- Source : Press Release
- Date : 2020-07-31
- Companies : Ambrosus, Inc.
Introducing Emerald Circuit: the First IEO of the Ambrosus Ecosystem
The Ambrosus Team is proud to introduce the first Initial Exchange Offering (IEO) that will feature on the Ambrosus Ecosystem: Emerald Circuit! As the premier blockchain ecosystem for IoT devices and and intelligent objects, Emerald Circuit will onboard its own sidechain on the Ambrosus Network, and provide circuited device security from sensor to blockchain. More specifically, Emerald Circuit is a hardware and software based project that works to solve one of the biggest problems plaguing blockchain adoption in the real world: The problem of Garbage-In Garbage-Out.
While cryptocurrencies and decentralized finance have risen to prominence in recent years, widespread adoption of blockchain technology in the physical world remains limited at best. One of the primary bottlenecks of this has been categorized under the title ‘Garbage-in Garbage-Out’:
“To date, most security solutions that utilize a blockchain rely upon standard ‘off-the-shelf’ Internet of Things (IoT) devices or manual user input to collect data that is subsequently hashed onto a blockchain. Such methods are neither efficient nor reliable especially in relation to data security. As a result, if there is an error or tampering with the datum at the point of collection, the entire script is worthless once it has been transmitted and hashed onto its respective blockchain network.”
— Excerpt from the Emerald Circuit Whitepaper
In short, Garbage-in Garbage-out refers to the challenge of securely collecting data from the physical world that can then be digitally notarized on a blockchain and used for other purposes. If the data collected is not reliable, then the data stored on the blockchain is not valuable. In contrast, if data can be securely collected using 128-bit encryption built into the IoT devices themselves, then upon reaching the blockchain the data becomes more extremely secure and reliable.
The context for the launch of Emerald Circuit is twofold: On the one hand, public blockchain ecosystems have become more developed and sophisticated in the last decade: From sidechains, to better management interfaces, to easier integration with existing IoT devices. On the other hand, the industrial internet of things, as an emerging market actively deploys over 14 billion IoT Devices, with that number expected to increase to over 41 billion IoT devices by 2025.
Pivotal to the development of the Industrial Internet of Things is device security both at the point of collection (endpoint security) and once it has been digitally integrated into a management and storage system. Concerns over IoT Device Security are one of the largest bottlenecks for the development of the industry as a whole:
- Cyberattacks on IOT devices surged 300% in 2019, with an estimated 2.9 billion events observed. (Forbes)
- “98 percent of all IoT device traffic is unencrypted” while “more than half of IoT devices are vulnerable to medium- or high-severity attacks, making IoT the low-hanging fruit for attackers.” (Threat Post)
- IoT vulnerabilities pose legal challenges to companies operating under data protection and security regulations (GDPR). As Deloitte explains in their IoT Security report, “Thanks to the IoT, data security risks will very likely go beyond embarrassing privacy leaks to, potentially, the hacking of important public systems.” (Safeguarding the Internet of Things)
What is Emerald Circuit?
Like many projects in the Ambrosus Ecosystem, Emerald Circuit was a project initially developed in 2016 out of the Innovation Laboratory arm of the Ambrosus Ecosystem. More than three years later, Emerald Circuit is an independent full-package IoT solution that offers 128-bit encrypted IoT devices at the micro, macro, and networked scale. Three primary tiers of objects — Smart Flasks — Smart Containers — and Smart Pallets — are able to interact and autonomously record encrypted data about the environments they are placed within.
While more details including a Whitepaper, a Crypto-Economics paper, and individualized product specification sheets will be released in the coming months leading up to the IEO, the design of the project is built around creating decentralized IoT networks that can be easily licensed or purchased by any entrepreneur, consulting agency, or enterprise with minimal friction and overhead. The preliminary model has built in integrations for transferring value into not only the Emerald Circuit sidechain — but the larger Ambrosus Ecosystem as a whole!
As Ambrosus ramps up to promote its exclusive IEO, it’s open to hearing from influencers, collaborators, and passionate community members on if they would like to get involved in spreading the word, about one of the Industries first end-to-end IoT solutions that holds the promise of solving the Garbage-In, Garbage-Out problem! Simply reach out to [email protected]!