Software and solutions provider to the IoT market, Internet of Things Inc., has announced the formation of a new subsidiary, Blockchain of Things Inc.
By combining Blockchain and IoT, Blockchain of Things Inc. intends to transform the way global business transactions and operations are conducted.
The company states that it will provide “an incorruptible, trustworthy environment that automates, accelerates and encodes transactions while ensuring enterprise level privacy and security for all parties”.
Blockchain of Things Inc. is reportedly pursuing several strategic initiatives and acquisitions where Blockchain and IoT come together using smart contracts to streamline various operational/manufacturing activities.
The initial focus of the Blockchain of Things subsidiary includes, but is not limited to, supply chain management (SCM) targeting the following verticals: logistics; food safety; software; and B2B RFID users, as well as business process management and manufacturing, targeting ISO compliant systems, machine learning (M2M), and automotive
Michael Frank, CEO of ITT Inc., said: “The Internet of Things and Blockchain are set to converge and transform business operations and processes. We anticipate that blockchain will be the catalyst to the explosive adoption of both consumer and industrial IoT products and services.
“As we roll out the Blockchain-IoT strategy, we expect our existing relationships will provide us with near-term opportunities to develop and implement our solutions, capturing market share and revenue.”
Blockchain of Things also announced the appointment of Michael Lende, as a senior consultant. Lende is a strategic advisor to several technology companies and was the senior VP at Zipcar, where he was a pioneer of the shared economy space.
He led Zipcar Canada, growing it to 425 vehicles with 42,000 members and was instrumental in its successful IPO.
Blockchain + IoT will optimise supply chains by securely tracking objects and by using smart contracts and smart applications that improve IoT compliance, features and cost efficiencies.
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