The buzz around blockchain IoT is rapidly becoming a roar, thanks to the inherent security advantages of blockchain’s distributed computing architecture and the Industrial IoT’s growing need for better network fidelity.
Recognizing this need, IoTeX has announced the launch of the Industrial Internet Consortium’s (IIC) first blockchain-based Test Drive for Valuable Asset Tracking (VAT) solution, which is designed to combine tamper-proof hardware and blockchain to create a trusted asset tracking solution for healthcare networks and medical supply chain. The IIC uses its Test Drives as collaborative pilot programs that allow members to test and explore emerging IoT solutions.
IoTeX is a company that’s founded on the synergies between IoT technology and blockchain and as a member of the IIC, a global enterprise consortium focused on leading-edge IoT technologies and solutions, IoTeX is often part of the IIC’s blockchain initiatives. The new Test Drive for VAT is the first of its kind within the IIC to leverage blockchain specifically for use in Healthcare IoT. The ongoing COVID-19 pandemic has put the weaknesses in the medical supply chain and asset tracking into the spotlight, contributing to shortages in high-demand medical assets like medical equipment such as ventilators, and the lack of visibility into the locations of important and time-sensitive medical supplies like vaccines and Personal Protective Equipment (PPE).
This VAT Test Drive reportedly is built on the IoTeX blockchain and the Pebble Tracker, a tamper-proof asset tracking device that captures and cryptographically signs real-world sensor data, including GPS location, temperature, humidity, motion, and light, so they can be persisted on the blockchain and verifiable by anyone. The idea is that this information on the location and condition of valuable medical assets can eliminate bottlenecks, streamline operations, and reduce costs.
“We are excited to utilize IoTeX’s cutting-edge technology within the IIC’s Valuable Asset Tracking (VAT) Test Drive,” said Dr. Mitch Tseng, Co-Chair of the IIC Testbed Council. “The COVID-19 pandemic highlighted the fragility and opacity of our medical supply chain, and solutions like VAT proactively address these glaring issues…in the future, I hope to see more applications of VAT in other domains.”
IoTeX’s tamper-proof solutions are also being adopted by government and military entities. The US Navy recently signed a $1.5M contract with Consensus Networks to build HealthNet, a decentralized medical supply chain platform that utilizes the IoTeX blockchain and Pebble Tracker for real-time inventory tracking and predictive analytics.
“We are excited to evolve our relationship with the IIC and explore how IoTeX’s blockchain & IoT innovations can be used to make our world a safer and more trusted place,” said Dr. Xinxin Fan, Head of Cryptography at IoTeX. “This Valuable Asset Tracking (VAT) Test Drive incorporates blockchain for the first time to directly address one of the most important questions today: who to trust and why to trust. With verifiable and open-source technology, we can create a more collaborative and trustworthy medical network for all stakeholders.”
IoTeX unveiled the Valuable Asset Tracking (VAT) Test Drive to the IIC membership at the Q3 Member Meeting in September in Burlingame, CA.