MENLO PARK, Calif., Oct. 26, 2021 /PRNewswire-PRWeb/ -- IoTeX, a Silicon Valley company that uses blockchain to secure the Internet of Things (IoT), and the Industry IoT Consortium (IIC), a global enterprise consortium focused on emerging IoT solutions, announced today the launch of a new blockchain-focused Test Drive for Valuable Asset Tracking (VAT). Founded by Bosch, Dell, GE, Huawei, and Microsoft, the IIC consists of 300+ technology organizations that accelerate the development and adoption of interconnected machines and intelligent analytics. VAT is the first Test Drive within the IIC to incorporate blockchain technology for the purpose of creating a more trusted medical supply chain.
Within the IIC, Test Drives are collaborative pilots where enterprises can test and explore cutting-edge IoT technologies that address real world problems from end users. The new Valuable Asset Tracking (VAT) Test Drive combines tamper-proof hardware (TEE) and tamper-proof software (blockchain) to create a trusted solution for tracking scarce or valuable assets within a medical facility or among entities of a medical network. As highlighted by the COVID-19 pandemic, shortages in high-demand medical assets forced hospitals to scramble for equipment without an effective way to track the availability of medical equipment (e.g., ventilators) or location of time-sensitive medical supplies (e.g., vaccines, PPE).
The VAT Test Drive is centered around the IoTeX blockchain and Pebble Tracker, a tamper-proof asset tracking device that captures and cryptographically signs real world data (e.g., GPS location, temperature, humidity, motion, light) that are persisted on the blockchain and verifiable by anyone. These unbiased, transparent, and immutable insights regarding the location and condition of valuable medical assets can eliminate bottlenecks, streamline operations, and reduce costs for all stakeholders.
"We are excited to utilize IoTeX's cutting-edge technology within the IIC's Valuable Asset Tracking (VAT) Test Drive. The COVID-19 pandemic highlighted the fragility and opacity of our medical supply chain, and solutions like VAT proactively address these glaring issues. The combination of tamper-proof hardware such as TEE and tamper-proof software in the form of blockchain can deliver a "single version of the truth" across entities that don't necessarily trust each other, greatly reducing friction and increasing transparency and accountability. Test Drives exist to help IIC members showcase their solutions to real world problems and it's exciting to see the first Test Drive employing blockchain technology; in the future, I hope to see more applications of VAT in other domains." -- Dr. Mitch Tseng, Co-Chair of the IIC Testbed Council.
In addition to enterprise adoption, IoTeX's tamper-proof solutions are also being adopted by government and military entities. The US Navy recently signed a $1.5M contract with Consensus Networks to build HealthNet, a decentralized medical supply chain platform that utilizes the IoTeX blockchain and Pebble Tracker for real-time inventory tracking and predictive analytics. IoTeX has also actively engaged with research and standards bodies, such as the IEEE and MOBI, to establish universal protocols for how blockchain can be applied to legacy IoT systems. Most recently, IoTeX's Head of Cryptography, Dr. Xinxin Fan, was appointed the Vice Chair of the IEEE P2418.1 Standard for "Framework of Blockchain Use in Internet of Things (IoT)".
"We are excited to evolve our relationship with the IIC and explore how IoTeX's blockchain & IoT innovations can be used to make our world a safer and more trusted place. This Valuable Asset Tracking (VAT) Test Drive incorporates blockchain for the first time to directly address one of the most important questions today: who to trust and why to trust. With verifiable and open-source technology, we can create a more collaborative and trustworthy medical network for all stakeholders." -- Dr. Xinxin Fan, Head of Cryptography at IoTeX
IoTeX unveiled the Valuable Asset Tracking (VAT) Test Drive to the IIC membership at the Q3 Member Meeting from September 27-29 in Burlingame, CA. More details on the VAT Test Drive can be found on the IIC website: https://www.iiconsortium.org/test-drives/valuable-asset-tracking-test-drive.htm
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About IoTeX
Founded as an open-source project in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where humans and machines can interact with trust, security, and privacy. Backed by a global team of 30+ research scientists and engineers, the IoTeX platform combines innovations in blockchain, secure hardware, and decentralized identity to empower the new machine economy. By empowering everyday people and businesses to own and control their devices and data, IoTeX is establishing a new paradigm for how humans and machines will interact. As Co-Chair of the IIC's Blockchain Task Group, IoTeX helps drive the creation of new technical frameworks and business models, as well as help accelerate the adoption of blockchain-based use cases with enterprise end users.
Dr. Xinxin Fan (IoTeX) & Dr. Mitch Tseng (IIC) are available for interviews.
Media Contact
Larry Pang, IoTeX, +1 3103574866, [email protected]
SOURCE IoTeX
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