Established in January 2019, the International Trust Machines Corporation (ITM) offers blockchain-enabled chips. In its latest move, the Taiwan-based company unveiled its ongoing project, on which it collaborates with Qualcomm and Microsoft.
The focus of ITM is currently IoT and more specifically, solving common problems in the sphere such as scalability, privacy, and cost. The partnership with Microsoft and Qualcomm was unveiled at CES 2020.
The product of the collaboration is an edge agent for chipsets certified for Microsoft’s Azure Sphere IoT operating system. The chipset automatically connects to Azure Sphere security cloud services as it is preconfigured with Azure Sphere.
In the new product, ITM oversees the blockchain technology:
“We enable IoT innovations to be built on a solid foundation of security because we know this is the most crucial factor for companies. They are looking for assurance that their product, brand and clients are safely secured within the blockchain platforms,” said Julian Chen, CEO of ITM.
On the other hand, Microsoft will keep devices up-to-date with direct OS updates.
Apart from being focused on security, ITM’s cryptographic security algorithm paves the way for the “blockchain of things”, enabling the convergence of IoT and blockchain.
“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,” said Chen.
Some of the core features of ITM’s solutions include low cost, scalability, data privacy and processing, and accountability.
Seeing as many reports suggest the new decade to define IoT, with billions of devices expected to be connected to one another and exchange data on a regular basis, it is only natural that blockchain steps in to secure data storage and transfer.
And while public blockchains are good for some things, most of them are certainly not geared specifically for the needs of IoT enterprises. Solutions such as the ones provided by ITM will most certainly help steer IoT in the right direction, connecting the industry with the advantages of using blockchain technology.