Bosch – ‘We Cannot Accept’ Fear as Response to Blockchain and IoT Innovation

Engineering and electronics company Bosch suggested in its May 15 press release that it would play an influential role in preserving the Internet of Things (IoT)’s openness against repression. Bosch, which has made multiple innovations in the industry, has underlined DLT, including blockchain technology, as a key aspect of the future of both IoT and associated economy.

The news release reads

“Distributed ledger technologies (DLT) such as blockchain may well become the key technology in these domains.”

While organizations from regulators to committed startups are addressing the opportunity of blockchain in IoT, Bosch has gone further in its marketing clearly taking an open position on the morality of the situation. It seems that the firm is worried about the effect of censorship and repressive responses to unique borderless innovations like blockchain.

CEO Dr. Volkmar Denner had the following to say at this week’s Bosch ConnectedWorld (BCW) seminar in Berlin.

“To build trust in digital ecosystems, we need open platforms and an internet in which users have the power to decide for themselves,”

Dr. Michael Bolle, a board of management member and CDO/CTO, was more straightforward.

“We cannot accept a situation in which the overwhelming reaction to digital innovations is mistrust and fear,” Bolle said just before the beginning of a seminar of industry group, the Trust IoT Alliance, at the maiden get together of the Digital Trust Forum on May 16.

Bolle added:

“For this reason, the aim of the Digital Trust Forum is to initiate open dialogue among experts to discuss the trust-related issues raised by the internet.”

The media release states that at the moment Bosch is working to integrate blockchain into the e-car recharging mechanism with power provider EnBW, as well as developing a smart, blockchain-based parking governance model with Siemens.

Official study has already identified the weaknesses of present blockchain-based IoT, with an April study showing manipulative areas. Nevertheless, there is still agreement that the industry will only grow in the years to come.