Canadian company launches platform to secure IoT with blockchain

Rage Review : Two Waterloo, Canada companies, Terepac Corp. of Waterloo and Nuco Inc of Toronto, recently launched a platform hoping to protect the security of IoT connected devices through blockchain technology. Previously, large IoT players such as Samsung and IBM have been promoting the integration of blockchain technology to protect the security of connected devices. The huge potential of blockchain can reform almost every institution and company, and its influence will exceed the impact of the Internet wave.

Translation: Nicole

Two Canadian technology companies are using blockchain technology to develop a secure Internet of Things.

The Waterloo Chronicle reported on the partnership between Waterloo-based Terepac Corp. and Toronto-based Nuco Inc.

The two companies recently launched a platform that hopes to protect the security of IoT connected devices through blockchain technology.

Blockchain technology, built on Bitcoin, can provide secure and tamper-proof communications and transactions.

Ric Asselstine

Terepac CEO Ric Asselstine said:

“Blockchain can transform almost every institution and company. Although these are just our imaginary scenarios, we believe that this will have a greater impact than the first wave of the Internet.”

The Canadian company follows other big IoT players such as Samsung and IBM earlier this year in pushing for the integration of blockchain technology aimed at securing connected devices.

Terepac started out as a company focused on miniaturizing electronic devices in 2005, and has since been developing software and hardware to enable remote control of devices, yachts and municipal water systems.

Don't assume the company has changed its strategy

In addition, Terepac believes that blockchain can be well integrated with its patented Terecircuits technology, which can integrate electronic devices into devices to provide Internet of Things functions.

Asselstine said:

“I don’t think it’s a change in strategy, I think it’s an expansion of functionality, so logically, the expansion now is an expansion of blockchain functionality.”

The first service derived from blockchain is Terepac’s “Blockchain Data Trust as a Service”. By combining blockchain, the service enables reliable and trustworthy data transfer without the need for third-party verification.

This service allows Terepac clients to better protect the large amounts of data created by IoT devices. Likewise, Terepac acts as a trusted authority for users interested in expanding IoT and blockchain capabilities.

Asselstine said:

“One of the main opportunities for Terepac is to represent corporate clients in understanding blockchain and IoT, so that’s the role we play. Basically, we are the guide for IoT and blockchain technology in the future.”