Life on Earth's SmartAxiom Inc. is Awarded Blockchain IoT Security Patent
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Irvine, California--(Newsfile Corp. - May 21, 2021) - SmartAxiom Inc., a subsidiary of Life on Earth Inc (OTC Pink: LFER), announced today that it has received U.S. patent number 10,924,466 for its Intellectual Property (IP) 'System and Method for IoT Security.'
The patent covers SmartAxiom's innovative blockchain to manage and secure Internet-of-Things (IoT) systems.
Blockchains are ideal tools at building and providing the trust factor between IoT devices but have traditionally been plagued by suboptimal speed and an inordinate need for power to efficiently run on IoT devices. SmartAxiom's breakthrough multi-chain technology provides an industry first solution enabling devices to interact while meeting requirements of a 'Zero Trust' solution. Security is the critical factor in building a robust IoT structure and our patented solution can now provide this security on an unprecedented scale. The patent also covers far improved latency, reliability, scalability and manageability versus alternative solutions.
Amit Biyani, SmartAxiom President and one of the patent's inventors, commented, "We are very excited that the U.S. Patent office has recognized our innovation with approval of this patent. It covers the core distributed ledger technology (DLT) that makes our IoT management and secure communication solution so appealing to large companies. This application covers supply chains, distribution logistics, Industrial IoT and smart buildings to name a few. With this technology we can build the first true distributed IoT infrastructure that is blockchain-secured from endpoint-to-cloud. Additionally, it can track complete asset lifecycles, digital content or even the identity of people with non-fungible tokens (NFTs)."
Mahmood Khan, Life on Earth, CEO stated, "This is a very important IP and it will make a broad impact in the IoT as well as Cloud based solutions. In my next shareholder's update, next week, I will be including more specific details on how our solutions will help our customer's manage the cyber threats they face."
Here is the full abstract from the patent: The present disclosure relates to a method and system for enabling IOT security using a decentralized IOT security platform that leverages the advanced communication and blockchain security thread model to protect IOT eco-systems. The platform uses a multi-chain data schema including a device chain and an event chain. The multi-chain data schema uses a time-envelope mechanism to generate an event to connect different device chains and enforce a set of security rules through smart contracts. The method comprising receiving an encrypted block from IOT device with event data and verifying the device signature and identity based on certain rules within the device chain. Further, the method comprising determining access to event chain using previous token, current token and timestamp of the encrypted block and updating the event chain upon access determination. The event chain protects data integrity and confidentiality against malicious packets, unauthorized devices, weak encryption and man-in-the-middle attacks.
About SmartAxiom Inc.
SmartAxiom's software manages and secures the Internet-of-Things (IoT) through patented, lite blockchain technology, running among those devices at the edge of the Internet and enabling them to defend themselves. Our peer-to-peer distributed ledgers improve security, latency, reliability and manageability. We uniquely create the first true endpoint-to-cloud blockchain solution, while our IoT Smart Contracts manage NFTs and push intelligence to the edge. SmartAxiom technology is proving valuable in many verticals such as smart buildings, manufacturing lines and shipment tracking. It interoperates with enterprise systems such as IBM Blockchain and Microsoft Azure and is proven on many ARM and Intel based microcontrollers such as those from Intel, NXP, Renesas, Marvell, and Broadcom. https://www.smartaxiom.com
About Life on Earth Inc.
Life on Earth, Inc. ("LFER") is a cloud enterprise software developer and a provider that enables rapid innovation that keeps the enterprise operations safe, compliant and manageable. The products were designed to help organizations innovate and modernize legacy systems while minimizing cost and risk of business disruptions and ensure regulatory compliance. For more information, please visit our corporate website - www.lifeonearthinc.com Investors and corporate inquiries, please contact: firstname.lastname@example.org | (646) 844- 9897
Safe Harbor Act
Forward-Looking Statements: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Life on Earth, Inc. its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements, including those relating to the LFER's financing being adequate for it to develop and market its software products, and to launch its growth and expansion plans, among others, are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Life on Earth, Inc.'s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. No information in this press release should be construed in any way whatsoever as an indication of Life on Earth, Inc.'s future revenues, financial performance or stock price. More information about the potential factors that could affect the business and financial results is and will be included in Life on Earth, Inc.'s filings with the Securities and Exchange Commission at www.sec.gov.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84850
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