In a bid to address the security gaps for blockchain applications, Verimatrix has announced the availability of the Veriteem™ distributed ledger technology (DLT), an “open read, controlled write” for enterprise applications.
Verimatrix is a specialist in securing and enhancing revenue for network-connected devices and services. The Verimatrix GenOne team developed the open source technology to build internet of things (IoT) applications that require a dedicated blockchain that allows public access to data, yet securely manages contributions in order to prevent malicious behavior.
Veriteem DLT Powered By Ethereum
The Veriteem DLT is built on Ethereum with further control over the nature, frequency and participants of transactions to limit abuse of the data while still maintaining a decentralized system that encourages participation. Veriteem is ideally suited for compliance ledger applications where organizations can confidently publish their data according to the rules established by the DLT.
In the event that Veriteem is used for compliance ledger applications for connected devices, organizations can publish certified device models to the ledger and their manufacturers are able to securely contribute information—such as firmware updates, typical behavior, instructions and other public model information. This enables service providers to determine the level of service that devices should receive as they join their network based on their compliance and regulatory requirements.
Veriteem provides a common, open platform that allows IoT network service providers to access a trusted source to verify compatibility from compliance organizations and it also ensures firmware is current and devices are performing as expected.
The Veriteem Solution
The company says it is well aware of the limitations of blockchain applications but do believe in how its decentralized nature maintains independence of compliance between organizations and manufacturers. However, it identified certain gaps in current blockchain implementations that no existing DLT was able to adequately address, according to Petr Peterka, Chief Technology Officer, Verimatrix.
Petr said they decided to develop Veriteem as an open source solution that solves tangible problems, which have slowed the adoption of blockchain for enterprise deployments. The company believes many use cases will benefit from the options in Veriteem to balance accessibility and control.
While public blockchains provide a high level of accessibility and openness, they also present the risk of data storage abuse with potentially illegal data.
Veriteem provides control to a self-governed, decentralized group of guardians that do the mining, define applications and assign “write” access. It is more open than permission-based approaches that limit access to the ledger network and does not require expensive proof of work. The Veriteem DLT is available as an open source application, and Verimatrix is available to assist deployments with services to facilitate ledger access and onboarding.