Xage emerged recently with a blockchain-based security solution that could help companies improve the way they carry out business transactions with each other in a secure way. The company also appointed Duncan Greatwood as the new CEO who is expected to take the company to a higher level of various elements of security innovations using blockchain platform.
According to Greatwood, Xage will build a security fabric for IoT, which synthesizes blockchain technology with other capabilities to generate a secure environment for smart devices to operate. Blockchain, which is termed as a trust protocol, gives business firms confidence that their IoT devices are safe and cannot be compromised.
The company is putting up a trusted network of people, machines, and applications on their blockchain platform so as to build an incontrovertible connection among its entities and denying access to anyone who is not eligible or has no explicit permission to the system. Xage believes that blockchain is the best solution for IoT security solutions since it offers solutions to many digital identity crises.
Furthermore, Blockchain will help the company in solving IoT security challenges due to its abilities to communicate with various devices without compromising the authenticity of data. Xage’s blockchain approach works in a way that allows involvement of more participants, offers more security and ensures that it’s harder to hack the system.
Xage is working closely with IBM on their Hyperledger Fabric Project that will build the blockchain platform in conjunction with Ethereum technology. With blockchain system, Xage will not have to worry about their digital security anymore, which has become a massive problem in the world today.
Generally, blockchain technologies make the tracking and digital identities to be more secure and efficient which leads to reduced fraud and efficiency in business operations. Whether it’s in banking, national security, online retailing, healthcare, citizenship documentation, identity authentication and authorization, blockchain technology is the perfect way for IoT security and data management.