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Internet of Things Inc. (ITT.V) has formed a new subsidiary, Blockchain of Things Inc.

By combining Blockchain and IoT, Blockchain of Things will look to transform the way global business transactions and operations are conducted, by providing an incorruptible, trustworthy environment that automates, accelerates and encodes transactions while ensuring enterprise-level privacy and security for all parties.

Blockchain of Things Inc. is actively pursuing several strategic initiatives and acquisitions where blockchain and IoT come together using smart contracts to streamline various operational/manufacturing activities. The initial focus of the Blockchain of Things subsidiary includes but is not limited to the following markets:

  • Supply chain management (SCM) targeting the following verticals: logistics; food safety; software; and business-to-business RFID users;
  • Business process management and manufacturing, targeting the following verticals: ISO compliant systems; machine learning (M2M); and automotive.

"The Internet of things and blockchain are set to converge and transform business operations and processes. We anticipate that blockchain will be the catalyst to the explosive adoption of both consumer and industrial IoT products and services. As such, the formation of Blockchain of Things positions Internet of Things Inc. to be at the front of this technological wave," said Michael Frank, chief executive officer of Internet of Things. "As we roll out the blockchain-IoT strategy, we expect our existing relationships will provide us with near-term opportunities to develop and implement our solutions, capturing market share and revenue."

Blockchain of Things also announces the appointment of Michael Lende as a senior consultant. Mr. Lende is a strategic adviser to several technology companies and was the senior vice-president at Zipcar, where he was a pioneer of the shared economy space. He led Zipcar Canada, growing it to 425 vehicles with 42,000 members and was instrumental in its very successful IPO.

Blockchain plus IoT will optimize supply chains by securely tracking objects and by using smart contracts and smart applications that improve IoT compliance, features and cost-efficiencies. Internet of Things is positioning itself to be a major disruptor in the IoT and industrial IoT markets.

About Internet of Things Inc.

Internet of Things is an Internet of things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. The company has a joint venture partnership with New Hope Data Technology Co. Ltd. for China. Its wholly owned subsidiary Blockchain of Things Inc. develops and provides customized, scalable blockchain solutions.