August 16, 2016- Waterloo, Ontario, Canada and Toronto, Ontario, Canada- Terepac Corporation and Nuco Inc today announced the formation of a joint development partnership to bring blockchain capabilities to the Internet of Things through the launch of the Terepac Blockchain.
“Small changes can have large effects. Large changes can have exponential effects. We believe that blockchain technology represents that large change, an inflection point in technology evolution,” said Terepac CEO Ric Asselstine. “Terepac is ideally positioned to lever that technology as we instrument and connect objects of all descriptions. From fire hydrants to newly-voiced conveyor belts, as an extension and complement to our existing IoT Platform architecture, Terepac now offers enterprise clients blockchain capabilities.”
“Nuco is proud to power the Terepac Blockchain, a cutting edge IOT platform advancing Terepac’s vision of a connected and voiced world,” said Matt Spoke, Nuco CEO. “Blockchain technology is a fundamental milestone in unlocking the full promise of IOT. No other architecture is able to effectively administer the network scale unleashed by allowing every device its own voice.”
Immediate benefits:
- The Terepac Blockchain generates an immutable, tamper proof, record of all device interactions. Through the Terepac Blockchain’s first offering, TB Data Reliance as a Service, or TB DRaaS, any data set - Terepac-object specific, or otherwise, real time or cached - can be evaluated to establish, with zero doubt, its trustworthiness; creating a new, elevated standard of care for data reliance. This is a station of particular interest to holders and generators of high-value, highimpact data, and to a wide range of domains including records management, regulatory compliance, data analytics, energy and insurance.
- The Terepac Blockchain offloads any trust requirements from among the parties interacting on the network, to the network itself. This allows frictionless onboarding of additional stakeholders onto the network without cumbersome process implementation or extensive legal prerequisites
- The Terepac Blockchain offers data redundancy and security as key platform features, removing any single points of failure from the architecture Going forward, the Terepac Blockchain is being built out to:
- Match IPV6’s global capacity with a scalable administration solution
- Introduce blockchain based identity management and device authentication
- Lay the foundation for direct device to device transactions: authorized, executed and recorded by the Terepac Blockchain using Smart Contracts
“The Nuco team brings to Terepac the deep subject matter expertise and cultural fit necessary to be the Terepac Blockchain engine of choice as Terepac establishes this worldwide forum for the soon to be billions of objects to connect, trust and transact” Asselstine stated.
Alex Tapscott, co-author of the “Blockchain Revolution”, made the following comments regarding the Terepac-Nuco cooperation: “The Internet of Things depends on a Ledger of Things to track everything, ensure its reliability, and pay for its contribution. By some estimates, within a decade, trillions of devices will be Internet enabled. These devices will need a language to communicate units of value such as money, time or energy. This cooperation produces a solution for enterprises that will allow them to animate the internet of things with scalable, secure and robust blockchain applications.”
About Terepac Corporation
Terepac Corporation is the Internet of Things (IoT) solutions company. From the silicon to the app, Terepac instruments objects – gives them an electronic voice – networks them, manages and secures the data, and performs the data visualization, analytics, object socialization and block chain functions. From “off the shelf” to fully customized solutions, Terepac ushers clients into the value-unleashing forward movement of this digital, connected and trust-based age. Terepac Corporation…giving voice to the world®. For more information, please visit www.terepac.com.
About Nuco Corporation
Nuco is an industry leading digital infrastructure solutions provider, specializing in the development and deployment of custom blockchain networks. Nuco’s platform allows enterprise clients to seamlessly set up a private blockchain tailored to their specific use case and requirements, choosing between multiple consensus mechanisms, performance optimization and legacy integrations. Nuco brings blockchain systems to production level performance unlocking the full potential of the architecture to large organizations: decentralized trust, frictionless integration and encryption at an individual interaction level. For more information, please visit www.nuco.io.
Media Contacts
Ric Asselstine
CEO
Terepac Corporation
ric.asselstine@terepac.com
519-575-1819
Matthew Spoke
CEO
Nuco Inc.
matt@nuco.io
416-526-6578
