NEM Ventures Announces Investment in IoDLT

NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, has announced its investment in IoDLT (Internet of Distributed Ledger Technologies), a B2B blockchain and IoT-based startup. IoDLT utilises IoT and NEM Catapult to provide scalable, cost-effective B2B solutions that automate approaches to securely recording sensor-based IoT data directly to an immutable, distributed, and trusted ledger.

David Mansell, Director and Co-founder of NEM Ventures, said:

“We see huge potential in IoDLT, and are thrilled to be investing in a startup with significant potential for scalability. Facilitated by NEM Catapult, IoT devices connected directly to the blockchain will have a wide array of industry applications. We’re excited to be at the intersection of blockchain and IoT, and to see first-hand the solutions that can be put in place to increase business efficiency and security.”

IoDLT’s core product is a small form IoT device which runs a NEM Catapult node (or entire private chain) to allow direct connection of various sensors and computing capability to a Catapult chain. This provides the full functionality of a blockchain solution at a fraction of the cost and can be used in a Private or Public chain scenario. Their solution will enable any business to utilize NEM Catapult’s features, including decentralized swaps between businesses, on-chain account systems, two-factor authentication, user data management, and secure business logic modeling.

With security and decentralisation at the forefront of its solutions, IoDLT has a strict no-central-server policy and all data is either stored privately, publicly on the blockchain, or in distributed storage, and is encrypted to ensure maximum data integrity. IoDLT’s solutions feature realistic implementations of the NEM blockchain and IoT that integrate seamlessly into already-established business operations, with tangible applications across the Artificial Intelligence (AI), healthcare, insurance, manufacturing and supply chain, agriculture, fintech, alternative energy metering, and accounting industries.

IoDLT plans to release a disruptive blockchain and IoT healthcare management solution within the next year, leveraging NEM Catapult to facilitate patient management, administration processes, decentralized records, Internet of Medical Things, and audibility. This solution will save time and cost processing while streamlining stakeholder relations, and will cater to doctors, patients, and health insurance companies. IoDLT currently has a pilot medical clinic in place to test this solution before its official launch in Q2 2020.

Bader Youssef, CTO of IoDLT, said:

“We strongly believe that businesses should respect their users’ data, and NEM Catapult makes this all possible. Its highly performant, secure, and modular nature allows us to have full flexibility with our solutions. Catapult allows us to focus more on providing high quality solutions, rather than worry about the safety and complexity of the technology. IoT devices benefit from this simplicity, as Catapult can interact with nearly any language and platform that supports the ability to make API calls and allows the devices to communicate securely. As a result, we can allow any business to utilize a fully secure and private blockchain and IoT solution, without the huge overhead costs.”

About NEM Ventures

NEM Ventures is the venture capital and investments arm of the NEM blockchain ecosystem. Specialising in high tech investments, NEM Ventures promotes the growth of the ecosystem through strategic investments in projects which align with the ethos of the NEM community. NEM Ventures was mandated by the community in a public vote to manage a pool of reserved funds to meet these aims.

NEM Ventures focuses on projects which demonstrate a truly differentiated product, the ability to generate positive net income in the medium term, and founders who showcase the desire to move the blockchain ecosystem forward. Founded in 2018, NEM Ventures is a relatively new member of the NEM ecosystem and comprises a small, highly motivated team of investment and technology professionals.

About IoDLT

Founded in 2018, IoDLT (Internet of Distributed Ledger Technology) utilizes two disruptive technologies - Internet of Things and blockchain - to provide seamless, secure, and scalable B2B solutions. IoDLT brings security to small and large businesses alike, without compromising user data privacy and user-to-business interactions. Their technology’s application spans a wide range of industries, namely healthcare, agriculture, supply chain, and energy metering.

Alongside providing business solutions, IoDLT envisions a future run by embedded devices. Securing those devices will become imperative to the operations of any business. IoDLT deploys proprietary and affordable IoT to blockchain protocols to secure the devices of the world.


Some early media coverage coming in:

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Hello NEM Community!

Bader Youssef here, CTO of IoDLT. I’d like to update you on IoDLT’s progress for the last month or so. It is very important to us to keep the community informed of our new developments, and to show the usage of Catapult in an actual, real world business.

