Paradox Engineering Integrates Blockchain To Bring Ultimate Cybersecurity and New Revenue Streams

Swiss technology company Paradox Engineering has further enhanced its PE Smart Urban Network platform for interoperable Open Cities by integrating blockchain technology to grant the highest possible cybersecurity and enable the monetization of urban device-generated data, opening new opportunities for City and utility managers, including parking operators.

“It’s time to change the game for Smart Cities: over the edge cybersecurity is in order, as is turning cost saving into revenue generation and boosting new economies. The Internet of Things is not only about connecting devices into an open and interoperable network: it is about information becoming tangible value for the benefit of all, citizens, businesses and city managers”, states Gianni Minetti, CEO at Paradox Engineering “Since the very inception of PE Smart Urban Network, back in 2011, and now as part of MinebeaMitsumi Group and the uCIFI Alliance, we have always envisioned openness and security-by-design. Today, we are moving one step forward by integrating blockchain for cybersecurity and data tokenization“.

Cybercrime is a risk that no City can overlook any longer. Today PE Smart Urban Network integrates blockchain technology and makes commissioning and operational procedures of smart urban infrastructures intrinsically secure. The combination of blockchain, dedicated hardware security modules on devices, ultra-reliable encryption and other features brings PE Smart Urban Network at the forefront of cybersecurity and allows Cities to move away from the conventional ‘bastion defense’ paradigm to benefit from security-by-design network systems.

Blockchain technology integrated with Paradox Engineering’s platform also allows the monetization of device-related data from parking lots, streetlights, waste bins, environmental sensors, and other urban objects. Such data can now be transformed into tradable tokens: for instance, the information a parking sensor generates about the car lot being vacant or busy can become a token and traded to offer Smart Parking services. In so doing, parking operators buy “info-tokens” from the City, fuelling their service business; travelers save time and consume less; Cities turn their parking sensor investment into revenues, while benefitting from lower traffic and pollution, and higher quality of life.

“Info-tokens” can stem from virtually any sensors in the City: for example, environmental data (ie. density of PM10 e PM2.5 particulates, carbon monoxide, etc.). can be used for traffic-mitigation applications to dynamically manage restricted traffic zones upon the improvement or worsening of air quality. Universities, startups, and any local organization can design innovative applications and services by mashing-up different data streams.

All news around PE Smart Urban Network and blockchain-powered applications will be showcased at Intertraffic Amsterdam 2020, taking place at RAI Amsterdam from April 21st to 24th. Visitors will be welcomed at booth 08.306 to live a hands-on technology experience and enjoy an Augmented Reality immersion into truly Open Cities.

About Paradox Engineering 

Paradox Engineering is a technology company that designs and markets Internet of Things solutions for device and data management in Open Cities and other smart environments. Established in 2005 and headquartered in Switzerland, the Company is part of MinebeaMitsumi Group, leading global provider of Electro Mechanics Solutions™, and controls Tinynode, specialized in Smart Parking technologies.

For further information about PE Smart Urban Network, please visit https://www.pdxeng.ch/smart-city and https://www.pdxeng.ch/interoperability

Video materials are available on Paradox Engineering’s YouTube channel. The AR Smart City mobile app can be downloaded for free from Apple Store or Google Play to experience a unique Augmented Reality immersion into PE Smart Urban Network and IoT applications for Open Cities.