Taiwanese blockchain solutions provider ITM has signed a partnership with tech giant Microsoft and MediaTek to create enterprise solutions that integrate blockchain technology with the well-known Internet of Things (IoT).
Technology services companies Microsoft, ITM and MediaTek recently entered into an alliance to boost the use and adoption of technology blockchain within the tools, solutions and spaces that use the Internet of Things (IoT) at business level.
As reported ITM (International Trust Machines Corporation) through a releaseThe three companies are joining forces and expertise to ensure that the vast amounts of data and information generated by Internet-connected smart devices are stored in a completely secure and tamper-proof manner, while ensuring trust and data security to efficiently serve businesses and customers around the world.
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Security and immutability in data validation
As the release points out, the Internet of Things (IoT), which is becoming the new face of the Web, is revolutionizing every space in our society. It is no longer just about computers, PCs, and smartphones connected to the Internet, but in this new technological era, even home security systems, household appliances, and all kinds of non-computer devices share a connection to the Internet network. IoT is rapidly and steadily gaining ground in society, and is generating a huge amount of data coming from these devices.
Se esteem that by 2025 there will be more than 50.000 billion active IoT devices worldwide, which will produce about 80 zettabytes of IoT data, which is equivalent to about 8 trillion gigabytes of data. This is why blockchain technology plays and will continue to play a fundamental role in the secure, transparent and immutable storage of this incredible amount of data and information.
Blockchain is a technology with unique properties that allow for a detailed record of all transactions that occur within a network, while ensuring that these transactions are carried out in a decentralized, immutable, secure and transparent manner. Due to its properties, characteristics and potential, and combined with the Internet of Things, blockchain has the ability to record all parameters of production processes or supply chains in an immutable and tamper-proof manner, guaranteeing exact and absolute control of the origin, production and distribution of processes, data, information, and much more.
Valuable solutions in the midst of a global pandemic
ITM CEO, Julian Chen, says blockchain technology ensures data accountability and reduces the need for third-party verifications. “The audit process is performed automatically by the machine, which speeds up the exchange of data between supply chain participants,” Chen said, highlighting that the blockchain solution is a very important development in the midst of the ongoing global pandemic.
On the other hand, the combination of ITM's cryptographic security solutions with blockchain for IoT systems also allows for reducing operating costs and processing the large amount of information produced by smart devices in the shortest possible time. The combination of the potential solutions developed by Microsoft, ITM and MediaTek allows for the creation of an IoT network capable of ensuring compliance, speed, scalability, privacy, cost reduction, and much more; at the same time as accelerating the creation of new solutions and digital transformation initiatives following the current crisis.
Microsoft Azure, Microsoft's enterprise blockchain
Within the alliance that these companies have just signed, Microsoft plays a very important role. ITM reported that TaiPower, Taiwan’s largest energy provider, will be using the first blockchain and IoT-based solution to keep an immutable record of solar energy data generated by smart meters.
This first solution uses chipsets developed by MediaTek and certified by Microsoft Azure Sphere, the enterprise platform created to simplify governance and administration, and to streamline record keeping and verifications between partners throughout the entire workflow, sharing data and logic immediately on a shared and immutable network. This platform is being used widely by several of the world's most recognized companies and Microsoft customers, such as GE Aviation, which is optimizing traceability in the supply of aircraft parts from the factory to the flight through this blockchain; as well as the famous international chain for the marketing of coffee, Starbucks, which is using the Azure blockchain to track its raw materials in detail and immutably from production fields to its facilities, ensuring excellent quality in its products and services.
Other well-known Microsoft clients implementing Azure-based solutions include: Insurwave, Bühler, Singapore Airlines, web jet and the stock and share market NasdaqThe latter ensures delivery, payment and settlement of transactions through the blockchain developed by Microsoft.
The use and adoption of this blockchain demonstrates the potential and growing trust that blockchain is generating for data management and storage. In the case of TaiPower, the company will be automatically connected to Azure Sphere cloud services; allowing the collection of reliable data on renewable energy while ensuring and maintaining data security at the hardware level.
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