Australian Internet of Things (IoT) technology company has signed a binding technology development agreement with Heuresy Labs.
Under the agreement, Xped will develop a new cryptographic Physical Security Token (PST), which is a hardware security device that provides authentication and encryption.
Xped will use the PST to provide authentication of its gateways and encryption of data from the devices attached to them, allowing the Company to serve significant new and expanded markets that require secure IoT solutions. Xped is not planning to undertake a coin or token offering.
“With this contract and new security token, Xped can pursue opportunities in new and higher value markets such as governments and utilities” said Christopher Wood, CTO and executive director 0f Xped.
“Xped’s XIP ecosystem is a hardware-secured IoT platform that serves, residential, commercial and industrial customers,” Wood said.
“This new PST security will allow governments, utilities, retail and other industry customers who are waiting for secure IoT solutions to start adopting and benefiting from these applications now because they will be able to use the PST with Xped gateways and devices to build highly secure IoT networks. For example, in an office building, the PST secured system could be used to provide secure access control via Xped enabled door locks.”
Both Heuresy and Xped will market and distribute the combined secure IoT solution suite, expanding the reach of the company’s offering.