To keep it concise, we have compiled bullet point updates and photos that highlight what we’ve done since our investment from NEM Ventures:

  • We are currently developing three different variations of our product, which are each coming along nicely. Each these will help us with any consulting work as well as our own products, such as our medical solutions:

    • Small-form, general purpose board-to-blockchain development that utilizes a microcontroller and Raspberry Pi Zero. This board will be able to plug-and-play with many different sensors, enabling rapid prototyping and product development (compatible with the Arduino IDE). These devices will be able to both react to data, as well as send their own data to Catapult.

    • RFID / NFC identification for IoT devices, allowing us to uniquely identify and track the provenance of each IoT device. The example shown is an NTAG215 on a plastic box, which is scannable via an app. As you can imagine, this opens up possibilities as far as providing more business verticals that can utilize this technology.

    • Testing IoT nodes with new Raspberry Pi 4 - with the last iteration, we were able to a respectable TPS on private chain settings (state hashing enabled). So far, we have a tri-node setup that has been working quite reliably for the past week. At the time of this writing, we just hit 15k blocks and 12.6k transactions with little-to-no performance drops. We’re using the newly-released Elephant 3 release, which has been running extremely stable! It’s quite cheap to run as well :wink:

  • IoDLT is now a published Knowledge Partner on IoT For All, and we are able to publish any content related to blockchain and IoT. Our write-up on anti-skimming in gas stations was posted there recently. Of course, this allows us to bring Catapult to a more mainstream audience.

  • We were contacted by a state goverment agency regarding our gas station skimmer write-up from IoT for All. They had wanted more details on how the technology works and an estimate on cost to deploy our technology.

  • We are currently working on quoting a Catapult blockchain solution for a smart energy metering company.

  • A business in South America contacted us regarding implementing a solution for ATMs in South America (similar to our gas pump article). We plan to release an ATM anti-skimmer article soon as a follow-up to our gas station one. It will be quite an involved solution and we will be excited to release it!

  • Completed a video interview with Alexis from NEM Español.

  • We are also contributing to opensource Catapult where we can (catbuffers, input on various issues such as migration) where we can. We will continue to do so, and we may opensource some of our node tooling (GUI, CLI) for the benefit of the community.

We are in full development mode, and very dedicated to getting a working product that utilizes Catapult out in the real world. We are very grateful for having NEM as a platform to build our business on, and promote it wherever and whenever we can! Feel free to message me any time on Telegram @crackthec0de if you have any questions or just want to chat. You may also email us at

Thank you for your time, and keep building!

Bader Youssef, CTO of IoDLT


Happy to see such a progress. Keep them coming and all the best in your endeavor.


IoDLT October Update

Hi NEM Community, Bader from IoDLT here!

IoDLT has compiled an update that reflects the last month’s progress. We’re excited to share this update with the community. A lot of the core development and planning centering around our device, Axon, occurred during this time. Three months since the investment, the team is working hard to push our Catapult based solutions ASAP!

Tech Progress

This month, we introduced Axon, our core IoT product that will be used to power most of our solutions:

Axon’s logo and 3D mockup (logo is inspired by biological axons which are the primary transmission lines of the nervous system)

  • We have made significant progress on our core technology that powers Axon, a Catapult-enabled, modular, programmable IoT device. We introduced Axon as part of our drone article. Axon can record data directly to Catapult, and the functionality for Axon to receive commands from Catapult (i.e “unlock this electric lock”) should be finished by the beginning of next month. Axon can be used for a wide range of applications, and it is critical for the deployment of our proposed medical solution.

  • Axon has a core written in the Rust programming language that handles low-level memory management and serial communication. Our software also exposes a JavaScript / TypeScript interface, as NEM SDKs are most kept up to date in JS / TS.

  • Axon creates a cryptographic ID for itself that is read-only for the device locally, and is never transmitted over any network connection. Using Catapult, an Axon device can either be owned through multisig or through metadata tagging.

  • Axon is programmable with the Arduino IDE, a highly supported and easy to use microcontroller development environment. Axon has its own C++ Arduino SDK that allows us to develop a custom solution very quickly. Arduino support also means we can use any standard digital, analog, or serial-based sensor (or all at the same time) for our applications.

