Data infrastructure development firm Guardtime and authentication company Intrinsic-ID have announced their official plans to develop an Internet of Things (IoT) blockchain for key management and security solutions.
The cooperative project will utilize Guardtime’s Keyless Signature Infrastructure (KSI) as the foundation of the IoT blockchain network which will implement Intrinsic-ID’s SRAM Physical Unclonable Functions (PUFs) to introduce a wide range of opportunities in integrating existing security solutions and technologies into a distributed system.
Essentially, the IoT blockchain of the two companies will operate as a more innovative and secure alternative to local firewalls and antivirus software.
Intrinsic-ID’s core PUF security technology, which is designed as an advanced private key management and protection system, is capable of issuing a unique cryptographic key in each embedded device that is derived from an electronic fingerprint.
The unique cryptographic keys issued by the PUF security technology will then be integrated into the Guardtime KSI blockchain network, an IoT network that will manage and protect data on linked devices.
Guardtime CTO Matthew Johnson believes that Intrinsic-ID’s technology will enable its blockchain technology to be tested at both the industry- and enterprise-level, moving the company one step further introducing blockchain-based IoT solutions into the mainstream.
“I’m convinced that Intrinsic-ID is the first company to successfully industrialize the technology and bring it to the mainstream. We are extremely excited to be working with the team at Intrinsic-ID and look forward to building solutions that solve hard customer problems,” explained Johnson.
Due to the absence of non-volatile memory (NVM) in PUF-implemented devices, blockchain networks like the Guardtime distributed network can maximize its functionality and scalability without the necessity of expensive and complex infrastructure.
Intrinsic-ID CEO Pim Tuyls further emphasized that the synergy between KSI blockchain and PUF technology enables customers at all levels to deploy IoT devices with enhanced scalability.
“The combination of PUF technology and Blockchains represents a new level of security and governance for customers who wish to deploy IoT devices at scale,” stated Tuyls.
Once deployed, the KSI blockchain network of the two companies will be applicable in a wide range of applications and platforms, including sensitive payment applications, content management platforms and government data management systems.
More importantly, the simple structures of Intrinsic-ID solutions increase the applicability of the joint IoT blockchain network, as any modern chips, microcontrollers, and CPUs can be integrated into the distributed network.
Upon the completion of pilot tests which the two companies will perform to showcase and demonstrate the security measures of their solutions, the next development phase will be the deployment of a local token or a cryptocurrency, which will operate as the foundation of the blockchain network.
The presence of local tokens will enable consumers and users in the network to initiate in the settlement of smart contracts, assets, and transactions.
If the Guardtime blockchain network is utilized as a management tool for government data, government agencies can establish a fixed set of agreements to create an autonomous ecosystem in which sensitive information is shared across different platforms once the agreements are fulfilled.
For instance, a law enforcement agency could create an autonomous data sharing platform by broadcasting a transaction into the Guardtime blockchain network once a machine or a device is enabled. That way, every device or chip-controlled machines can be closely observed, without the possibility of data alteration.