The team at Spherity has been working over the past year on the identities required to power the 4th industrial revolution. If you haven’t yet heard of the 4th industrial revolution (often referred to as “Industry 4.0”), in brief, it is characterized by the blurring of lines between human and machine labor. As more machines and IoT connected devices integrate into our lives, how do we efficiently facilitate communication between all actors? Spherity recently announced a new identity protocol, Interlinked, to connect the human and non-human actors that will be the driving force for Industry 4.0.
There are several issues with the way that identity is defined and secured today. Identity systems today are static, inconsistent and completely owned and controlled by third parties.
The personal data that we use to validate our identity with Facebook are also required to open a bank account or set up a gym membership. These create centralized, third-party controlled hubs where our personal details can leak, be hacked, or altered. The Interlinked protocol is designed to create an untamperable, scalable bridge between elements of the physical and digital worlds.
The core concept that will enable an identity bridge across the physical and digital spheres is digital twinning.
Digital twinning is the act of taking any physical object and instantiating a digital doppelganger. As the physical object changes, learns, and adapts, the digital twin will respond accordingly. Interlinked is focused on bringing the benefits of blockchain technology to digital twinning. When stored on a blockchain, this “twin” will be cryptographically preserved, accessible across the internet, and fully controlled by the object’s owner. Because of the decentralized nature of blockchains, these digital twins will be more secure than the IDs given to us by websites and apps today.
The opportunities for digital twins have already started to emerge for business that are transitioning into Industry 4.0. From automotive to manufacturing, healthcare to power generation, companies are beginning to see the benefits of connecting with digital twins. Already, Telsa is incorporating a digital twin into every car they sell. By analyzing the digital twin rather than the physical vehicle, Tesla is able to save their customers money: downloading a software patch to fix the hydraulics in your door is much cheaper than taking it into the shop.
Tesla is just one early example of a company taking advantage of the capability to connecting with these digital twins directly and cut out middlemen. According to Deloitte, the market for digital twins will expand to over $23 billion by the year 2023.
The Interlinked protocol is designed to bring the peer-to-peer transactions that blockchain has already brought to the world of cryptocurrency to agent-to-agent transactions of physical and digital services and assets.
Stay tuned for more from this exciting new project partnering with Token Foundry.
Interested in learning more about digital twinning? Check out this TEDx talk from the founder of Interlinked Protocol, Dr. Carsten Stöcker.
Stay tuned for the upcoming release of Interlinked’s full whitepaper– in the meantime, you can read the abstract.
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