17.
Wuxi, now home to 2,000-plus IoT companies, saw an output value of more than 243 billion yuan ($35.5 billion) in 2017, accounting for 25 percent of the national total，official data shows.
However, the industry's development still faces many challenges, and blockchain technologies are instrumental in solving those problems, said Wang Jinjian, deputy mayor of Wuxi. "The integrated development of IoT and blockchain is an inexorable trend," he said.
At the summit, the city formed a partnership with the China Electronics Standardization Institute. The two will join hands in compiling the regional standards on joint development between blockchain and IoT industries, the first of its kind in China.
The move is set to infuse new vitality to the blockchain industry in Wuxi and Jiangsu on a whole, further widening and accelerating its tech applications in multiple fields such as IoT and beyond.
China has been at the forefront of digitalization in recent years and the many interdisciplinary fusions and innovations have spawned a raft of new opportunities, said Sun Wenlong, vice director of the China Electronics Standardization Institute.
He noted that the integration of blockchain technologies will enable IoT to better fit into other fields and boost data exchange security.
Canada-China IoT and Blockchain Research Institute launched its first blockchain technical product, CityChain, at the forum, which is designed to advance credible data exchanges for smart city construction, which Wuxi primarily is focusing on.
The institute is a Toronto-headquartered non-profit organization dedicated to promoting the application of blockchain technology in IoT. It set up its first branch in Wuxi in August.
It has also teamed up with the iGenius Business School to develop all the courses for a blockchain training program that is authorized by the Chinese Ministry of Industry and Information Technology.
According to a report from global consultancy International Data Corp, worldwide blockchain spending is expected to hit $1.5 billion in 2018, double the figure in 2017, and it is projected to reach $11.7 billion by 2022.