Home Canadian firms launch platform to secure IoT with blockchain

Canadian firms launch platform to secure IoT with blockchain

Two Canadian tech firms are developing secure Internet of Things (IoT) communications using blockchain technology.

The Waterloo Record reports on the partnership between Waterloo-based Terepac Corp. and Toronto’s Nuco Inc.

The two firms recently launched a platform to secure internet-connected IoT devices using blockchain.

Blockchain technology, upon which Bitcoin was built, provides secure, tamper-proof communications and transactions.

“Blockchain is expected to transform almost every institution and every company,” said Terepac CEO Ric Asselstine. “It is only now being imagined, but the expectation is that this is more powerful than the first wave of the Internet.”

This follows news earlier this year that other big IoT players such as Samsung and IBM are pushing the integration of blockchain to secure connected devices.

Terepac originated as a specialist in electronic miniaturization in 2005. Since then it has developed the software and hardware to enable the remote monitoring of equipment, yachts and municipal water system leaks.

Don’t call it a pivot

Additionally Terepac sees blockchain harmonizing well with its patented Terecircuits technology that integrates electronics into devices to allow IoT capability.

“I do not call this a pivot, I call it an extension of our capabilities,” said Asselstine. “So the logical extension now is the blockchain capabilities.”

The first new service to emerge from the blockchain focus is Terepac “Blockchain Data Reliance as a Service.” This service incorporates blockchain to enable reliable and trustworthy data transfer without third party verification.

This service allows Terepac clients to better secure the ever-increasing rivers of data created by IoT devices. As well, it allows Terepac to perform the role of trusted authority for clients interested in expanding their IoT and blockchain capabilities.

“One of the main opportunities for Terepac is to help develop understanding on behalf of enterprise clients, so we become the resource,” said Asselstine. “We are basically the tour guide into the future, the Internet of Things and blockchain technology.”

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