  • We are working on Axon’s design and enclosure, and have a rudimentary 3D mockup for how the device will look visually. You can find this (crude) mockup here:

  • As we have Axon in a functional state, we will focus on creating a finalized board and enclosure in the coming months.

Axon development board. This board we put together supports hot-swapping different components (MCU) for faster development times.

A more compact version of the above development, except with the microcontroller soldered on. The alpha version of Axon will be more compact and fit into a designated case. The picture on the right has a DHT11 temperature and humidity sensor attached to Axon.

Our IoT nodes are being tweaked and developed, and while Axon takes shape, the needs for how the optimal IoT network are being made known.

  • Due to some development delays of Catapult (catapult-rest and nem2-js-sdk), we were unable to fully test our IoT nodes. However, we have created a suitable network configuration that should, in theory, support a substantial number of devices recording to Catapult. We still have yet to actually test this, and with Catapult being very advanced as of this update, will become a priority to test and fine-tune the configuration.

  • Our IoT nodes are moving to a more sustainable SSD setup and battery UPS backup solution.

Pilot Progress

  • Development of Axon is laying a solid foundation for use in Medical clinic settings. Axon should be able to utilize medical grade sensors.

Articles / PR

  • Releasing our ATM Skimming article, we introduced the concept of an IoT Skin. This was published on Hackernoon, and is pending publication on IoT For All. Within, we detailed an end-to-end solution that uses Catapult to secure the ATM machine from skimmers.

  • Released our drone delivery article, where we introduced Axon. This is currently pending publication on IoT For All. As with previous articles, we detailed an end-to-end solution that uses most features of Catapult, such as mosaic restrictions, mosaics, aggregate transactions, and multisignature.

  • We are working on revamping our website to make our company vision more apparent and have clear product offerings.

  • Note: While most of the feedback on our articles is positive and enthusiastic, some may perceive the diversity of topics discussed in articles as a distraction or lack of focus. We want to reiterate our goals for writing these articles:

    • Spread awareness of NEM Catapult’s versatility as a DLT/Blockchain technology.
    • Establish ourselves as an authority in an increasingly relevant niche combining IoT and DLT.
    • Demonstrate the versatility of our core product so far, Axon.
    • Providing real world business use cases utilizing IoT and NEM Catapult.
    • Crafting these articles motivates us to learn about the latest trends in our niche, and gain insight into the direction that the industry is heading.
    • These articles generate PR for our company.

We are in talks with companies that wish to integrate our solutions.

We are very grateful for the community and NEM Ventures’ support in bringing this project to fruition. We are working long and hard to build a legitimate, real use case for NEM and Catapult.

Put any questions or feedback you may have below, we look forward to hearing from you!

Thank you for your time,

IoDLT Team


Looks awesome! I can imagine there would be huge interest with integration into things such as smart lightbulbs, etc. There is so much uptake on IoT devices right now, and it’s only going to get bigger.


Huge congrats on the advances, the prototypes look great! There is indeed a huge market waiting for actionable, easy-to-use IoT tech at user level. Keep the good job and please keep updating here, I’m learning a lot! :grimacing:


Hi IoDLT team, good to read the progress updates and great to see your role in being an evangelist for NEM Catapult!

I really like the drone delivery article specifically, a strong and relevant use case.

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Awesome job and big congrats to the IoDLT team!


IoDLT November Community Update

Hello NEM Community! Bader from IoDLT here, although its a few days into December, we still wanted to give an update on what we’ve been up to.

Since the last update, we’ve been deep in the development of our products, and are still actively developing our technology. This development will be (and is) going strong this December:

Tech Progress

  • A lot has been done on the IoT node side. We currently have a Linux distro that contains all dependencies of Catapult preinstalled. All nodes are running the Catapult release candidate (F2) with no issues.

  • A Catapult testing utility is being developed. It will be opensourced for the benefit of the community once its finished.

  • We’ve put together some useful install scripts to automatically download Catapult and its dependencies. This was opensourced.

  • We’ve setup several Ansible playbooks (Ansible is a server automation software) that completely configures, starts, and manages multiple Catapult nodes. This can be made into a GUI in the future as well. This enables us to control IoT nodes en masse quite easily with just a line in the terminal.

