Tech giants no longer want to be seen lagging behind when it comes to adoption of blockchain technology. Conglomerate General Electric is the latest tech giant to bet big on the emerging spectacle. Through its venture capital arm, the company is believed to have participated in a $12 million Series A funding round for Cybersecurity startup Xage.
Xage Cybersecurity Solution
It does not come as a surprise that General Electric jumped to the opportunity to invest in the startup given that its operations receive a boost from the solution on offer. Xage has already showcased how blockchain technology can be used to link industrial internet of things devices securely.
The technology in question is designed to create a distributed network whereby devices will be able to authenticate industrial machines fingerprint. The interconnection will allow anomalies in machines to be detected by a distributed system, thereby preventing attacks from spreading in a centralized network.
?For industries to benefit from the IoT revolution, organizations need to fully connect and protect their operations. Xage is enabling the adoption of these cutting-edge technologies across energy, transportation, telecom, and other global industries. We are excited to support Xage?s innovative approach,? said GE Ventures? managing director of investing, Abhishek Shukla.
Xage blockchain solution addresses a long-running issue that has seen companies struggle to secure machines with the emergence of new threats. Companies struggle to secure machines from cyber-attacks in part because most of them are usually sourced from different manufacturers.
GE Blockchain Investments
In addition to investing in Xage, General Electrics through its subsidiaries is also exploring the use of blockchain technology to support some of its operations. The company has already filed a patent detailing the use of the technology in the verification of 3D printed parts.
The industrial conglomerate has also detailed how the technology can be used in aircraft monitoring as well as maintenance system as part of another patent filing. General Electric is also exploring the possibility of using blockchain technology to connect consumers with renewable electricity producers and allow them to make purchases through cryptocurrencies.