IoTeX teams up with Google Cloud to accelerate global expansion
IoTeX and Google Cloud have announced they are collaborating in the blockchain platform’s pursuit of global expansion.
Calling its vision MachineFi, IoTeX draws data from IoT devices around the world onto the blockchain to create a verifiable “single version of the truth” for the assets, as the foundation of trust.
The implications of the innovation means Web3 developers can engage at a peer-to-peer (P2P) level with end-users of devices and deliver incentive-based value creation, without the need for intermediaries. In turn, this enables the decentralised real-world economy of the future, in the same way decentralised finance (DeFi) enables a virtual crypto economy.
The collaboration with Google Cloud should enable IoTeX to accelerate its global expansion strategy. IoTeX’s co-founder and head of strategy – Dr Raullen Chai – said the collaboration coincided with a period of growth for the project.
“IoTeX is growing 20 percent month-on-month – that means continuous expansion of Google Cloud deployment for servers, products and services,” he said.
“One exciting project is using machine learning to verify data from IoT devices. Google Cloud’s Machine Learning solutions can play a big role, as we write the next chapters of the decentralized IoT journey.”
Dr Chair also added that “thanks to Google Cloud, IoTeX has achieved the ultimate platform reliability and real-time data processing it needs to power a global decentralised IoT network”.
“Since launching in 2019, IoTeX has handled more than 35 million transactions, without a single system failure, for a 99.9 percent reliability rate while running on Google Cloud,” he said.
“Every day, IoTeX handles more than one million API calls for data to its blockchain, thanks to the seamless autoscaling of Google Kubernetes Engine and Cloud Load Balancing.”
IoTeX leverages Google Cloud to deliver the four critical computing factors it needs to succeed when expanding globally – best-in-class security, scalability, advanced data processing, and a zero-latency environment.
“We regularly experience massive scaling surges,” said Larry Pang, Head of Ecosystem at IoTeX.
“In the future, the IoTeX platform will secure billions of connected devices that are feeding their data snapshots to the blockchain. With Google Kubernetes Engine and Cloud Load Balancing, we can easily absorb any load no matter how much or how fast we grow.”
Expanding on its existing work with blockchain developers, exchanges, and other companies in the space, Google Cloud recently announced a new, dedicated Digital Assets Team to support blockchain projects that require building, transacting, storing value, and deploying new products.
“Blockchains and digital assets are changing the way the world stores and moves its information – as well as value,” explained Ruma Balasubramanian, Managing Director, Southeast Asia, Google Cloud.
“The evolution of blockchain technology and decentralized networks today is analogous to the rise of open-source and the internet 10 to 15 years ago.
“As this technology becomes mainstream, companies will need scalable, secure and sustainable infrastructure on which to grow their businesses and support their networks. With innovative blockchain companies like IoTeX building and scaling sustainably on the industry’s cleanest cloud, we aim to support value creation that will improve many aspects of life, from healthcare to clean energy to driverless mobility,” added Balasubramanian.
The future of IoT
McKinsey & Company forecasts that the Internet of Things (IoT) will drive the fourth industrial revolution. It also adds that the economic value generated by IoT is expected to nearly double to US$12.6 trillion by 2030, with separate research projecting the number of connected devices to grow 150 percent from 10 billion in 2021 to 25 billion in the same year.
“If data is the new gold, then IoT-linked machines will be the gold mines,” added Dr Chai.
“We believe that devices will be the biggest users of blockchain in the future. Our mission is to give people control over these assets.”