SmartAxiom Inc, a subsidiary of Life on Earth Inc (OTC: LFER), announced today that it has received U.S. patent number 10,924,466 for a “System and Method for IoT Security”. The patent covers SmartAxiom’s innovative blockchain to manage and secure Internet-of-Things (IoT) systems.
Blockchains are great at building trust but until now they are all far too slow and power-hungry to run on IoT devices. SmartAxiom’s breakthrough multi-chain technology is fast and light enough to run on low-cost IoT devices, which enables those devices to trust each other so they can work together as a team to defend themselves. While satisfying the requirements of a ‘Zero Trust’ solution, this also improves latency, reliability, scalability and manageability versus alternative solutions.
Amit Biyani, SmartAxiom President and one of the patent’s inventors, commented: “We are very excited that the U.S. Patent Office has recognized our innovation with this patent. It covers the core distributed ledger technology (DLT) that makes our IoT management and secure communication solution so appealing to large companies that are managing supply chains, distribution logistics, Industrial IoT and smart buildings. With this technology, we can build the first true distributed IoT infrastructure that is blockchain-secured from endpoint-to-cloud. Additionally, it can track complete asset lifecycles, digital content or even the identity of people with non-fungible tokens (NFTs).”
Here is the full abstract from the patent: The present disclosure relates to a method and system for enabling IoT security using a decentralized IoT security platform that leverages the advanced communication and blockchain security thread model to protect IoT eco-systems. The platform uses a multi-chain data schema including a device chain and an event chain. The multi-chain data schema uses a time-envelope mechanism to generate an event to connect different device chains and enforce a set of security rules through smart contracts.
The method comprising receiving an encrypted block from an IOT device with event data and verifying the device signature and identity based on certain rules within the device chain. Further, the method comprising determining access to the event chain using the previous token, current token and timestamp of the encrypted block and updating the event chain upon access determination. The event chain protects data integrity and confidentiality against malicious packets, unauthorized devices, weak encryption and man-in-the-middle attacks.