Toronto-based Internet of Things (ITT) Inc., a leading software and solutions provider within the IoT market, has announced the formation of its new subsidiary, Blockchain of Things Inc.
The company will use its new unit to combine the technologies of blockchain and IoT in the aim of transforming the way global business transactions and operations are conducted across a number of industries.
Specifically, Blockchain of Things Inc. will pursue areas where Blockchain and IoT can be brought together to create smart contracts that will streamline the activities of companies and improve IoT compliance and efficiencies.
“The internet of things and blockchain are set to converge and transform business operations and processes. We anticipate that blockchain will be the catalyst to the explosive adoption of both consumer and industrial IoT products and services. As such, the formation of Blockchain of Things positions ITT Inc. to be at the front of this technological wave,” said Michael Frank, CEO of ITT Inc.
“As we roll out the Blockchain-IoT strategy, we expect our existing relationships will provide us with near-term opportunities to develop and implement our solutions, capturing market share and revenue.”
Within this venture, Blockchain of Things Inc. will look to capitalise in both key supply chain management markets such as a logistics, software, and food safety, as well as the manufacturing industry through its planned application in machine learning and automation solutions.
The unit will be headed by Michael Lende, previously the Senior Vice President at Zipcar.