NEWARK, N.J., January 25, 2018 (Newswire.com) - Solbright Group, Inc. (OTC: SBRT), an industrial automation and energy management company providing Industrial Internet of Things (IIoT) solutions that help commercial and industrial facilities increase efficiency and reduce cost, today announced a new agreement with Ying Wu College of Computing at New Jersey Institute of Technology to advance research and development of our industrial internet of things software platform with a focus on leveraging blockchain technology for enhanced security and energy savings monetization.
The partnership is designed to leverage the prestigious advanced research capability of the Ying Wu College of Computing (YWCC) at NJIT to jointly research functional security applications for Solbright’s advanced IoT platform built for commercial and industrial real estate markets using blockchain technology.
“Facility operators have long understood the need to extrapolate operational data from the built environment by leveraging the capabilities of IoT, which simplifies the acquisition of information from a plethora of distributed mechanical and environmental systems. The question has always been in how we can secure these distributed networks of data to ensure the security of client-side mechanical and environmental systems as well as maintain data integrity,” stated CEO of Solbright Group, Terrence DeFranco. “We believe that blockchain offers many advantages in this regard and can be further leveraged to create new opportunities in the value chain. We are excited to pursue leading-edge research in partnership with the prestigious Ying Wu College of Computing at NJIT and are looking forward to being at the forefront of blockchain applications as they relate to IoT security and beyond.”
Blockchain is a distributed peer to peer database that creates a timestamped data trail of transactional history that is protected by cryptography. Blockchain is currently used to protect the authenticity and reduce the hackability of cryptocurrencies such as Bitcoin and Litecoin, as it requires the majority of transactions in the peer to peer data trail to be manipulated. According to a report from Research and Markets, the global Blockchain market was valued at $210.2 million in 2016 and is expected to reach $2.3B by 2021, representing a 10x increase. The report indicated that infrastructure and protocol providers held the largest market size in 2016, while the application and solution providers are expected to have the highest growth rate during the period.
About the Ying Wu College of Computing at NJIT
As the only college of its kind in New Jersey, the Ying Wu College of Computing (YWCC) builds on decades of dedicated computing education and research. YWCC is the largest computing program in the New York City region and graduates approximately 750 computing professionals each year, yet our classes remain small, averaging about 30 students.
Our faculty is engaged in cutting-edge research in areas ranging from networking and computer security to big data analytics, bioinformatics, gaming, and virtual reality. Our students have access to mobile devices, high-end workstations, game development software, robots, and networking equipment – both wired and wireless. Our students are groomed for a wide range of employment options, and most will end up working at the best companies, often before graduation.
About Solbright Group, Inc.:
Solbright Group, Inc. is an industrial automation and energy management company providing Industrial Internet of Things (IoT) solutions that help commercial and industrial facilities increase efficiency and reduce cost. We deliver technology solutions for building and machine automation and energy conservation that complement our energy conservation services such as LED lighting retrofits, HVAC system retrofits and solar engineering, procurement and construction services. Our focus is towards the development and commercialization of an Internet of Things software platform that supports Big Data applications that complement our energy management services. More information is available at www.solbrightgroup.com.
Solbright Group, Inc.
One Gateway Center
Newark, NJ 07102
Source: Solbright Group, Inc.