There seems to be an obvious correlation between blockchain technology and the Internet of Things. As more devices are connected to the internet, sharing information and real-time micropayments become more important. The blockchain is more than capable of accommodating these needs. Chronicled, a technology startup, launched their open registry for IoT on the Ethereum blockchain.
Merging Blockchain and Internet of Things
The way Chronicled sees the future of Internet of Things is simple: there is a need for interoperability. There is little no point in having billions of Internet-connected devices who do not share communication and information in a global manner. To address this problem, the San Francisco-based tech startup uses the Ethereum blockchain.
Open Registry, as their project is called, will store identities of physical items on the blockchain. In the early stages, these items will encompass collectives and consumer goods, all of which will have embedded Bluetooth and NFC microchips.
Doing so allows for establishing an interoperable and secure digital identity. Additionally, it also enables new opportunities for proximity-based consumer engagement with these items. For example, a retailer could offer rewards to loyal consumers wearing specific products in real time.
Ryan Orr, CEO of