A proprietary DLT with the potential for multi-million savings may be cooking at MIH Accelerator

On the 5th floor in the 5th tower at Smart City an early stage Maltese start-up, TechWeave, is cooking a proprietary Permissioned Distributed Ledger Technology (DLT) that has the potential to revolutionise our society and business ecosystem. SafeNet™ DLT, is a highly interoperable, scalable and secure peer-to-peer protocol designed to decentralise and automate complex processes, making them faster, more efficient and reliable, traceable and immutable.

SafeNet™ comes as middleware API-based software that allows system architects to build their own DLT-ready networks. Due to its high scalability and interoperability, SafeNet™ can be applied to small and large enterprises (eBusiness) and up to, but not limited to, a whole nation (even eGovernment). Due to its low energy and memory demand, IoT-enabled machines can also participate in the network and make decisions. The latter is a significant achievement in the Industry 4.0 paradigm.

Prior to being selected for the MIH YouStartIT#3 programme, TechWeave founders had experienced the efficiency of SafeNet™ in the way it was deployed in Estonia and Finland’s eGovernment systems. Nicholas Borg (COO) and Adrian Duca (CTO) investigated the underlying technology and crossed paths with the technology founders of X-Road. X-Road is a DLT-based solution that has helped automate and decentralise the Estonian eGovernment and today saves the Estonian society 800 Person-Years and €1 Billion annually according to TechWeave’s Estonian partner. TechWeave is working closely with its Estonian partner to introduce the proven technology in Malta, get the software to work on an enterprise level that can serve international businesses and integrate IoT technology. The GDPR regulation and DLT climate in Malta have been important catalysts to start this venture. MITA Innovation Hub’s Accelerator Programme has been the ideal environment for TechWeave to use as a launch pad to help continue to grow its business.

By | 2018-08-06T15:08:00+00:00 August 6th, 2018|Startup contribution|