Xped (ASX: XPE) has announced it has executed a binding technology development agreement with Heuresy to develop the PST which provides authentication and encryption.
The company says the PST will be used 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 says it is not planning to undertake a coin or token offering.
“Xped’s XIP ecosystem is a hardware-secured IoT platform that serves, residential, commercial and industrial customers.”
Wood said the new PST security would allow governments, utilities, retail and other industry customers who are waiting for secure IoT solutions “to start adopting and benefitting 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, which they say will greatly expand the reach of the offerings.