An American startup has developed a new software and chip called Blocklet which facilitates secure data transactions on industrial and enterprise devices and sensors using blockchain technology.
According to Nevada-headquartered Filament, its distributed blockchain capabilities leverage open protocols so that devices are able to independently process and record transactions while ensuring digital trust.
The new software and chip combination are designed to communicate and interact with multiple blockchain technologies natively.
"The software, implemented on existing hardware, will deliver a secure distributed ledger technology solution," Filament said in a statement. "The Blocklet Chip will allow industrial corporations and enterprises to seamlessly extract the value of recording and monetizing data assets, at the edge of the network, on the sensors themselves".
Founded in 2012, Filament works on developing blockchain hardware and software solutions for the enterprise and industral internet of things (IoT).
"We are taking enterprise and industrial IoT connectivity benefits to the next level where data can be transacted and inherent trust is created,” said Filament chief executive officer Allison Clift-Jennings. “No less significant than what e-commerce did for the internet, blockchain will again revolutionize business models for entire industries."
The startup is working with several partners to develop a blockchain for industrial use. It is supporting the open-source business blockchain framework, Hyperledger Sawtooth, hosted by The Linux Foundation, on its own native hardware.
Hyperledger Sawtooth is a modular platform designed for building, deploying and running versatile and scalable distributed ledgers which provide a digital record that is maintained without central authority or implementation. Many Fortune 500 corporations are among the 200 members of the consortium.
Filament is backed by leading venture capital firms and technology corporations including Verizon Ventures, Bullpen Capital, Intel Capital, JetBlue Technology Ventures, CME Ventures, and Samsung NEXT, among others.
"Intel is creating transformative technologies to enable large-scale industrial IoT deployments, and our investment in Filament will help support that vision,” said Doug Fisher, vice president and general manager of the Software and Services Group, Intel Corporation.