Helsinki, Finland, Aug. 31, 2017 (GLOBE NEWSWIRE) -- Blockchain technology innovation leaders IOTA and Evernym announced a new collaboration dedicated to jointly developing Internet of Things-enabling solutions focused on increasing trust by providing secure, irrevocable identity to all connected devices.

The announcement was made during a joint presentation at the MyData2017 conference in Helsinki.

“Evernym and IOTA are both intensively working toward achieving the same goal,” said IOTA founder David Sønstebø. “That is, a world where distributed ledgers facilitate the secure and efficient exchange of resources and data between all connected entities. This is a natural pairing and the world should pay attention to the exciting products that result from it.”

IOTA is perhaps best known for its Tangle protocol, which facilitates transaction settlement with zero fees, permitting devices to trade exact amounts of resources on-demand, as well as securely store ledger-verified data from sensors and dataloggers.

Evernym technology mediates the exchange of verifiable claims via distributed ledgers, permitting connected entities to interact with complete confidence in the counterparty’s identity, as well as the validity of the attributes which each professes to possess.

“The challenge of determining identity goes far beyond simply identifying humans,” said Evernym’s Chief Trust Officer Drummond Reed. “If the great promise of the Internet of Things is to be fulfilled, connected devices must also be uniquely and enduringly identifiable, and the validity of what they claim to be must be quickly verifiable. This is precisely the work Evernym is pursuing. Expect significant advancements to emerge from our collaboration with IOTA.”

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About Evernym

Founded in 2013, Evernym develops software solutions that leverage cryptography and distributed ledgers to establish trust in the interaction of individuals, organizations and connected devices. Learn more about Evernym and its self-sovereign identity solutions at evernym.com.

About IOTA

IOTA is the first distributed ledger to go beyond Blockchain. For the first time, there is a protocol that is scalable and with no transaction fees. As automotive, healthcare, energy and other industries move rapidly towards the emerging Internet of Things, IOTA allows any device with a chip to trade resources, such as data, computation, storage, etc., with each other, as well as allowing individuals to control and keep their personal data securely.

The IOTA Foundation is a not for profit organization, under registration in Germany, and a world leader in the development of distributed ledger technologies (DLT). Its purpose is to develop, maintain and grow adoption of the IOTA Tangle protocol, a revolutionary open source "blockless" DLT fit for the IoT and the machine economy.

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ac00b40a-a207-47d5-a788-c0d22f89279d

Judd Bagley Evernym.com 385.237.0162 judd.bagley@evernym.com Anand Vengurlekar IOTA anand@iota.org Wilfried Pimenta IOTA Will@iota.org