Startups Using Blockchain In IoT

In a white paper by Tata Consulting Services on the relevance of blockchain in IoT, the following four advantages have been highlighted in bringing these two technologies — IoT and blockchain — on one platform:

• Trust building
• Cost reduction
• Accelerated data exchanges
• Scaled security

Discovery

Based in India, DiscoveryIoT is a startup that looks to disrupt a trillion-dollar supply chain market with its innovative blockchain-based IoT solution. With an aim to address supply chain problems like stock-out, stock obsolescence, and product counterfeit, Discovery is creating a network with a groundbreaking innovation. It includes an IoT tag, which can be powered without a battery. Besides, by passing along the tag’s data to user smartphones, supported by a DAG-based protocol, to be further processed and uploaded on the blockchain,  Discovery seeks to utilise a community of smartphone users to grow its network.

HDAC

Backed by Hyundai Corporation, HDAC is a Korean startup that is building multiple-chain based blockchain platform that can facilitate machine-to-machine transaction, authentication of IoT devices, and their mapping. With the use of public and private blockchains, HDAC ensures speedy transactions, while not compromising the security of IoT devices.

Filament

The Nevada, US-based Filament is building a platform that combines blockchain hardware and software solutions to enable industrial IoT devices to utilise blockchain. This will allow enterprises to connect with devices securely, and these devices can exchange data autonomously against a blockchain protocol. The startup has successfully developed a USB-compatible device that can enable interaction with multiple blockchain protocols natively.

KrypC

KrypC is a startup based in India that is looking to close the gaping hole in IoT security. By developing a blockchain protocol tailored for securing IoT device communication, KrypC is targeting a billion-dollar IoT market. It seeks to provide a platform where business-specific needs can be addressed without any coding effort. Although based on Hyperledger protocol, the platform is being developed to support protocols such as Ethereum and MultiChain.

Xage

Focusing on providing security to industrial IoT, Xage claims to be the world’s first blockchain-protected security platform for IoT. Utilising the immutable nature of the distributed ledger, Xage uses blockchain to secure industry 4.0. Its software can be installed at endpoints and gateways where the nodes interact with others to create a network.

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