QITC award winning Taiwanese blockchain solutions provider International Trust Machines Corporation (ITM) is taking to the global stage at 2020 International CES to unveil its latest project together with Qualcomm and Microsoft.
ITM, established just over a year ago in order to bring its founders’ innovative blockchain solutions to market, aims to help enterprises leverage blockchain for IoT technology by offering solutions for three common problems – scalability, privacy and cost.
Together with Qualcomm Technologies and Microsoft, ITM has co-developed an edge agent for chipsets certified for Microsoft’s Azure Sphere Internet of Things (IoT) operating system. This chipset comes preconfigured with the Azure Sphere and will automatically connect to Azure Sphere security cloud services, while retaining hardware-level security.
The new chipset with ITM solution allows business transformations to take place with powerful edge computing, low latency connectivity, and end-to-end security. It will also make it easy for manufacturers to create secure solutions while keeping devices up-to-date via having OS updates securely created by Microsoft and delivered securely to each device by Microsoft.
Focusing on security, ITM oversees the blockchain technology in the new product. “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.
ITM’s blockchain solution
Apart from security, ITM’s cryptographic security algorithm enables the convergence of IoT and Blockchain, paving the way for the “blockchain of things”. This comes fortuitously on the heels of expectations for as many as 75 billion devices connected to each other and interacting in a variety of new ways over the next decade. As a result, there will be an explosion of data, bringing along business opportunities but there seem to be several hurdles.
“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.