  • We would like to introduce the first iteration of our portable IoT node. This node is able to be both wall and battery powered, connect wirelessly, and carried in the palm of your hand. It also features a high performance, desktop grade SSD that stores the chain’s state. Testing on this node specifically will occur within the next couple of months. Our plan is to be able to integrate this into a seamless plug-in-play solution for any business. There is currently a slight bug with the power switch from battery to wall power mode where the node will restart, but we are currently coming up with a solution to rectify this issue. (Please note, all measurements shown in the pictures are in INCHES).

Portable IoT node that sports a battery, SSD, and Catapult node.

  • Axon is still in development, and expected to have a solid demo in the next month. We have a slimmer, more production ready version in the works. It will utilize many features of Catapult, and make use of several interesting mechanisms to facilitate ownership, access control, and data aggregation. We will cover all of these mechanisms more in depth once they have been completed. Below, you will find a more developed version of Axon hardware-wise. It features a Teensy 3.6 microcontroller, which is a very capable board that supports touch screen input, video and audio processing, an SD card slot for our blackbox solution, and multiple serial ports (useful for certain sensors, such as a fingerprint sensor). (Please note, all measurements shown in the pictures are in INCHES).

Early Axon module that utlizes a Teensy 3.6 and Raspberry Pi Zero._

Sales / Partnerships progress

  • We are currently in talks with several companies who wish to use Catapult, Axon, and our services.

Articles / PR

  • We released a new article: The Future Of Data – Swarm Learning, The Catapult Blockchain and Edge Computing. We are especially excited to have released this one, as it embodies many core concepts of IoDLT. It also explores how AI can be used with Catapult.
  • We are in the process of translating one of our existing articles into Japanese. We have already commissioned a translator to work on this. We look forward to the input and feedback from the NEM Japan community on this effort.
  • Two videos on Axon from Alexis from NEM Español - one in English, and one in Spanish.
  • We are happy to report that IoT For All published our articles, which provides some nice exposure for us as well as NEM / Catapult. Our latest one is currently pending publication.
  • We have completed our rebrand of our website, as well as migrated hosting to a more reliable provider (before was just in a private repo on Github). You may view it here.

In the coming months, we will focus on making sure that the core Axon technology is ready for market. Also, we will be fixing our IoT node’s hardware bugs. As our technology matures and passes testing, we look forward to demonstrating it to our clients.

We welcome any questions you may have.

Thank you very much for your time, and as always, we are very grateful for the support that NEM Ventures and the NEM Community has provided us.


IoDLT Team


You’re working on some really great contributions to the NEM ecosystem. Keep it up!


IoDLT December Community Update

Hello NEM Community!

Here is our update for December. As we were last month, we are in the development phase and beginning to think about our plan to market for 2020. We also worked on refactoring some of our technology to be more scalable and receptive to new changes.

Tech Progress

In the last couple of weeks, we have been focusing on getting our own version of a public, Catapult testnet hosted. We believe that this serves as a dual purposed initiative:

  1. Allow us to think about larger scale, custom blockchain networks.

  2. Put the application of a higher traffic network into practice, which also serves as a portfolio piece for clients.

This deployment also includes wallet, faucet, and explorer builds. We are happy to report that the testnet is live, with already some of the community hosting nodes and interacting with it. The repo for the setup can be found here. We plan on opensourcing more useful tools (such as a GUI setup wizard) for Catapult deployment.

We have invested a lot of time doing this and understanding the ins-and-outs of scalable Catapult deployment. We believe this can be a major selling point for our company, especially with having something out in production.

Block Explorer:


Beacon Nodes: Friendly Node 1 and Friendly Node 2

Axon currently has the following features in the testing phase: ownership, commands, identity, and encrypted communications. As always, all of these features use Catapult. These features are integral to Axon’s core functionality. Axon’s physical appearance has not changed since the last month’s update. These features will mark Axon in an “Alpha” stage. We will work on a better physical look once the software is stable and working.

