GE Ventures backs Xage blockchain secured IoT

Yesterday Xage announced a $12 million Series A funding round. March Capital Partners led the deal which includes GE Ventures, City Light Capital, and NexStar Partners. The Californian company claims to be the first and only blockchain-protected security fabric for the Industrial Internet of Things (IIoT).

How can blockchain provide security?

Blockchain of itself doesn’t provide security. But it’s possible to use blockchain to detect cybercrimes. For example, hackers usually change passwords or add bogus users. Plus they tamper with logs to hide the fact that an unauthorized user accessed a machine. Many industrial installations like oil pipelines have multiple locations. So even though a company may set user policies centrally, a hacker could tamper with a single site.

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