Blockchain
Blockchain startup ITM collaborates with Microsoft and MediaTek to address the crisis of trust during the COVID-19 pandemic
Award-winning Taiwan blockchain solutions provider International Trust Machines Corporation (ITM) has collaborated with Microsoft and joined MediaTek AIoT Ecosystem to create out-of-the box solutions for enterprises to use blockchain for IoT (Internet of Things) technology.
ITM, established in January 2019, offers innovative blockchain solutions for three common problems – scalability, privacy and cost. By empowering IoT devices with blockchain capabilities, ITM makes large amounts of data generated by connected devices more tamper-proof, ensuring trust in data for enterprises and its clients.
ITM applies blockchain technology to transform data validation
Together with Microsoft and MediaTek, ITM has developed a solution for TaiPower, Taiwan’s largest energy provider, to record solar power data generated by smart meters.
The project, using MediaTek chipsets certified for Microsoft Azure Sphere, has been successfully deployed in TaiPower’s power fields. Data collected by the smart meter will be sealed on Blockchain, and automatically connected to Azure Sphere security cloud services, establishing trusted renewable energy data while retaining hardware-level security.
This project comes when the COVID-19 pandemic has impacted virtually all businesses. “The pandemic has caused increased disruption in the mobility and communication of office personnel. ITM uses blockchain technology to ensure the accountability of your data and reduce the need of third-party verifications. The audit process is automatically done by the machine, which speeds up data exchange between supply chain participants,” said Julian Chen, CEO of ITM.
ITM’s blockchain solution adds security into data transfer
Traditional efforts to check and verify data usually involve a third party and can be time consuming and expensive. By sending data generated by IoT devices to an immutable blockchain ledger, ITM creates an automatic audit mechanism that verifies and validates data in a cost and time effective way.
Apart from data compliance, ITM’s cryptographic security algorithm solves common problems of scalability, privacy and cost highlighted in the current blockchain for IoT systems, it also plays a pivotal role in accelerating post-crisis digital transformation initiatives.
“Scalability, privacy and cost are the common issues enterprises face. Most public chains face the difficulty of processing a large amount of data generated by IoT devices and that affects the scaling up of a company. Meanwhile, it costs companies an exorbitant amount of money to have miners turn raw data into useful information. Concerns about data stored on a blockchain have also been raised owing to the lack of a mechanism to erase information after it’s been input,” says Chen.
“By designing their new solutions with Microsoft Azure Sphere, ITM is building products on a foundation of security,” said Nicole Denil, Microsoft GM IoT Asia. “ITM’s edge computing solution makes connected devices more secure and reliable. It enables them to register millions of data transactions, sealed in a single fingerprint on a blockchain. ITM’s technology is specific to IoT devices, which makes it possible to process large amounts of data without causing latency problems.”
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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