QTUM Foundation Presents IoT Alliance Award to the University of Sheffield
The QTUM Foundation Award for academic research has been awarded to the Department of Electronic and Electrical Engineering at the University of Sheffield, United Kingdom. The University of Sheffield has been selected for the $60K grant by the members of the Trusted IoT Alliance.
The QTUM Foundation made the announcement official via its Twitter handle:
"The #Qtum Foundation award for academic research to the Department of Electronic & Electrical Engineering at The University of Sheffield, UK. Sheffield was selected for the $60K grant by the members the Trusted IoT Alliance."@Trusted_IoT https://t.co/izn1ZZtmS0 pic.twitter.com/PMdlS4JTtK
— QtumOfficial (@QtumOfficial) July 17, 2018
About Trusted IoT Alliance
Trusted IoT Alliance is an open system consortium of Blockchain and IoT companies and industry giants which is established to support a secure, interoperable, scalable, and trusted Internet of Things (IoT) system. The initiative was launched in September 2017.
It works with a mission to “enable trust in data produced by IoT systems in a distributed ledger/blockchain agnostic fashion” along with an aim to create a standard smart contracts interface between IoT devices and various blockchain implementations.
Qtum, which is pronounced as Quantum, is a Singapore-based open-sourced value transfer platform which focuses on mobile decentralized apps or ‘dapps’. It provides a DGP (Decentralized Governance Protocol) governed blockchain where community participants can vote to change certain network parameters. It also provides a bridge between Bitcoin and Ethereum functionalities.
The Academic Research Award
QTUM Foundation has presented its first trusted IOT Alliance Award to the University of Sheffield and it is a part of the $200K award that will be invested in a pan-European electrical power research project which will be focused on blockchain implementation.
The award is presented through the partnership of the Trusted IoT Alliance and Qtum Foundation. The final selection was made by the members of the Trusted IoT Alliance which include Blockchain technology companies like Consensys, Chronicled, Ledger, IOTA, Oaken Innovations, Streamr, Monetha, CPChain, INS, VeChain, Hedera Hashgraph, skuchain and many more. The enterprise members include Bosch, Gemalto, Swiss Re, BNY Mellon, CISCO, etc.
The proposal of the University is designed to enhance the experience of the blockchain community with how blockchain protocols perform in lower power and low bandwidth environments. The proposed project will begin immediately. It will deploy a pan-European network to connect sensors that will measure electrical power availability and reliability.
The project will make novel use of the Qtum protocol by implementing specially designed “smart contracts” to update a blockchain’s individual parameters. With the help of Qtum Protocol, the project ensures that the data measured by the sensor are accurately transmitted throughout the network. The project will provide cutting-edge hardware prototypes connected to a bandwidth-constrained low power wide area network that will serve as a reference platform for protocol and network testing.
The Founder of Qtum, Patrick Dai, said:
“The growth of the Internet of Things will require fundamentally new methods of transmitting vast amounts of data over a global network. The aim of this work is to provide the Qtum community with a better understanding of how current and future features of the Qtum protocol can be applied to the IoT.”
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