The Bitfury Group has announced their investment in a new startup for Internet of Things (IoT) connectivity called Moeco. Bitfury, as one of the world’s largest Blockchain companies, sees the Moeco model as an excellent application for their technology services.

The Moeco platform is designed to allow IoT users to connect to a global network of integrated IoT cells and even to create their own cells in order to become in-house service providers. Bitfury’s Exonum, a new protocol from the Blockchain tech giant, will allow the Moeco platform to move, manage and store data.

The proliferation of IoT devices has created a situation where widespread connectivity is becoming critical. The intention of the Moeco platform is to ‘uberize’ connectivity on the IoT. Dmitry Gorilovsky, the CEO of the company, explains what that implies:

“The idea is to crowdsource IoT connectivity. It results in natural motivation for every participant - IoT device owners get decreased maintenance costs and lower initial investments; gateway owners receive reward for transferring data from IoT devices. So it's like Uber - we need to make sure that IoT data is being delivered securely to the correct destinations (the taxis) and that gateways are being paid (the drivers).”

As the rate of data production rapidly increases and the need for connectivity increases, making a system where IoT users and smart device owners can monetize their connectivity will create a new way for devices and owners to partner together on a peer-to-peer (P2P) basis.

“It also needs to be done in a decentralized way by utilizing benefits of the Blockchain tech. Moeco also works on Bluetooth. So any smartphone can be made to work as a mobile gateway - it collects data from the hybrid Bluetooth sensors nearby. Smartphone owners or smartphone app owners can then get revenue for transmitting data from the sensor to the cloud,” Gorilovsky further comments.