The venture capital division of the American Corporation General Electric has become one of the investors of a startup Xage based on the blockchain. The main objective of the project is to ensure cybersecurity and communication devices, used in industry and are connected to the Internet of things.
In the first round to collect $ 12 million, companies like City Light Capital, NexStar Partners and March Capital Partners also participated. The total amount required for Xage developers, is about $35 millions.The Project has attracted the attention of such large investors, primarily due to different cyber attacks that became frequent in the last time.
According to Abhishek Shukla, managing Director for investment at General Electric, all industrial enterprises should seriously think about the security of their operations in order to be able to use the revolutionary advantages of the Internet of things fully. The Xage project, in turn, is aimed at introduction of advanced technologies in telecommunications, transport, energy and other industries.
Why does GE need Xage technology?
Thanks to the technology developed by the authors Xage, it will be possible to form a distributed network of devices and to provide authentication of their digital prints. Thus it will be possible to detect incorrect work of certain devices and to prevent possible damage to the entire centralized network in the event of a cyberattack.
It is noteworthy that General Electric not only funds the blockchain startup Xage, but also independently conducts research of this technology. In June of this year the Corporation has received a patent for the use of the blockchain for verification of things created on a 3D printer for use in the supply chain. Interestingly, this is not the first bid by General Electric in the Bureau of patents and trademark United States. For example, in November 2017, the company issued a patent for the use of the blockchain for monitoring and maintenance in the aviation sector.