NOVI, Mich.--(BUSINESS WIRE)--Krytronx, LLC, a Michigan technology company, announced today its $100m plan to provide free worldwide installation of their blockchain based iOT asset tag product line.
Krytronx will install the iToolTag™ asset tag sensors on over 1 million production tools throughout the global supply base. The smart tags replace traditional asset tags on machinery and tooling owned by OE manufacturers, placed in service at supplier locations.
The product provides a cost effective and rapidly scalable technique to collect real-time analytical information globally without requiring any equipment upgrades or even an interface with existing IT infrastructure.
iToolTag™ creates an ecosystem of value, providing insights that can be shared throughout the supply chain, benefiting OE’s and local small business owners.
“The profit improvement opportunity for our OE customers is extraordinary— measured in multiple billions of dollars annually. At the same time, the system will provide small business owners with an alternative path to win new business, and compete at world class levels.
“Our iToolTag™ system tracks every tool cycle worldwide in real time, secures the provenance with Genesis Blockchain™, and uses artificial intelligence (AI) to convert the information stream into decisive actions that can quickly improve the bottom line,” said Dwayne Esterline, president, Krytronx.
“Imagine the benefit of having an engineer standing at every production tool with a stopwatch— measuring, refining and reducing process costs— worldwide — 24 hours per day. We have achieved this at a global scale, without the associated cost, by bringing modern iOT, AI and blockchain technologies together into a transformative product.
“Offering our product free to OE customers is a strategic investment. We are confident that the resulting value stream will generate billions of dollars in cost improvements for our customers, create a new business ecosystem for the supply base, and position Krytronx for exponential growth in the iOT space.”
Krytronx, LLC is a privately held, early stage incubator for applied technology commercialization, capitalization, license and acquisition. Krytronx, LLC maintains a strategic focus on iOT, blockchain, machine learning, artificial intelligence (AI) and data mining applications related to industrial manufacturing, automotive, purchasing/procurement and cost accounting applications. Krytronx proprietary technology includes iToolTag™ and Genesis Blockchain™.