Isle of Man and Fintech Startup Credits Test Blockchain for ‘Internet of Things’

| Updated
by Polina Chernykh · 3 min read
Isle of Man and Fintech Startup Credits Test Blockchain for ‘Internet of Things’
The Isle of Man is a self-governing Crown dependency in the Irish Sea between England and Northern Ireland. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is represented by a Lieutenant Governor. Foreign relations and defence are the responsibility of the British Government. Photo: Mariusz Kluzniak/Flickr

The Department of Economic Development of the Isle of Man has teamed up with Credits startup to test how the technology behind bitcoin can improve the safety of IoT objects.

The Isle of Man government has started testing whether the blockchain technology could be used to ensure the safety of IoT devices.

The experimental blockchain solution has been developed in cooperation with the UK-based Credits startup. Under the project, physical items of the Internet of Things will be assigned unique identification numbers.

Credits is the winner of the “Best Blockchain Startup” award that was won during this year’s show Europas. The annual event, organized in partnership with TechCrunch, is dedicated to determine and honor the best tech startups across Europe.

The startup is the first official distributed ledger platform provider offering blockchain technology software and cloud-based services. The company has been recently awarded the G-Cloud 8 framework agreement by the UK government.

The G-Cloud framework agreement will enable organizations in the UK public sector to use the Credits Blockchain platform-as-a-service (PaaS) without the need to go through the public procurement process.

“G-Cloud and the Digital Marketplace allow for a much more streamlined procurement process and represents a significant advance in the ability for smaller technology providers to sell into government, and, conversely, for government agencies to have greater access to technology to deliver better service to constituents in a more cost-effective manner,” Nick Williamson, the co-founder and CEO of Credits, told Bitcoin Magazine.

Credits first partnered with the government of the Isle of Man last year, when the startup unveiled the project on creating a register of digital currency companies located on the Isle of Man. The startup was dubbed Pythia and later changed its name to Credits.

The authorities of the Isle of Man are committed to designing innovative technologies and becoming a major bitoin hub.  Brian Donegan, director of operations for Digital Development and eBusiness at the Isle of Man Department of Economic Development, earlier told Bitcoin Magazine that the island’s administration intends to make it the ideal place for fintech businesses and developers.

“The Isle of Man is a world-leading FinTech and blockchain hub, and we are pleased to add Credits to a list of successful digital businesses that have established operations on the Island,” Donegan commented on the G-Cloud framework agreement.

“The Isle of Man is a fantastic home for our headquarters, and the IoM Government is one of our best supporters,” said Williamson. “The work we have done with them laid the groundwork for our continued foray into utilizing blockchain technology to enable the public sector, and they are an instrumental part of our success.”

Blockchain News, Editor's Choice, Internet of Things News, News
Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

Related Articles