The Trusted IoT Alliance has started an initiative with Qtum to strengthen connected device security using blockchain technology.
The Qtum Foundation has given a grant of $250,000 to the Trusted IoT Alliance for members and the general public who submit proposals that leverage the Qtum IoT protocol for security.
A committee from the trusted IoT Alliance will select the winning proposals, expected to occur in late January.
Qtum is a blockchain application platform that essentially facilitates multiple virtual machines and the Qtum Foundation is the body charged with accelerating the development of that open market platform.
"There's a reason why these global firms and Qtum are meeting at the intersection of IoT and blockchain technology,” stated Patrick Dai, founder of the Qtum Foundation. “Blockchain technology presents an unparalleled opportunity to have connected devices operate securely and autonomously while communicating and transacting with one another.”