01 September 2020 ·
Source: Ryerson University · Download PDF
Ryerson’s Cybersecurity Research Lab Joins Transnational Consortium to Create Interoperable DLTs Enhanced by AI and IoT
Ryerson University’s Cybersecurity Research Lab (CRL) collaborates with the transnational ITEA 3 consortium as part of the Interoperable Distributed Ledger Technology (I-DELTA) project to implement a platform with the potential to transform business interactions and exchanges of information. The consortium also includes Mavennet Systems Inc., a Canadian leader in blockchain and Artificial Intelligence enterprise solutions.
The I-DELTA project aims to create an interoperable Distributed Ledger Technologies (DLT) based platform enhanced by AI, integrating with existing IT systems such as ERP and IoT applications. To achieve this, I-DELTA has assembled a consortium of 19 partners from different countries, including Canada, Czech Republic, Germany, Romania, Spain, and Turkey. These entities will be cooperating in delivering proof-of-concept DLTs in different domains such as smart cities, smart communities, grids, and Industry 4.0 supply chains, all of which will use a common and interoperable architecture.
The main objective of I-DELTA is the acceleration and optimization of document management and tracking systems, sourced by ERP systems in different companies. Using a DLT platform instead of a centralized system, the long delivery times for securely exchanging files and documents will be reduced, and potential errors will be eliminated, ensuring compliance and stakeholder accountability.
For the Canadian consortium, the CRL is focusing on the supply chain management (SCM) challenges that can be solved with a network of interoperable, DLT-enabled global supply chains. More transparency and traceability throughout all the events in the supply chain can help reduce double-spending, financial discrepancies, increase efficiencies, and identify issues and their causes in real-time throughout the supply chain.
"Distributed Ledger Technologies (DLT) has become one of the most promising and impactful innovations in decades. Interoperable DLTs have the potential to completely transform the way our society works, allowing us to move from the “Internet of information era” to the “Internet of Value era”, whereby decentralized and immutable contracts define business interactions and secure exchanges of information and value" says Dr. Atty Mashatan, CRL’s director and professor of Information Technology Management at Ted Rogers School of Management, Ryerson University.
“I am incredibly honoured to be paving the future of DLTs together with a partner with the caliber of the Ryerson’s CRL. The impact and magnitude of this project showcases the leadership Canadian industry and academia is developing in the space at international level." says Patrick Mandic, Co-Founder and CEO of Mavennet Systems Inc.
The I-DELTA project aims on resolving problems associated to DLT, such as inefficient and non-transparent business processes, growing number of security threats, maintaining digital identities, and a lack of interoperability and standards within ledger technologies.