Connect with us

Cryptocurrency News

General Electric (GE) Invests in Blockchain Cybersecurity Startup Xage



General Electric (GE) Invests in Blockchain Cybersecurity Startup Xage

The General Electric is a multinational conglomerate company wilfully contracted with Xage Cybersecurity. The firm is using technologies of blockchain for the secure connection of devices so that it functions smoothly.

The main usage of Xage come to demand when there are lots of cyber attacks. These increase the frequency of cyber-attacks that have the potential to spoil the whole system. So in order to get rid of these issues, General Electric has invested in blockchain cybersecurity startup.

Xage has the capacity to control the malfunction and authenticity of the operations. In order to avail the best use of Internet of Things (IoT) devices, it is better for the industries to connect and fully protect their operations. Xage, the cybersecurity startup is being enabled in different sectors as in transportation, telecom, energy and other related fields.

The GE ventures, managing director of investing, Abhishek Shukla reported his positiveness towards the support and linkage of Xage. He said that we are glad and excited to invest in such an innovative approach.

The Xage is developed in a manner that will enable it to create a distributive network of devices that has the capacity to authenticate each machine’s digital fingerprint. This will obviously help to detect any kind of anomalies present in the device and soon will be recovered. Moreover, it will also help to prevent attacks from flowing from one device to the other.

However, the system still has some lacunae’s as the technologies were manufactured long before which clearly means that it may not suit to the present cyber-security threats. Moreover, the machines are sourced from different manufacturers so it may not be able to provide full security.

Well, let me tell you that GE is also working with other blockchain technologies besides Xage. For instance, the multinational conglomerate also applied for blockchain patent for the 3D printed parts so that it can verify the supply chain.

Now it’s time to wait and see whether the heavy investment made by General Electric in this blockchain cybersecurity, Xage proves to be a boon or a bane.

Featured Image Courtesy Reuters.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Rupali Sinha is a journalist at Koinalert. She covers the latest news and updates related to Blockchain technology and cryptocurrencies.