Axon now has a solid, working Arduino SDK, which allows for very easy and versatile programming of IoT applications with Catapult at a microcontroller level. In the program below (in the screenshot), for example, Axon is programmed to send data every time the Arduino loops, as well simultaneously watch for new incoming data (a command to turn on an LED) on pin 13. This can easily be used in a custom function to send custom data periodically upon a certain condition, which is entirely up to the programmer. This information comes to and from Catapult. There is also a very handy debug mode that outputs useful log and error messages, which is typically not found in lower level SDKs. A simple notification system lets the developer know Axon’s latest status, and also logs messages for debugging. The SDK is quite light on the Arduino’s limited resources as well.

The provisioning of our own testnet as greatly helped in gathering insight into the optimal configuration for our IoT Nodes, and will help in testing different configurations.

After extensive testing, we have found a solution to combat the portable IoT Node’s power bug. We are currently designing a board to further solve the power issue. It is essentially a board that plugs on to the node’s GPIO to offset any peaks and valleys in the power that batteries generate, allowing for smooth transitions from wall power to battery power. We are also exploring further energy features, such as solar powered nodes to charge the battery.

Sales / Partnerships progress

We are still in contact with several promising opportunities, and are pursuing them.

Articles / PR

We are set to release another demonstrative article soon, “Best of the Future Meets Best of PAST: Using NEM’s Catapult & IoDLT’s AXON to create a Gold-Backed cryptocurrency”. In it, we detail the concept of using XRF authentication machine that verifies precious metals items against the blockchain. Building on this concept, we also introduce the idea of a gold “vending” and authentication machine that exchanges gold for crypto and crypto for gold. IoT (XRF and other sensor technology) and Catapult are used along the way to verify all aspects of every transaction and ensure legitimacy. It also illustrates the concept of how the “old” economy can meet and benefit from the “new” economy.

Our drone article was translated into Japanese.

Our most recent article, “The Future Of Data – Swarm Learning, The Catapult Blockchain and Edge Computing”, is pending publication on IoT For All.

As always, we are very grateful for the support and consulting from Ventures and the community.

Happy New Year!
IoDLT Team


Good job.

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It’s a very cool project you guys got going there.
Wondering about tone thing though…how are you going to store all this data on chain? Let’s say Amazon puts an Axon on all their drones and they store all those ToF-Data on-chain. That’d become unviable in like a month or two right? Huge fleets like that would store vast amounts of data in relatively little time (especially when it’s regulatory data) and if there is one thing, that blockchains are horrible at, it’s storing large amounts of data. They become bloated and running full nodes becomes a larger and larger burden. Does Catapult have some sort of pruning mechanism that I’m not aware of?


Thanks, some great progress there. From an advocacy perspective, are there any industry associations (global/local) worth pursuing from an IoT standpoint? It would be good to see some of the articles and work done being featured to the wider industry too.


Hey memario,

Thanks, we’re working pretty hard :slight_smile:

In the case of Axon, our goal with it is to send only data that is relevant to a specific event. I agree that blockchains should not be used for “big data” (there are other solutions for that!), not every ToF datapoint should be stored on-chain.

The blockchain application here is used for multi-party settlements and record keeping for major/significant drone events. For example, when a delivery is fulfilled, the ToF data relating to just the delivery, when it occurs, might be stored on-chain as part of the Aggregate Bonded contract. The data actually stored on-chain would be very limited, and “to the point”, not continuous streams of actual raw sensor data. Only ToF data that is relevant to the transaction and provides useful context should be included.

In other words: only strategic, relevant data points that are used to help verify an on-chain contract are stored on-chain as part of the deal. And obviously, nodes to handle this traffic would have to be higher spec to deal with more transactions coming in at a time from multiple Axon-enabled drones.

No, Catapult does not really have a pruning mechanism for this sort of thing.

Thanks for the question!

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Thank you Jason!

Yes, so far the medical industry (locally and globally) has stood out for the use of IoMT (Internet of Medical Things) in hospital and clinical operations. Combined with blockchain, it can be quite a useful and cost-effective solution to manage and protect patient data. A detailed article on this is definitely due at some point :wink:

Locally, there are some interesting IoT agricultural and logistics applications as well.

It will be a good idea to incorporate the broader industries into our articles. Thanks for the feedback.


In the case of Amazon, that probably still wouldn’t be maintainable long-term :slight_smile:
Looking forward to seeing what’ll come of it though. Keep it up!


