Distributed Ledger Device Management Platform Prepares for Rise of IoT
As the Internet of Things is on the rise, with devices beginning to be interconnected and ‘Smart Cities’ under development, blockchain technology is likely to become intertwined with it for safety and security purposes, as well as to enable a host of related abilities. IoT is expected to be a $15 trillion market by 2030, yet innovation is so rapid that privacy and data have already been seen to be compromised in digital items.
Wearable device management company and ‘Gartner Cool Vendor’ Augmate has announced the launch of Augmate Connect, a distributed ledger-based IoT device management platform. Augmate Connect is introducing a scalable solution: a blockchain device layer using smart contracts aimed at creating a secure ecosystem for device connectivity.
Pete Wassell, CEO of Augmate, commented: “In the next few years, there will be 50+ billion IoT devices on the market, and managing device security in a scalable model will be of utmost importance for both enterprises and individuals. We believe that distributed ledger technology is the future of IoT device security, and we’re developing Augmate Connect to power a global ecosystem of device and human connectivity.”
At its core a blockchain-agnostic platform, Augmate Connect will start by integrating the IOTA Tangle, a block-less distributed ledger that allows transfer of value between devices without fees. Augmate Connect will eventually integrate new blockchain protocols. The Augmate Connect Platform will be activated and utilized with tokens called Machine Access Token Exchange – MATEs™. MATEs act as usage tokens, and Augmate will continually add services including a DApp store and app store with resources for developers in order to make it easier for enterprises and consumers to manage a growing collection of connected devices, from a secure and streamlined platform.
Augmate was originally founded in 2014 in New York City as a B2B enterprise company specializing in wearable devices, and was recognized as a Gartner Cool Vendor in 2017. Investors include William Hickey, UPS Ventures, Simon Property Group, Tim Draper, Siemens Venture Capital, Rothenberg Ventures, and many others.