IOT Group joins forces with global blockchain maven Lakeba
ASX tech small cap, IOT Group (ASX:IOT), has revealed the next step in its emerging blockchain strategy, clinching a partnership with global blockchain specialist, Lakeba, to create, develop, structure and build IOT Blockchain projects.
IOT recently incorporated its wholly owned subsidiary, IOT Blockchain Advisory Service Pty Ltd, in order to tap into the rapidly expanding blockchain space and develop related revenue streams.
The company is looking to collaborate with blockchain experts to monetise opportunities, and will also advise clients on how to use and benefit from this disruptive technology. IOT’s subsidiary is targeting projects in the power, gold, lithium, cobalt and property sectors as its first round of proposed clients.
This newly penned partnership with Lakeba will help guide IOT’s entry into the burgeoning blockchain market. It will also enable IOT to offer energy to consumers through the blockchain.
Lakeba is an established studio with extensive experience delivering solutions that incorporate the latest technologies such as AI, mixed reality and blockchain. It is headquartered in Manly, NSW, with offices across Europe, UK, USA, India and Singapore.
Through its unique business platform, Lakeba creates, builds and scales new products and services to drive value for businesses and communities across the globe. Its partnerships include the likes of Google, Intel, Samsung and Microsoft, which enable Lakeba to bring its newest yet-to-launch technologies to innovation programs.
This deal will see Lakeba providing its services to IOT and its future blockchain clients. It is proposed that Lakeba will enter into a further service agreement with IOT and its clients in respect of each separate project.
Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
While IOT does not yet have any blockchain clients and is still in the process of fleshing out its blockchain business strategy, this collaboration with Lakeba will assist with that process.
The services to be provided by Lakeba will include:
- analysing and reviewing IOT’s clients to create white papers on
how they can use blockchain to make their businesses more efficient; and
- architecting the technical design and build the blockchain to suit
IOT’s clients’ businesses
IOT, Lakeba and IOT’s clients will agree on the terms of the services to be provided, including fees.
IOT Group executive director and founder, Sean Neylon, said: “Our commitment to the IOT Blockchain Advisory Service requires specialised groups to support the client base. IOT has engaged Lakeba to give it that firepower that interested parties require to deliver on their requirements.”
“IOT has targeted several established business sectors for the implementation of blockchain. IOT expects to announce these over the coming months as blockchain technology is adopted throughout the broader business community.”
Lakeba CEO and founder, Giuseppe Porcelli, commented: “The energy sector, more than any other industry, is demonstrating its progressive charter in embracing this new technology innovation. The Lakeba Group is partnering with a number of industry sectors to drive the implementation of Blockchain technology.”
This piece of news is the latest in a string of positive developments relating to IOT’s broader blockchain plan, following on from the company’s initial announcement that it is set to tap the global blockchain market, which is expected to grow from US$411.5 million in 2017 to US$7,683.7 million by 2022.
The past year has seen uplifts for shareholders of ASX tech stocks with leverage to blockchain, such as Transcendence Technologies (ASX:TTL), DigitalX (ASX:DCC) and First Growth Funds (ASX:FGF).
A bit more on Lakeba
Lakeba brings cutting-edge technology to market in collaboration with major tech heavyweights. It works with large corporate clients on specific business challenges to develop solutions that would then scale out to a wider market opportunity.
The example below is of a possible “blockchain power to consumer” application:
Lakeba has in-house capability to develop for web and mobile, with a team of over 80 technical staff at its disposal.
It has a distinct first-mover advantage, rapidly expanding its tech capabilities and directly engaging with the industry to both realise and drive blockchain opportunities. This kind of clout, in turn, translates into considerable leverage for IOT and its blockchain aspirations.