Getting the myriad of devices involved in the industrial internet of things provisioned and communicating with one another in a secure way will be one of the great technological challenges facing companies in the coming years. Xage (prounounced Zage) emerged from stealth today with a blockchain-based security solution that could help simplify this.
The company also announced that Duncan Greatwood has joined the company as CEO. Greatwood is an experienced entrepreneur, who sold Topsy to Apple in 2013 and PostPath to Cisco in 2008. These exits have given him the freedom to pick and choose the projects he wants to work on, and he liked what he saw at Xage from a technology perspective.
“This is an area where a wave of change is sweeping through the industry. Security is a foundational element of this innovation,” Greatwood told TechCrunch.
He said that Xage is building a security fabric for IoT, which takes blockchain and synthesizes it with other capabilities to create a secure environment for devices to operate. If the blockchain is at its core a trust mechanism, then it can give companies confidence that their IoT devices can’t be compromised. Xage thinks that the blockchain is the perfect solution to this problem.
They do this by building a trusted network of people, machines and applications on the blockchain, which creates an irrefutable connection among these different entities and prevents anyone who has not been given explicit permission from gaining access.
“The blockchain is operating like a distributed, redundant tamper-proof data store. It connects with policies pushed from the cloud or configured locally. The [security] fabric enables the devices and AI and people to communicate with each other and controls the flow of information,” he explained.