Ethereum DAO Developer Slock.it Acquired by Investment Firm Blockchains

Image from slock.it.

German company slock.it, which was involved in the development of ethereum, has been acquired by blockchain incubation and investment firm Blockchains.com, the latter has announced.

Slock.it’s Incubed project is reportedly what caught Blockchains’ eye; the project enables humans and machines to securely participate in the economy of things through the ethereum blockchain.

Through the acquisition, both companies can now combine resources and institutional knowledge to develop solutions for security and interoperability issues faced by existing Internet of Things (IoT) systems.

We have the same passion for creating a sharing economy powered by blockchain, and for creating a safe and secure entry point to the third-generation World Wide Web,” said Christoph Jentzsch, co-founder of slock.it.

Extending blockchain’s intrinsic benefits

Since its founding in 2015, slock.it has aimed to further extend blockchain’s intrinsic transparency, security, and auditability benefits to real-world devices.

The firm worked on the failed Decentralized Autonomous Organization (DAO) for the ethereum blockchain. The DAO project was supposed to codify the rules and governance of an organization without a centralized overhead by removing the need for documents and decision makers.

Slock.it is also working on a collection of open-source tools to be made available to the ethereum development community over the next several months.

Slock.it’s team of nearly three dozen experienced developers and professionals will allow Blockchains to significantly fast-track its product roadmap and enhance its collaboration efforts,” said Blockchains president David Berns.