IoTeX has teamed up with Google Cloud as its primary cloud provider to accelerate its global expansion strategy.
“We are growing 20% month-on-month. That means continuous expansion of Google Cloud deployment for servers, products and services. 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 decentralised IoT journey,” said Raullen Chai, co-founder and head of strategy, IoTeX.
At the intersection of IoT and blockchain
IoTeX draws data from potentially billions of IoT devices around the world onto the blockchain to create a trusted and independently verifiable version of the state of these assets.
Calling its vision MachineFi, it allows Web3 developers to 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.
“With Google Cloud, we have achieved the ultimate platform reliability and real-time data processing we need 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% reliability rate while running on Google Cloud. 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,” said Chai.
IoTeX chose Google Cloud to deliver the four critical computing factors it needs to succeed when expanding globally: best-in-class security, seamless scalability, advanced data processing, and a zero-latency environment. To help individuals derive value while reinforcing end-user and device privacy, IoTeX is also using Google Cloud’s Confidential Computing technology.
"We regularly experience massive scaling surges. 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," said Larry Pang, head of Ecosystem, IoTeX.
Underpinning the blockchain ecosystems
Expanding on its existing work with blockchain developers, exchanges, and other companies in this space, Google Cloud recently announced a new, dedicated Digital Assets Team to support its customers’ needs in building, transacting, storing value, and deploying new products on blockchain-based platforms. This new team will enable companies like IoTeX to accelerate their innovation efforts and help underpin the blockchain ecosystems of tomorrow.
“Blockchains and digital assets are changing the way the world stores and moves its information – as well as value. The evolution of blockchain technology and decentralised networks today is analogous to the rise of open-source and the internet 10 to 15 years ago,” said Ruma Balasubramanian, managing director, Southeast Asia, Google Cloud.
“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.
