The Blockchain Interface Company Riddle&Code, Together With Innogy Innovation Innovation Hub, Developed The First Proof Of Concept As Part Of Their Joint Project Activities Announced End Of Last Year.
AT, July 26, 2017 at 21:51 BST
On December 2016, RIDDLE&CODE and innogy Innovation Hub entered into joint project activities to develop sophisticated solutions on new topics and problems such as machine identity, product provenance, online fraud and trustworthy supply chains.
Essen, Vienna - July 18th, 2017 - The Blockchain Interface Company RIDDLE&CODE has partnered on a Proof of Concept ("PoC") with innogy Innovation Hub to develop an innovative solution for giving objects a unique and immutable identity through the combination of blockchain technology, crypto NFC tags and an Android app.
The PoC named 'Twin of Things' allows securing the ownership and provenance of everyday objects: Non-removable inlay NFC tags, provisioned with public keys and metadata, uniquely related to an object, are now empowering products with unique digital identities on the blockchain.
The hardware used in the PoC, which is part of RIDDLE&CODE's 'Built For Blockchain' product line, is the first of its kind that is capable to seamlessly apply blockchain, cryptography and standard tokenizing on everyday objects with the intention to enable new services and businesses.
It’s a very illustrative and elegant solution to make blockchain technology comprehensible for non-experts. Simply by using the Android App, users can provision the tags, create new blockchain transactions and read the metadata of any transaction. This gives manufactures the possibility to track products data across their entire lifecycle and opens up the door for new ways of interactions with customers.
Tom Fürstner, RIDDLE&CODE's Founder and CTO, noted: "Blockchain technology enables enormous flexibility and security concerning the management of digital assets. It is a different case with physical assets as they simply can't be hashed and signed. The recent practice to use ID-strings, barcodes and QR codes as plain references to asset-chains compromises any kind of security aspect.
To face this challenge, RIDDLE&CODE developed dedicated hardware ('Built For Blockchain') that gets embedded into physical objects and turns them into active and truly secure blockchain nodes. The 'Twin of Things' project exemplifies the power and elegance of this public ledger innovation and makes it accessible in the most convenient way. We are looking forward to further develop and propagate this hardware-driven public ledger platform together with innogy and BigchainDB."
Carsten Stöcker and Michael Rüther, responsible for the Machine Economy topics of the innogy Innovation Hub, noted: "With 'Twin of Things' we provide the trusted layer for the Digital Twin of any object. Each product gets an immutable, unique identity on the blockchain, which can be supplemented with any data. The 'Machine Economy' team from innogys' Innovation Hub has formed a unique, open IoT and supply chain ecosystem – enabling industry 4.0.
BigchainDB, the Berlin based start-up, also participated in the PoC. Using its technology as a side chain to the Bitcoin blockchain, it enables to register metadata associated with each object. Further, BigchainDB solved the scalability problems related to the registration of new transactions into the Bitcoin blockchain."
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