Blockchain and Internet of Things are possibly the most exciting announcements of the last years. Terepac Corporation aims to be a world leader at the intersection of these two disruptive phenomena. The company announced that it has teamed up with Nuco Inc. to bring blockchain expertise to its latest product — a set of services that will provide reliable communications among devices connected to the Internet.
According to Ric Asselstine, the chief executive officer at Terepac, the company is currently a leader in this sector, and direct enterprise customers into both the Internet of Things and the advantages of blockchain technology.
Founded in 2005, Terepac Corporation focuses on miniaturization of electronics. It has developed a patented technology, called Terecircuits, allowing the introduction of electronics into anything. These devices are critical parts of the Internet of Things.
“So I do not call this a pivot, I call it an extension of our capabilities,” Asselstine said. “So the logical extension now is the blockchain capabilities.”
Terepac has a number of achievements with a manufacturing incubator for advanced engineering ideas, Roundoo app informing customers about discounts at nearby stores, restaurants and theatres, and hardware/software for detecting leaks in municipal water systems, monitoring yachts moored in harbours, and wireless sensors that allow the remote monitoring of equipment, among the most significant ones.
Looking at the activities of Terepac, it is necessary to admit that the company does everything for enterprise customers ranging from placing sensors on machines, connecting machines to a network, collecting, analyzing and visualizing the data, to developing apps based on the data.
Integrating blockchain technology into this system will provide the level of security that cannot be tampered with.
“Blockchain is expected to transform almost every institution and every company,” Asselstine said. “It is only now being imagined, but the expectation is that this is more powerful than the first wave of the Internet.”
The first generation of the Internet was created to ensure reliable communications during a nuclear war. Thus, it connected centers of research, military commanders and government leaders in the U.S.
The second generation connected more than two billion people around the world.
The third generation will face billions of connected devices, altogether the Internet of Things.
“One of the main opportunities for Terepac is to help develop understanding on behalf of enterprise clients, so we become the resource,” Asselstine said. “We are basically the tour guide into the future, the Internet of Things and blockchain technology.”
Multiple connected devices will generate enormous amounts of data. Terepac has developed a new service called Blockchain Data Reliance as a Service. It will use blockchain technology to ensure the data that is reliable without the need for third party verification.