The Isle of Man, a self-governing Crown dependency located in the Irish Sea, has always been very progressive when it comes to Bitcoin and blockchain technology. Now officials in the region are partnering with the startup Credits, a blockchain infrastructure provider, to secure IoT technology.
The collaborative effort plans on using a distributed ledger to enhance new IoT applications and devices. Credits claims its services enable a broad range of scalable and interoperable applications. The firm’s CEO and co-founder Nick Williamson told the publication:
Largely speaking, the idea behind [the experiment] is that internet of things 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.
The proof-of-concept is one of many efforts by the Isle of Man where close to 2,000 people are involved with fintech R&D. Brian Donegan, the island’s Department for Economic Development’s Fintech Executive, told the publication that its financial technology, e-commerce, and e-gaming sectors account for 25% of the island’s GDP.
The latest intitiative, Donegan explains, is meant to attract innovative technology startups and IoT creators to come to the Isle. The island’s Fintech Executive says this was “more to show what can be done by a small cluster of innovative companies.”
Two years ago in the summer of 2014, the Isle of Man created an incubator to provide resources and assistance to digital currency and blockchain startups. This came after the government announced favorable legislation for fintech and Bitcoin startups.
The Isle of man continues to focus its efforts on becoming a hub for businesses working within the fintech sector. The IoT initiative is just one more sign that the small country is focused on integrating these technologies into its government services and business sector.