TAIPEI, Feb. 5, 2021 /PRNewswire/ -- 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 core team. From right to left R&D Director Swanky Hsiao, Chief Scientist & Co-Founder Gwan-Hwan Hwang, CEO & Co-Founder Julian Chen, BD Director Cooper Lai.
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."
About ITM
Founded in January 2019 in Taiwan, International Trust Machines Corporation (ITM) offers blockchain-enabled chipsets as a solution to the scalability problem of public ledgers.
Since its establishment, ITM has been working with local and international organizations to further promote innovative blockchain solutions. Its clients and strategic partners include Qualcomm, Microsoft, MediaTek, Acer, Kneron, and others.
The blockchain solutions provider has claimed the 1st runner-up honours at the Qualcomm Innovate in Taiwan Challenge 2019 (QITC 2019), it was also among the 80 startups chosen by the Taiwan Tech Arena to exhibit innovative products at the TTA Taiwan Tech Pavilion at CES 2020.
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