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NEM Ventures invests in blockchain and IoT startup IoDLT – CryptoNinjas

NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, today announced an investment in IoDLT (Internet of Distributed Ledger Technologies), a B2B blockchain and IoT-based startup. IoDLT utilizes IoT and NEM Catapult to provide scalable, cost-effective B2B solutions that automate approaches to securely recording sensor-based IoT data directly to an immutable, distributed, and trusted ledger.

IoDLT’s core product is a small form IoT device which runs a NEM Catapult node (or entire private chain) to allow direct connection of various sensors and computing capability to a Catapult chain. This provides the full functionality of a blockchain solution at a fraction of the cost and can be used in a Private or Public chain scenario. Their solution will enable any business to utilize NEM Catapult’s features, including decentralized swaps between businesses, on-chain account systems, two-factor authentication, user data management, and secure business logic modeling.

“We see huge potential in IoDLT, and are thrilled to be investing in a startup with significant potential for scalability. Facilitated by NEM Catapult, IoT devices connected directly to the blockchain will have a wide array of industry applications. We’re excited to be at the intersection of blockchain and IoT, and to see first-hand the solutions that can be put in place to increase business efficiency and security.” – David Mansell, Director and Co-founder of NEM Ventures IoDLT Solutions

With security and decentralization at the forefront of its solutions, IoDLT has a strict no-central-server policy and all data is either stored privately, publicly on the blockchain, or in distributed storage, and is encrypted to ensure maximum data integrity. IoDLT’s solutions feature realistic implementations of the NEM blockchain and IoT that integrate seamlessly into already-established business operations, with tangible applications acros...

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