Automotive Blockchain and IoT
Filament receives Frost & Sullivan 2018 Visionary Innovation Award for its leadership in the automotive enterprise and Industrial Internet of Things market.
Last week, Filament attended Frost & Sullivan’s Innovation & Leadership Awards Gala in San Diego, California, where we were honored to receive an award for our secure automotive blockchain solution for connected industrial infrastructure in the automotive sector.
The work our team does to bring together the Industrial Internet of Things (IIoT) and blockchain is particularly important to the automotive and larger mobility market because of the high rate of change it is experiencing. Auto manufacturers’, freight companies’, and transportation organizations’ business models are still largely built around physical assets. As a result, the impact of technology on these corporations has proven to be more dramatic, requiring a greater transformation to compete in the digital world.
The analysts at Frost & Sullivan reported that the value of Filament’s secure blockchain technology to the automotive industry includes improving logistics by tracking the provenance of vehicle parts, ensuring transparency in supply chains, and monetizing data assets. We believe that the full value will go well beyond even these initial use cases. Ultimately, we expect that the automotive sector will use blockchain to re-invent internal business models, which will also result in better, safer, and more environmentally friendly mobility products for customers.
Our Blocklet Chip™ and Blocklet™ USB Enclave are the industry’s first IIoT blockchain-native hardware products created to extend the value of the IoT by allowing companies to securely transact value and achieve monetization of connected equipment such as vehicles, fleets, and dealership systems. By making it possible for physical assets to become participants in secure blockchain applications, Filament is enabling e-commerce for machines. In the automotive world, this means vehicles can transact value with each other and other connected equipment directly.
In order for this to happen, and to prevent potential vulnerabilities that could be created by the growth of connected vehicles and IoT devices on our roads, the technology must be trusted and secure. This is why Filament believes firmly in the value of the hardware element as a secure enclave, and why we provide strong privacy and security features within our Blocklet solutions.
As Frost & Sullivan points out, Filament enables a decentralized solution and helps the blockchain ensure proper access control, identity management, and data integrity. Generating blockchain transactions directly on a chip that is built into or onto the vehicle or infrastructure, establishes a trusted foundation upon which next generation economic applications can then be created. With the root of trust secured, decision makers in the automotive industry can responsibly explore ways to create new value from existing assets.
We are grateful for this recognition as it validates the outstanding accomplishments of our talented team, and also sheds light on the challenges, opportunities and ongoing transformation of a significant industry. Laying a strong foundation for the next industrial revolution by enabling blockchain-native transactions between connected physical objects and the internet economy is our mission and the journey has begun. I invite you to learn more by reading the entire Frost & Sullivan’s Visionary Innovation Leadership Award for Automotive Enterprise and Industrial Internet of Things report.