SmartAxiom Inc announced today its receipt of U.S. patent number 11,032,293 for a ‘System and method for managing and securing a distributed ledger for a decentralized peer-to-peer network’. The patent covers SmartAxiom’s innovation that enables the use of blockchains on devices in the Internet-of-Things (IoT). This intellectual property protection builds on another patent received earlier this year for a ‘System and Method for IoT Security’ U.S. patent number 10,924,466.
Blockchains are effective in building trust but until now have proven to be too slow and power-hungry to run on IoT devices. SmartAxiom’s breakthrough, fast and light multi-chain technology can be used on low-cost IoT devices, which enables those devices to trust each other so they can work together as a team to defend themselves. A fundamental requirement to making a blockchain work is a method to synchronize, manage and secure the digital ledgers on the IoT devices, which is what this new patent covers.
The security inherent with this Digital Ledger Technology (DLT) satisfies the requirements of a ‘Zero Trust’ solution, while also improving latency, reliability, scalability and manageability. For many customers, the SmartAxiom solution also significantly reduces cloud hosting and transaction costs.
Amit Biyani, SmartAxiom CEO 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 blockchain 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 and Industrial IoT. 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).”