NEM Ventures Investments in IoT-based Startup IoDLT

Leading Blockchain Industry VC Fund Invests in IoT-based Startup Integrating NEM Catapult to Deliver Efficient Business Solutions.

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NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, has announced its investment in IoDLT (Internet of Distributed Ledger Technologies), a B2B blockchain and IoT-based startup. IoDLT utilises 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.  

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Bader Youssef, CTO of IoDLT, said:

“We strongly believe that businesses should respect their users’ data, and NEM Catapult makes this all possible. Its highly performant, secure, and modular nature allows us to have full flexibility with our solutions. Catapult allows us to focus more on providing high-quality solutions, rather than worry about the safety and complexity of the technology. IoT devices benefit from this simplicity, as Catapult can interact with nearly any language and platform that supports the ability to make API calls and allows the devices to communicate securely. As a result, we can allow any business to utilize a fully secure and private blockchain and IoT solution, without the huge overhead costs.”

David Mansell, Director, and Co-founder of NEM Ventures, said:

“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.” 

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.

With security and decentralisation 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 across the Artificial Intelligence (AI), healthcare, insurance, manufacturing, and supply chain, agriculture, fin-tech, alternative energy metering, and accounting industries.

IoDLT plans to release a disruptive blockchain and IoT healthcare management solution within the next year, leveraging NEM Catapult to facilitate patient management, administration processes, decentralized records, Internet of Medical Things, and audibility. This solution will save time and cost processing while streamlining stakeholder relations and will cater to doctors, patients, and health insurance companies. IoDLT currently has a pilot medical clinic in place to test this solution before its official launch in Q2 2020. 

NEM Ventures is the venture capital and investments arm of the NEM blockchain ecosystem. Specialising in high tech investments, NEM Ventures promotes the growth of the ecosystem through strategic investments in projects which align with the ethos of the NEM community. NEM Ventures was mandated by the community in a public vote to manage a pool of reserved funds to meet these aims.

NEM Ventures focuses on projects which demonstrate a truly differentiated product, the ability to generate positive net income in the medium term, and founders who showcase the desire to move the blockchain ecosystem forward. Founded in 2018, NEM Ventures is a relatively new member of the NEM ecosystem and comprises a small, highly motivated team of investment and technology professionals. 

Founded in 2018, IoDLT (Internet of Distributed Ledger Technology) utilizes two disruptive technologies – Internet of Things and blockchain – to provide seamless, secure, and scalable B2B solutions. IoDLT brings security to small and large businesses alike, without compromising user data privacy and user-to-business interactions.  Their technology’s application spans a wide range of industries, namely healthcare, agriculture, supply chain, and energy metering.   

Alongside providing business solutions, IoDLT envisions a future run by embedded devices. Securing those devices will become imperative to the operations of any business.  IoDLT deploys proprietary and affordable IoT to blockchain protocols to secure the devices of the world.

 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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