Wearable device management company and “Gartner Cool Vendor” Augmate announced the launch of Augmate Connect, the first IoT device management platform using distributed ledger technology. IoT is expected to be a $15 trillion market by 2030, yet innovation is so rapid that privacy and data are compromised at a staggering rate. Augmate Connect introduces a scalable solution: a new, distributed ledger device layer using smart contracts aimed at creating a secure ecosystem for device connectivity.
“In the next few years, there will be 50+ billion IoT devices on the market, and managing device security in a scalable model will be of utmost importance for both enterprises and individuals,” said Pete Wassell, CEO of Augmate. “We believe that distributed ledger technology is the future of IoT device security, and we’re developing Augmate Connect to power a global ecosystem of device and human connectivity.”
While at its core a blockchain-agnostic platform, Augmate Connect will start by integrating the IOTA Tangle, a blockless distributed ledger that allows transfer of value between devices without fees. Augmate Connect will eventually integrate new blockchain protocols bringing advantage to the IoT ecosystem. The Augmate Connect Platform will be activated and utilized with tokens called MATEs™ (Machine Access Token Exchange). MATEs act as usage tokens, and Augmate will continually add services including a DApp store and app store with resources for developers. This will make it easier for enterprises and consumers to manage a growing arsenal of connected devices, from one secure and streamlined platform.
Augmate was originally founded in 2014 in New York City as a B2B enterprise company specializing in wearable devices, and was recognized as a Gartner Cool Vendor in 2017. Investors include William Hickey, UPS Ventures, Simon Property Group, Tim Draper, Siemens Venture Capital, Rothenberg Ventures, and many others.