IT, New Media & Software

Wednesday, 17 April 2019 16:40

World IoT and blockchain first for SA’s DoshEx and Digital Twin

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An enterprise ready construction smart contract

South African technology companies DoshEx (www.doshex.com) and Digital Twin (www.digitaltwin.digital) unveiled a world first designed to revolutionise the security and integrity of solutions deployed across the Internet of Things (IoT). IoT is the next big thing in digital connectivity whereby devices ‘talk’ to physical objects – from lightbulbs to vehicles and manufacturing plants – via a complex system of sensors.

Scalable and reliable IoT is the overriding goal of major technology players worldwide, but secure interaction between various components in these networks has proved to be a major obstacle – until now! DoshEx CEO Alex de Bruyn noted: “DoshEx is a leader in blockchain deployments while Digital Twin is an innovator in the realm of fourth-generation edge devices that provide access to enterprise networks.

“Our collaboration enabled us to create a globally scalable solution to the problem of harnessing blockchain technology without the need for outside verification of events logged by a blockchain. We call the new product Sherlock. “The IoT nightmare is that ‘bad bots’ might create havoc in the case of cybercrime or system malfunction. Sherlock will help developers put these fears to rest.”

Richard Creighton, CEO of Digital Twin, commented: “Secure, automated and highly dependable field data is essential in achieving the next generation of cross business insight and control, we believe we’ve made this possible. It could even be a world-first. “The industry forecast is that $15 trillion will be invested in IoT by 2025. But IoT creates a multitude of technical and scientific challenges. Sherlock addresses one of the big potential snags to rapid IoT uptake by bringing together blockchain technology and edge-based connectivity in a seamless but secure manner.

“It is essential that IoT solutions enjoy public and investor confidence. Sherlock will significantly increase the level of trust and open the way for serious IoT development.” A blockchain is an immutable set of records linked together cryptographically through a series of interconnecting blocks, creating an everlasting record of transactions and responsibilities. When events are input it is necessary to verify an event actually occurred. For independent verification, a digital third-party, an oracle, is connected to the system.

An oracle, as a component of blockchains and smart contracts, is an ‘agent’ that finds and verifies real-world occurrences and feeds confirmation to the blockchain for integration into a smart contract, ensuring all parties can trust the record of events. Oracles as a data-feed and an element of multi-signature contracts have no connection with the company of the same name.  However, any third-party input creates a theoretical risk the truth might be tampered with. Now, to create absolute trust, Sherlock offers a built-in oracle solution. In technical terms, DoshEx developers and Digital Twin innovators connected an inbound oracle input from an edge-capable device over a globally enabled USSD network (the global communication system used by mobile technology).

This ensures trusted and SHA256 encrypted input into a blockchain. Encryption using the SHA256 algorithm is tamper-proof. Creighton added: “By using USSD, the edge devices and their inputs can be instantly globalised without reliance on any specific local cellular provider. The edge device can travel anywhere in the globe and transmit encrypted messages into the blockchain.” The Sherlock collaborators can now build industry-specific IoT-enabled smart contracts for large value chains across multiple participants that rely on trusted data. Said Alex de Bruyn: “An example would be mining firms that have to measure quality and quantity from pit to port or a construction group that has to confirm events throughout the build process and critical milestones captured, such as field results of concrete testing, documentation sign-off and versioning, as well as key progress reached as signed off by the professional team, using an IoT-enabled biometric sensor. “The combination of IoT and blockchain will revolutionise efficiency across value chains … and Sherlock is a key enabler, locally and worldwide.”

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About DoshEx
www.doshex.com DoshEx is a South African company pioneering the development of crypto-tokens and digital assets. Related DoshEx products and services include tokenised solutions for corporates and SOEs, safekeeping of funds and the design and deployment of blockchains and Smart Contracts. DoshEx’s focus is to drive the adoption of tokenised solutions at an enterprise level by implementing blockchain technology into their current business models.

About Digital Twin
Digital Twin is an industry 4.0 focused business and an indirect service provider to a network of specialist and vertical market-focused solution providers. The Digital Twin platform offers this network of specialists the ability to enhance their offering to their customer-base and enable them to deliver bankable ROI projects and services. The platform offers multiple entry points:- Tier 1 – Edge-capable hardware solutionsTier 2 - Global connectivity and data brokerTier 3 - Management console and visualisation Tier 4 - Specific value in use consultation and design Digital Twin offers unique services to its network of specialists, from standardised solutions to rapid prototyping of hardware and software as well as industry 4.0 consultation expertise. 

Contact: www.doshex.com
Alex De Bruyn
Tel:  +27 11 468-5236

Issued By: Tale Spin Media
Zelda Williams
082 461 0689

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