ThinChain brings the benefits of Blockchain technology to the Edge of IoT while having a sufficiently small footprint to be executable on the edge devices. ThinChain can also be integrated with existing higher-level Blockchain solutions, such as Ethereum or EOS.IO to make the data stored in ThinChain available to enterprise systems. This capability extends existing and new applications on Blockchain with Edge sensing and computing capability. Thinnect has started working on specific applications from ThinChain in Smart City and cold Supply Chain use cases. In a Smart City street lights are part of critical infrastructure, Thinchain ensures that critical infrastructure cybersecurity regulations can be supported in these systems. Supply Chains span multiple organizations (manufacturer, one or more logistics company, 3PL warehouse, retailer) and systems who may have conflicting interests, so ThinChain can create a trusted framework to share information between different parties.
With ThinChain, Thinnect provides solutions to the main challenges faced by IoT:
- Enabling monetization of IoT data from diverse solutions – Thinnect enables data sharing across data providers on a common IoT data marketplace with data owners deciding who can purchase their data and at what price
- Establishing and tracking ownership of IoT data – Thinnect enables attaching data ownership info to data already at the sensor level, minimizing data misuse and ensuring that data owners have access to their revenues
- Ensuring veracity (trustworthiness) of IoT data by providing a 24/7 audit trail for any IoT system and device
- Establishing trust in multi-party business models. Trust is established between IoT devices from diverse solution providers and access to generated data is provided to authorized parties
- Directly providing data for other blockchain networks to use for any number of on-chain applications