Synergy between IoT and blockchain to be boosted
Wuxi forms a partnership with the China Electronics Standardization Institute in compiling the regional standards on fused development between blockchain and IoT industries on Sept 17. [Photo by Xiang Wenjian/chinadaily.com.cn]
Wuxi, an internet 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.
Before now, few blockchain applications have been fully implemented, except for cryptocurrencies, but with the announcement of greater integration between IoT and blockchain, this looks set to change.
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, noted Wang Jinjian, deputy mayor of Wuxi. “The integrated development of IoT and blockchain is an inexorable trend,” he said.
Wang Jinjian, deputy mayor of Wuxi, addresses the Blockchain and IoT Development Forum held in Wuxi on Sept 17. [Photo by Xiang Wenjian/chinadaily.com.cn]