The interconnected world of the internet allows us to digitize the information and then share it globally. But then security was always a big issue in transferring the data and the development of the blockchain technology revealed a solution for this. Originally blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.
A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” The Bitfury Group has announced their investment in a new startup for the Internet of Things (IoT) connectivity called Moeco. Bitfury, as one of the world’s largest Blockchain companies, sees the Moeco model as an excellent application for their technology services.
Berlin-based Moeco raises $5 million from Bitfury to bring Blockchain security to IoT connected devices. Global IoT connectivity platform Moeco is a decentralized platform designed to provide global IoT connectivity. Bitfury group is well known for the blockchain technology that can assist the companies in digitize their assets and safely transact them over the internet – making the world safer, simpler and more efficient. With an aim at providing a better safe and secure platform for its entire customers, Moeco is working to build a global network of cells that enable users to integrate existing IoT networks or deploy new ones, becoming their own in-house service provider.
Moeco enables device manufacturers to become global service providers, meaning that IoT devices will work anywhere, without limitations and the need to forge a patchwork of complicated contracts with carriers.