More to come: There is a tremendous potential for the application of blockchain in industrial use. Blockchain is the technology behind Bitcoin (pictured).
Cisco Systems Inc, Bosch Ltd and several other companies, have set up a consortium to work on how blockchain can be used to secure and improve "Internet of Things" applications, as sectors beyond finance seek to benefit from bitcoin’s underlying technology.
The group, which also includes Bank of New York Mellon Corp, Foxconn Technology Group, security company Gemalto and blockchain startups Consensus Systems (ConsenSys), BitSE and Chronicled Inc said on Friday that they will collaborate to develop a shared blockchain protocol for the Internet of Things - the concept that everyday objects, from washing machines to shipping containers, will be connected to the Internet and will be able to send and receive data.
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