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Promethieus launch is tied to SHD Smart Home’s use of blockchain security for IoT products

Promethieus launch is tied to SHD Smart Home’s use of blockchain security for IoT products

Posted by Zenobia HegdeJanuary 22, 2018

Lomiko Metals Inc. has disclosed details of the strategy for 25% owned Promethieus Cryptocurrency Mining Corporation, a cryptocurrency mining company and 25% owned subsidiary of SHD Smart Home Devices Corp, an Internet of Things (IoT) company. Promethieus has posted a downloadable PowerPoint that reportedly describes key aspects of the company under Quicklinks. “We are focused on our objectives despite volatile markets,” said A. Paul Gill, CEO.

In a December 13, 2017 article on Yahoo Finance, Royal Bank of Canada (RBC) Capital Markets analysts Mitch Steves and Amit Daryanani estimated the total valuation of cryptocurrencies could reach US$10 trillion (€8.16 trillion) from current estimates of around half a trillion dollars. However, there was no timeline from the authors for this ultimate valuation.

Lomiko’s investment in SHD Devices, an Internet of Things (IoT) company, has been a partner in the development of Promethieus and will be using Blockchain for security protocols. There is synergy between the two companies in the IoT industry.

Blockchain or Distributed Ledger Technology may have a similar impact upon homes and offices as the internet. Blockchain’s big advantage is that it’s public and secure. Everyone participating can see the blocks and the transactions stored in them but the content is protected by a private key. A blockchain is decentralised, so no single authority can approve transactions or set specific rules to have transactions accepted. All the participants in the network must reach a consensus to accept transactions.

The possibility of interaction between blockchain and IoT would increase the security of remote access provided by IoT applications alone. The convergence of blockchain and IoT is on the agenda for many companies and there are existing implementations, solutions and initiatives in several areas, outside of IoT and financial services.

As IoT adds more and more devices to the digital fold every day, organisations of all sizes are recognising the technology’s potential to improve business processes and, ultimately, accelerate business growth. Meanwhile, the number and variety of IoT solutions has expanded exponentially, say its backers, creating real security challenges. Primarily, there is a need for secure common tasks such as sensing, processing, storing information, and communicating.

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Zenobia Hegde