Nayuta to release power socket with blockchain based control

FinTech | January 7, 2016 By:

Nayuta announced the production of a power socket that combines the IoT (Internet of Things) technology with the IoM (Internet of Money) technology to yield a system that provides users’ control rights using the blockchain.

The new power socket uses smart contracts and the blockchain technology to enable users of the power socket to use digital tokens to grant privileges to use the power socket. The tokens are sent to the users via a smartphone application.

According to the company, the new power socket will be available for customers starting from early 2016.

Nayuta is a Japanese technology company.