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Tuesday, November 28, 2017

Blockchain firm invests in IoT network startup

By Nick Flaherty

The world's largest full-service Blockchain technology company is investing $5m in Moeco, an IoT platform and hardware developer. 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, and is using blockchain technology to do this.

Blockchain is the secure, distirbuted ledger technology behind digital currencies such as Bitcoin and Ethereum. Moeco relies on two "last mile" technologies – LoraWAN always-on dedicated gateways most suitable for businesses with range of about 15km, and Bluetooth Low Energy-enabled smartphones that act as mobile gateways. 
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. The company says anyone can become a IoT provider by installing a dedicated Access Point or a mobile application and earn revenue for each connection. This unites independent IoT gateways and existing networks to form a global scale network, providing roaming-free environment for end users, corporate customers, hardware manufacturers, and service providers.

"We are very excited to invest in Moeco, whose work and vision aligns with our own ambitious goals," said Valery Vavilov, CEO of the Bitfury Group. "Moeco is a service platform that enables customers to deploy citywide IoT networks using Blockchain technology, and the Bitfury Group provides a full range of Blockchain services and solutions that can help them do just that. Together, I believe Moeco and Bitfury will make great progress in bringing IoT devices to the Blockchain."

Moeco plans to use Bitfury's Exonum, a new protocol that helps businesses move, manage and secure data and assets.

"Moeco's goal is to 'uberize' IoT connectivity by delivering data to the right place in a secure way and making sure the gateways are compensated fairly. The p2p nature of the underlying blockchain technology will help us scale the system quickly and efficiently," said Dmitry Gorilovskiy, Moeco's founder and CEO. "This is why we are especially excited about our decision to use Bitfury's Exonum protocol. Exonum is at the core of the Moeco platform. This round of investment will help us speed up the trials with core clients in retail and smart city areas and bring in more resources for Exonum's development at the same time."

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