MYNXG Industrial Blockchain Technology

German technology company MYNXG was just granted a US patent for its novel blockchain technology. MYNXG developed its blockchain technology for high performance industrial use-cases and recently started using it for secure and privacy compliant transactions with regular smartphones. This technology makes audit trails in a digital connected industry secure and trustable.

“I am happy for the team that our technology is now officially US patented”, says Bernd Moeller, MYNXG’s founder and CEO. “The whole MYNXG development team worked hard to create a blockchain technology which is fast enough to handle the high transaction volumes and strict performance requirements for use in real-time industrial applications. Our blockchain technology is primarily used to create a secure digital audit trail when for example a piece of industrial equipment experiences a critical event or needs to record specific usage parameters that are relevant for maintenance or invoicing. The MYNXG blockchain supports internal and external audit, verification and certification parties and allows for continuous compliancy.”

The MYNXG Blockchain is designed to process large transaction volumes at high speed, which is required for global business operations with millions of connected IOT devices. It can handle the transactions all fixed and mobile devices that operate and transact globally within MYNXG secure IOT platform architecture. The MYNXG Blockchain Technology uses a hardware-based security framework, with trusted platform modules (TPM) in the devices and industrial scale hardware security modules (HSM) in the cloud, which are certified by the German federal office of information security (BSI) and relevant authorities in other key legislations.

“Our technology finally opens the door for industrial scale-up of blockchain applications. This allows original equipment manufacturers to digitize calibration and certification, or even start to move to equipment as a service models.”, says Mirko Schnitzler, MYNXG’s CSO. “With our blockchain we can combine industrial IOT data with business data to drive value creation in supply chains. Imagine all transactions with your suppliers and customers are logged automatically in a trustable digital way. This will allow anyone to be radically more efficient and faster than ever before.”