SAN DIEGO--(BUSINESS WIRE)--XYO, the technology that bridges blockchain to the physical world, has partnered with IoTeX, a privacy-centric blockchain network for Internet of Thing (IoT) devices, to give developers tools and infrastructure to lower the barrier of entry to creating new blockchain applications focused on the IoT, and protecting records. The partnership will go a significant way to finally make IoTs, blockchain and privacy truly compatible.
Particularly relevant in light of General Data Protection Regulation (GDPR), and privacy-focused regulations globally, IoTeX has created an open source platform focused on privacy and IoT, to supplement the smart contract and native features of blockchain technology. IoTeX allows for private data storage, and connections between different types of IoT devices and the blockchain, where they run as nodes. The result is a blockchain connection to the Internet of Things with increased privacy.
“We take trust and privacy very seriously -- they’re two of the greatest challenges of our generation,” said Qevan Guo, Co-founder of IoTeX. “Our partnership with XYO will drive clear value in many ways and we respect the leadership role the company has taken in the IoT space. We look forward to working closely together to implement on our shared vision for a more connected world.”
As part of this partnership, XYO will deliver a link between reality and the virtual world. XYO will use its own cryptographic blockchain network and protocols to add location verification to the highly connected yet privacy-centric IoT world which IoTeX is currently creating. Both teams look forward to the many possibilities the partnership will provide on the privacy, security and blockchain fronts.
“We’re excited to announce our partnership and close work with IoTeX,” commented XYO Co-Founder Scott Scheper. “We respect the work the IoTeX is doing to ensure innovative privacy solutions for a growing number of real world IoT applications, and look forward to doing even more together to further improve trust and privacy for the entire industry. We share the same goal in creating a more connected world. A world in which we can create the ‘Internet-of-All-Things’ will be a better world than disconnected silos. This partnership enables us to make this inevitability a reality.”
XYO is an effort to create a vast, geospatial, blockchain-powered location network currently under development with the goal to provide accurate, certainty-driven location data on everything from cars to smartphones. By combining location beacons with IoT and mobile devices, the XYO ecosystem plans to deliver the verified coordinates and data needed to execute smart contracts, run smart cities, foster financial transactions, and power a legion of location-centric applications. For more information, please visit https://xyo.network.