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Blockcast.cc: We have Scott Rankine, CEO and co-Founder of NXM Labs here today for an exclusive interview with Blockcast.cc. Hi Scott, nice to have you today, my name is Melody, can you give our reader an introduction of yourself.
Scott: Thanks Melody. My name is Scott Rankine. I’m what you’d call a serial entrepreneur. Over the past 30 years, I’ve had the opportunity to build world-class teams and products. Currently, I’m the CEO and a co-founder of NXM Labs, which makes autonomous security software for the Internet of Things. We enable connected devices to manage their own security without human intervention.
Scott: A few of years ago, there was a much publicized news story about how hackers we’re able to hack into and take control of a Jeep Cherokee. I started wondering what it would take to prevent that sort of an attack. As it turns out, it’s a rather complex security problem.
Our approach was to build a system in which the car – which if you think about it, is really a very sophisticated IoT device – would be able to establish it’s own unique identity and manage encryption keys using blockchain technologies to provide an elegant and scalable solution. We went on to develop a secure connect car platform with Sprint in the US, which is being deployed nationwide this year.
Blockcast.cc: This is an interesting project. What is your view on the blockchain and crypto market?
Scott: Though we’re not in the crypto currency market per se, the underlying fundamentals of blockchain or DLT (Digital or Distributed Ledger Technology) are essential. Blockchain for us is a database, a networking structure and computing structure all in one. Thus, it enables all kinds of things you couldn’t do before.
At the heart of our IoT security model is a new approach to machine identity. From a technical perspective, we have devices that are able to create and manage their own identity working in a fully distributed, decentralized, peer-2-peer, consensus-based network. DLT provides an auditable and immutable log of all device activities from their inception, and blockchain enhances the security and trustworthiness of IoTdata, by providing a root of trust with enforcement directed by smart contracts.
Blockchain provided us with an elegant solution to current IoT challenges. It’s anchored in hardware and secured using proven public encryption infrastructures and gateways. In our model, cryptocurrency provides the basis of network security enforcement, but is also a commercially viable means of exchanging and monetizing data.
Blockcast.cc: You have given our readers a good overview of the market. Please share an inspiring quote for the readers
Blockchain has opened up so many possibilities,that we are only limited by our imagination.
Blockcast.cc: Thanks for your time once again. We do know of other projects that can work together with yours to create more value. Happy to connect you all together.
Scotts: Looking forward.
Blockcast.cc: Find our more about NXM at nxmlabs.com and read about the latest report on Automous Security and Data Integrity by Frost and Sullivan at https://nxmlabs.com/frostandsullivan