NXM combines blockchain tools with advanced cryptography to enable secure IoT implementations that are fully automated, scalable, and economical
SANTA CLARA, California, Jan. 29, 2019 /PRNewswire/ -- Based on its recent analysis of the North American Internet of Things (IoT) cybersecurity market, Frost & Sullivan recognizes NXM Labs, Inc. with the 2019 North American Visionary Innovation Leadership Award for addressing the cybersecurity needs of IoT devices by combining blockchain with advanced cryptographic methodologies. NXM enables the creation of highly secure, fully distributed, decentralized ecosystems of self-governing, autonomous IoT devices. The company's software-based technology is anchored in silicon and makes the most of the hardware-accelerated security capabilities of new-generation chips.
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"The NXM SecureSuite addresses the full spectrum of security, device deployment, and data management requirements of IoT operations by leveraging a unique offensive security model," said Vikrant Gandhi, Industry Director for IoT and Digital Transformation at Frost & Sullivan. "The solution has been purpose-built for enterprise IoT deployments. Its autonomous security technology employs networks of self-governing IoT devices, wherein each device assigns its own machine ID and acts as an intelligent node in a consensus-based, secure P2P network."
In NXM's system, interactions through smart contracts require cryptocurrency gas (tokens), which allows gas to be used as a control mechanism to delimit interactions and influence device behavior. Gaining unauthorized access to a single NXM-enabled device will require extremely large amount of cryptocurrency, which tends to deter most hackers. In addition, by cutting the source of cryptocurrency, any bad actor can be immediately stopped and contained programmatically, without the need for human intervention. Because the ledger of devices is distributed in NXM-enabled deployments, a compromised device cannot erase traces of its activity from all other nodes, thereby endowing the solution with efficient post-incident forensics capabilities.
NXM has begun commercial deployments in the automotive vertical where it offers a high-speed blockchain-enabled cellular router to deliver secure wireless connectivity and connected car applications. The company's high-speed blockchain-enabled automotive router is another important proof point that demonstrates the way NXM's technology can work at scale. NXM secures the IoT ecosystem and enables the monetization of fully anonymized and targeted machine data. NXM's solution can work with other platforms, such as IBM Hyperledger Fabric and Corda, as well as those of other leading solution providers, thus expanding the total addressable market opportunity. In addition, the company has started licensing its technology to original device manufacturers to create secure edge devices that can be warrantied against unauthorized hardware access.
"NXM is designed for scalable global machine-to-machine communications," noted Gandhi. "By adopting a 360 degree approach to IoT cybersecurity, NXM ensures cybersecurity all the way from the hardware to the cloud (chip-to-cloud), which is a clear differentiator for the company. Although there are several competing approaches to handle authentication and encryption at scale in IoT, NXM's solution will experience greater demand with the rising ubiquity of autonomous IoT."
Each year, Frost & Sullivan bestows this award upon the company that demonstrates excellence in growth and customer value. The award recognizes the superiority of the product/service as well as the overall customer, purchase, ownership, and service experience that result in the recipient company seeing above-market growth and greater share of wallet. The award lauds the company's growth, diversification, and sustainability strategies. The full report on NXM Labs from Frost & Sullivan is available for download at:
https://best-practices.frost-multimedia-wire.com/files/7215/4868/9666/NXM_Labs_Award_Write_Up.pdf
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About NXM Labs, Inc.
Founded in 2016 by serial tech entrepreneurs, NXM Labs is a deep tech company with research and development efforts in 5G, blockchain, cryptography, machine learning and quantum proofing with leading international research organizations. It's full-stack autonomous security platform is being commercialized with major carriers, ODMs, chip designers, insurance firms, cloud service providers and application developers. The company is a member of the MOBI Alliance and Linux Foundation's Automotive Grade Linux Group. More information can be found at www.nxmlabs.com and www.nxmwave.com.
Contact:
Shelly Sofer
P. 647-767-9420
E. shelly@nxmlabs.com
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, collaborates with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, Frost & Sullivan has been developing growth strategies for the global 1000, emerging businesses, the public sector, and the investment community. Contact us: Start the discussion.
Contact:
Samantha Park
P: 210.247.2426
E: samantha.park@frost.com
