The Isle of Man Government has announced testing of an experimental blockchain platform designed to ensure the safety of devices connected to the Internet of Things.

The blockchain solution prototype has been developed in cooperation with Credit startup. The platform allows assigning unique identification numbers to physical elements of the Internet of Things, thereby confirming their authenticity.

“The idea behind [the experiment] is that IoT has a promise of assigning a unique, non-forgeable identity to physical items and what the blockchain provides is the way of managing and maintaining an identity,” Credits co-founder Nick Williamson explains.

The cooperation of Credits startup and the Department of Economic Development of the Isle of Man started back in May 2015, when the authorities of the island announced a joint blockchain project for the creation of a register of cryptocurrency companies active on the Isle of Man. The startup was called Pythia, and Credits was the name of the protocol they developed. Later on, the company changed its name to Credits.

Administration of the Isle of Man has repeatedly stated its commitment to developing innovative technologies and to become a haven for bitcoin- and blockchain-startups. “This technology is transformational and we want to be in the lead,” the head of Digital Business at the local Department of Economic Development Brian Donegan said.

In 2014, an incubator for cryptocurrency startups was launched on the island, which included six companies.

Credits was established in 2014 in London. In April 2016, the company started its own platform BaaS (Blockchain-as-a-Service). In early August this year, it was appointed the first official provider of blockchain services for the UK government. “[We] are looking forward to working with UK public sector organisations to improve the efficiency and effectiveness of their services for UK taxpayers,” Williamson commented on the appointment.

Elena Platonova