Hello NEM / Symbol Community! We are glad to announce yet another IoDLT use case article! In this article, we touch on using Catapult & Axon IoT to authenticate assets that utilize precious metals, such as coins or jewelry. Using a combination of different IoT sensors, as well as Catapult’s built-in mechanisms, everything from metal content verification to ownership can be controlled with the blockchain. It also illustrates how the future of money can meet the past with a conceptual Crypto For Gold dispensary. Give it a read below, we hope you enjoy!


IoDLT January Community Update

Hi NEM Community!

We are pleased to present our January update. The first month of 2020 has been quite eventful for us, with more potential partnerships, clients, and favorable progression in our product development.

Tech Progress

  • Our testnet has still been going strong, and we have been using it for our own testing, and is free to anyone else to use. This is quite valuable, as we can now safely say we can deploy a sustainable Symbol network with a proven application. We’ve also kept it up-to-date, and all nodes are now running the latest F4 source code.

Block Explorer:

  • We have open-sourced an experimental GUI for connecting to our (and other) networks: Please note that it may be unstable.

  • Axon’s development is on schedule, has progressed to the point where we can start building actual PoC applications with it, which will greatly help with marketing our solutions further. This PoC demonstrates a flame and temperature gauge that logs to the blockchain. Such modules are used in the likes of aircrafts and hydrogen stations to detect internal sparks, fires, or rising temperatures.

Axon flame and temperature detector, with a power-on LED. When a flame, spark, or other sudden light source is detected, Axon logs the temperature and that a flame was detected on-chain.

Internals of this specific Axon unit. Due to it not being a finalized unit, the cables are able to be unplugged, rearranged, and rewired.

  • The real life application of such PoCs will naturally improve Axon’s core protocols over time.

  • Axon now has a simple state management system that keeps track of the last node used, the last owner key used on-device, and and the network generation hash.

  • A quick, high-level view of Axon’s design as of this time: Axon took some design decisions from Symbol’s core in that it uses multiple, independent, and interchangeable parts both in hardware software. At its core, Axon uses the Raspberry Pi Zero W, which allows for basic machine learning, 1080p camera support, and more. Axon also has a programmable microcontroller, which at this time is a Teensy 3.6 MCU. However, we could change these parts to better suit (and be optimized for) a specific application. The Raspberry Pi and Teensy follow a simple handshake protocol (based on UART serial) that we developed to reliably send information to and from each other (i.e, a new node endpoint).

  • Axon sends our ‘Records’ to the blockchain. These records can be ‘Simple Records’ (uses TransferTransactions for now, will probably change to another transaction scheme), or ‘Multi Records’ (AggregateTransactions). Records can be encrypted if needed. Multi Records still need a bit of work, as we would like them to include options for more complex ‘smart contract’ logic eventually. Here is an example of how a simple, unencrypted Record looks like (logged by the Axon PoC above).

  • Axon can receive ‘Commands’ from the authorized user, declared in the MCU script. Commands essentially specify that a specific action should be taken on a particular pin on the microcontroller.

  • Due to its modularity, Axon can take many physical forms, including an all-in-one unit, or as a ‘blown-up’ unit (in separate pieces). This makes it suited to many different applications, and it has the freedom to be adapted to specific applications more easily. Axon can also use more specialized microcontrollers, as long as they contain a UART serial interface.

  • The IoT Node is working, with only small power related tweaks needed to be worked out. We’ve also seen some other potential: More powerful configurations for the IoT nodes with the same form factor.

  • We developed a demo / PoC provenance app, which uses NFC to register and look up tagged collectibles on Symbol. We developed our own mechanism using Symbol’s metadata features, and it can be used to assign identity to an account. These features are also to be used with Axon to register its identity on the blockchain. Keep in mind that it is very much WIP.

Asset authentication and provenance app that uses an ownership and identity mechanism based on Symbol’s Account Metadata feature.

Sales / Partnerships progress

  • Going forward, we are focusing more on business development. In the past month, we have made exciting new contacts that wish to potentially use Symbol in their products.

Articles / PR

Over the last couple of months, we have received a lot of support from the community. We are very grateful to have such support, and we will keep working hard to ensure we deliver tangible results. Once again, thank you!

IoDLT Team