Shares of lockset manufacturer Intelligent Living Application Group (NASDAQ:ILAG) are soaring higher today after the company announced plans to introduce home security devices utilizing blockchain technology.
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Further, ILAG has roped in China Star Technology Development, a Hong Kong-based systems developer, to develop smart home devices. The latter will oversee product development and the former will own the rights to the products, devices, and applications developed.
ILAG plans to invest in R&D for smart locks, smart security as well as internet of things (IoT) products. Impressively, along with smart locks, smart home security offerings could also include audio/video control systems, CCTV surveillance as well as climate control technologies.
Shares of the company have corrected nearly 25.7% over the past month alone.
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