NEM Ventures (NEM), the venture capital and investments arm of the NEM blockchain ecosystem, has invested in IoDLT, a B2B blockchain and IoT-based startup. IoDLT utilises IoT and NEM Catapult to provide scalable, cost-effective B2B solutions that automate approaches to securely recording sensor-based IoT data directly to an immutable, distributed, and trusted ledger.
David Mansell, Director and Co-founder of NEM Ventures, said: “We see huge potential in IoDLT, and are thrilled to be investing in a startup with significant potential for scalability. Facilitated by NEM Catapult, IoT devices connected directly to the blockchain will have a wide array of industry applications.
“We’re excited to be at the intersection of blockchain and IoT, and to see first-hand the solutions that can be put in place to increase business efficiency and security.”
The core IoDLT product is a small form IoT device which runs a NEM Catapult node (or entire private chain) which:
- enables direct connection of various sensors and computing capability to a Catapult chain
- provides the full functionality of a blockchain solution at a fraction of the cost
- is usable in either a private or public chain scenario.
The IoDLT solution means opens up any business to make use of Catapult’s features, including:
- decentralised swaps between businesses
- on-chain account systems
- two-factor authentication
- user data management
- secure business logic modeling.
With security and decentralisation at the forefront of its solutions, IoDLT has a no-central-server policy. All data is:
- either stored privately
- or stored publicly on the blockchain
- or located in distributed storage
- with encryption, to ensure maximum data integrity.
IoDLT’s solutions integrate IoT and blockchain seamlessly into already-established business operations. Potential or existing tangible applications apply across a range of industries, including:
- artificial intelligence (AI)
- supply chain
- alternative energy metering
Disruption to come
IoDLT plans to release a blockchain and IoT healthcare management solution within the next year. This will leverage Catapult to facilitate:
- patient management
- administration processes
- decentralized records
- Internet of Medical Things
This solution will save time and cost processing while streamlining stakeholder relations. It is for doctors, patients, and health insurance companies. (IoDLT currently has a pilot medical clinic in place to test this solution before its official launch in Q2 2020.)
Bader Youssef, CTO of IoDLT, said: “We strongly believe that businesses should respect their users’ data, and NEM Catapult makes this all possible. Its highly performant, secure, and modular nature allows us to have full flexibility with our solutions.
“Catapult allows us to focus more on providing high quality solutions, rather than worry about the safety and complexity of the technology. IoT devices benefit from this simplicity, as Catapult can interact with nearly any language and platform that supports the ability to make API calls and allows the devices to communicate securely. As a result, we can allow any business to utilize a fully secure and private blockchain and IoT solution, without the huge overhead costs.”
Catapult is a blockchain engine which is able to power both private and public networks with its unique smart contract plugins. These plugins enable:
- digital asset creation
- decentralised swaps
- advanced account systems
- business logic modeling.
Aggregated transactions merge multiple transactions into one. This allows trustless swaps, automatic cross-chain transactions, and other advanced logic. Catapult does this by generating a one-time disposable smart contract. When all parties have approved a transaction, all execute at once.
For example, a buyer might want to purchase a license (such as media usage rights). The license lists for sale on an exchange but the owner may prefer to keep all private keys off exchanges. To complete a transaction, Catapult creates the three transfers needed to make a trustless swap:
- the payment transfer to the seller
- the license transfer to the buyer.
- the payment of a small exchange fee for executing the transfer.
Catapult executes all three transfers simultaneously – as one transaction. This built-in escrow means all transfers succeed together – or they all fail together. While transactions may execute on exchanges, the exchanges never hold the keys: funds cannot be seized or interrupted.
Enterprise Times: what does this mean
Founded in 2018, IoDLT combines IoT and blockchain. Its intention is to provide seamless, secure, and scalable B2B solutions with security appropriate to small and large businesses alike. It aims to do this without compromising user data privacy and user-to-business interactions yet exploit affordable IoT and blockchain protocols to secure the devices of the world.
The attraction of IoDLT for NEM Ventures and its Catapult platform is self-evident. Combining the IoT and security aspects of a blockchain network offer many possibilities. Irrespective of whether ‘disruption’ in the healthcare industry is an attractive asset, the potential functions and automation should be.