Krytronx, LLC, a Michigan technology company, announced today its $100m
plan to provide free worldwide installation of their blockchain based
iOT asset tag product line.
Krytronx will install the iToolTag™ asset tag sensors on over 1 million
production tools throughout the global supply base. The smart tags
replace traditional asset tags on machinery and tooling owned by OE
manufacturers, placed in service at supplier locations.
The product provides a cost effective and rapidly scalable technique to
collect real-time analytical information globally without requiring any
equipment upgrades or even an interface with existing IT infrastructure.
iToolTag™ creates an ecosystem of value, providing insights that can be
shared throughout the supply chain, benefiting OE’s and local small
“The profit improvement opportunity for our OE customers is
extraordinary— measured in multiple billions of dollars annually. At the
same time, the system will provide small business owners with an
alternative path to win new business, and compete at world class levels.
“Our iToolTag™ system tracks every tool cycle worldwide in real time,
secures the provenance with Genesis Blockchain™, and uses artificial
intelligence (AI) to convert the information stream into decisive
actions that can quickly improve the bottom line,” said Dwayne
Esterline, president, Krytronx.
“Imagine the benefit of having an engineer standing at every production
tool with a stopwatch— measuring, refining and reducing process costs—
worldwide — 24 hours per day. We have achieved this at a global scale,
without the associated cost, by bringing modern iOT, AI and blockchain
technologies together into a transformative product.
“Offering our product free to OE customers is a strategic investment. We
are confident that the resulting value stream will generate billions of
dollars in cost improvements for our customers, create a new business
ecosystem for the supply base, and position Krytronx for exponential
growth in the iOT space.”
Krytronx, LLC is a privately held, early stage incubator for applied
technology commercialization, capitalization, license and acquisition.
Krytronx, LLC maintains a strategic focus on iOT, blockchain, machine
learning, artificial intelligence (AI) and data mining applications
related to industrial manufacturing, automotive, purchasing/procurement
and cost accounting applications. Krytronx proprietary technology
includes iToolTag™ and Genesis Blockchain™.
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