One of the oldest companies in the United States is backing a new tech startup specializing in cyber security. The 126-year-old company GE is taking part in a massive crowdfunding operation to raise twelve million United States dollars to improve cybersecurity.
The new company officially called Xage, is a blockchain-based company who provides cutting edge security protocols in the cybersecurity sector. Relying mainly on the Internet of Things, Xage is in a serious crowdsale led by three major partners.
Next Star, City Light Capital and March Capital Partners are providing services to keep Xage on track until the crowdsale is completed and likely thereafter.
The main reason for the new development of security is for the growing Internet of Things. Companies new to the new system still need protection as it’s an entirely new way of operation vs. traditional internet. Xage is giving the needed security for companies looking to integrate the IoT with their already existing systems. Most of the sectors involved are either tech or utility related. In any case all them are considered global industries like energy and transportation.
Before the current round of crowdsales started, Xage was valued at roughly $35 million USD. The new round is happening at the opportune time to show what they’re capable of regarding cyber security. Hacking, fraud and theft have been a steady rise, which is one potential reason for GE to get involved with company.
By operating on a decentralized network, Xage is nearly impenetrable. Cyber hackers have little to no chance against the technology Xage has developed for networks and the hardware running them. By giving each network and machine a virtual fingerprint, Xage can authenticate any system instantly, making unauthorized entry near impossible.
With the introduction of new technology to hackers, security has become somewhat difficult for standard protocols. The result has been a series of new companies built on blockchain technology, using decentralized networks to counter the threat of new cyber attacks which have developed.
Xage is by no means the only blockchain-based company GE has taken notice of. Several branches of General Electric have started exploring other uses for blockchain not related to security. One such application relates to GE’s supply chain efficiency, using blockchain to authenticate programs and parts on the chain, ensuring they’ve been verified and meet all quality control standards set by one of America’s oldest corporations.
It’s a huge step for blockchain technology in general, the fact that massive industrial leaders like IBM and GE are integrating blockchain technology into their business & technology ecosystems for the improvement of them.
Two sectors taking interest in blockchain uses is GE’s transportation sectors and Global Research Division. Both of the subsidiaries of GE have taken out a lot of resources into blockchain technology, also working with partners and joining groups or alliances who are developing the technology for the future.
If GE can successfully incorporate blockchain technology as anticipated, the platform will be able to provide users with a new source of sustainable energy. Many of the energy sources will be natural as well, making it more enticing for people and enterprises to get involved with such energy sources as wind farms and solar grids. The last part of the equation is to incorporate token usage into the system, thereby making it possible for consumers to issue payments to GE with cryptocurrencies.
The new development is still in the infant stages of work but is being developed to help save power by creating better monitoring systems to be put in place. As it is now, a lot of energy is wasted, and finding a way to stop the waste could potentially lower the cost of electricity while at the same time providing new consumers with sustainable energy.
What do you think? Can GE pull it off and create a new source of renewable energy to power the world. Leave your thoughts on the topic in the comment section below.