IoTeX & Industry IoT Consortium (IIC) Launch Blockchain-Based Test for Valuable Asset Tracking (VAT)
We are excited to use IoTeX’s cutting edge technology as part of the IIC’s Asset of Value Tracking (VAT) test. The COVID-19 pandemic has highlighted the fragility and opacity of our medical supply chain, and solutions such as VAT are proactively addressing these glaring issues.
MENLO PARK, Calif. (PRWEB)
October 26, 2021
IoTeX, a Silicon Valley company that uses blockchain to secure the Internet of Things (IoT), and the Industry IoT Consortium (IIC), a global business consortium focused on emerging IoT solutions, announced today the launch of a new Test Valuable Asset Tracking (VAT). Founded by Bosch, Dell, GE, Huawei and Microsoft, the IIC is made up of more than 300 technology organizations that are accelerating the development and adoption of interconnected machines and intelligent analytics. VAT is the first Test Drive within the IIC to integrate blockchain technology with the goal of creating a more reliable medical supply chain.
Within the IIC, Test Drives are collaborative pilots where companies can test and explore cutting-edge IoT technologies that address real-world end-user issues. The new Valuable Asset Tracking (VAT) test combines tamper-proof hardware (TEE) and tamper-proof software (blockchain) to create a reliable solution for tracking rare or valuable assets within a medical facility or among entities a medical network. As the COVID-19 pandemic highlighted, shortages of high-demand medical assets have forced hospitals to scramble to find equipment without an efficient way to track the availability of medical equipment (e.g. ventilators) or the location of urgent medical supplies (for example, 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 is persistent across the blockchain and verifiable by anyone. This unbiased, transparent and unchanging information about the location and condition of valuable medical assets can remove bottlenecks, streamline operations, and reduce costs for all stakeholders.
âWe are excited to use IoTeX’s cutting-edge technology as part of the IIC’s Asset of Value Tracking (VAT) test. The COVID-19 pandemic has highlighted the fragility and opacity of our medical supply chain, and solutions such as VAT are proactively addressing these glaring issues. The combination of tamper-proof hardware such as TEE and tamper-proof software in blockchain form can deliver a âone-size-fits-all version of the truthâ through entities that don’t necessarily trust each other, dramatically reducing friction and increasing transparency and accountability. Readers exist to help IIC members present their solutions to real world problems and it’s exciting to see the first test drive using blockchain technology; in the future I hope to see more VAT applications in other areas. – Dr Mitch Tseng, co-chair of the IIC Benchmark Council.
In addition to business adoption, IoTeX’s tamper-proof solutions are also adopted by government and military entities. The US Navy recently signed a $ 1.5 million contract with Consensus Networks to create HealthNet, a decentralized medical supply chain platform that uses 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 on how blockchain can be applied to existing IoT systems. More recently, IoTeX Crypto Manager Dr Xinxin Fan was appointed Vice President of the IEEE P2418.1 Standard for the âFramework of Blockchain Use in Internet of Things (IoT)â.
âWe are excited to evolve our relationship with IIC and explore how blockchain and IoT innovations from IoTeX can be used to make our world a safer and more trusted place. This Valuable Asset Tracking (VAT) test integrates blockchain for the first time to directly answer one of the most important questions today: who to trust and why to trust. With verifiable, open source technology, we can create a more collaborative and trusted medical network for all stakeholders. – Dr. Xinxin Fan, Crypto Manager at IoTeX
IoTeX unveiled the Valuable Asset Tracking (VAT) test to IIC members at the Third Quarter Membership Meeting Sept. 27-29 in Burlingame, Calif. More details about the VAT Test Drive can be found on the IIC website: https://www.iiconsortium.org/test-drives/valuable-asset-tracking-test-drive.htm
Founded as an open source project in 2017, IoTeX builds the trusted Internet of Things, an open ecosystem where humans and machines can interact with trust, security, and privacy. Supported by a global team of more than 30 researchers and engineers, the IoTeX platform combines innovations in blockchain, secure hardware and decentralized identity to strengthen the new machine economy. By enabling individuals and businesses to own and control their devices and data, IoTeX establishes a new paradigm for how humans and machines will interact. As co-chair of the IIC Blockchain Working Group, IoTeX helps create new technical frameworks and business models, as well as accelerate the adoption of blockchain-based use cases with enterprise end users. .
Dr Xinxin Fan (IoTeX) and Dr Mitch Tseng (IIC) are available for interviews.
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