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Internet of Things Inc. Launches New Subsidiary, Blockchain of Things Inc.TORONTO, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX VENTURE:ITT) (OTC: INOTF) (FRANKFURT:71T) (“ITT Inc.” or “the Company”) a software and solutions provider to the Internet of Things (the “IoT”) market, announces the formation of a new subsidiary, Blockchain of Things Inc. (“Blockchain of Things”) By combining Blockchain and IoT, Blockchain of Things will look to transform the way global business transactions and operations are conducted, by providing an incorruptible, trustworthy environment that automates, accelerates and encodes transactions while ensuring enterprise level privacy and security for all parties. Blockchain of Things Inc. is actively pursuing several strategic initiatives and acquisitions where Blockchain and IoT come together using smart contracts to streamline various operational/manufacturing activities. The initial focus of the Blockchain of Things subsidiary includes but is not limited to the following markets:
“The Internet of Things and Blockchain are set to converge and transform business operations and processes. We anticipate that blockchain will be the catalyst to the explosive adoption of both consumer and industrial IoT products and services. As such, the formation of Blockchain of Things positions Internet of Things Inc. to be at the front of this technological wave,” said Michael Frank, CEO of ITT Inc. “As we roll out the Blockchain-IoT strategy, we expect our existing relationships will provide us with near-term opportunities to develop and implement our solutions, capturing market share and revenue.” Blockchain of Things also announcs the appointment of Michael Lende, as a senior consultant. Mr. Lende is a strategic advisor to several technology companies and was the Senior VP at Zipcar, where he was a pioneer of the shared economy space. He led Zipcar Canada, growing it to 425 vehicles with 42,000 members and was instrumental in its very successful IPO. Blockchain + IoT will optimize supply chains by securely tracking objects and by using smart contracts and smart applications that improve IoT compliance, features and cost efficiencies. Internet of Things Inc. is positioning itself to be a major disruptor in the IoT and Industrial IoT markets. About Internet of Things Inc. Follow Internet of Things Inc. On: Facebook: https://www.facebook.com/InternetofThingsInc/ For further information, contact: Cautionary and Forward-Looking Statements NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE |