With the crypto-verse’s market tumbling and plunging more and more everyday, it would be a good time to step back and take a read about the evolving technology of blockchain. In the-almost last decade, block tech is attempted to overcome issues that mostly involves the financial industry. With that, it now provides P2P transactions fast without the inclusion of a third party.
With that in mind, we instantly know that the transactions processes will be done at lower fees with almost equal to no digital-geographical borders. But, as in everything there is various techs that are competing with each other in the blockchain ecosystem. One of the top contenders that is resolving the existing crypto-generation issues is IOTA.
IOTA (MIOTA) and the Tangle System
The IOTA network is a platform designed for the Internet of Things. In this case all devices are connected with each other as in phones, vehicles, and any electronic equipment would be transferring data with each other. As it transacts approximately 1,500 tx/sec its tech showcases one of the first best environments for IoT.
First things first, IOTA joined the crypto-world in 2015 with the work of David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo who still are running the show in the most important parts of IOTA’s team.
It is designed to run on a network called Tangle by Dr. Serguei Popov. Overcoming the first and second gen crypto-problems, IOTA is one of the coins debuting the 3rd gen of coins.
Rather than being conducted via blocks, the transactions across Tangle are processed through vertexes and are validated with two previous transactions and adds new edges to the graph.
Real Life Adoption
The Tangle tech in applied in real-world cases, it would be almost immune to cyber attacks even by possible quantum computers. The same attack would penetrate at ease various other existing blockchain tech. That has made many giants like Audi ThinkTank choose IOTA and test it.
At the CEBIT ‘18 Expo in Germany – Volkswagen presented its joined forces with the IoT focused platform and vehicle manufacturer to demonstrate a PoC on how IOTA network can be used.
The presentation clearly showed how the above explained Tangle infrastructure could be implemented and used to safely send/receive data from one vehicle on air as part of the VW Connected Car project.
Kontakt.io – The platform has collaborated with the leading IoT (Internet of Things) location platform provider Kontakt.io. Kontakt-IOTA Foundation partnership was moulded towards incorporating Kontakt.io’s location platform with the distributed ledger technology of the non-profit open-source foundation.
While the collaboration is fashioned to have a huge potential of mitigating risk management, data manipulation, security breach and more in the Healthcare and Logistics sector, it is expected that the development will leverage Distributed Ledger Technology to ensure that device-to-device and device-to-cloud communication of telemetry streams are encrypted and the data itself is unalterable.
“Manufacturers, carriers, inspectors, technology providers, and consumers alike will benefit from this technology. It will increase trust and transparency, ease dispute resolution, result in better compliance breach detection, and consequently prevent faulty products from being delivered to consumers”, the statement reads.
+CityxChange – The European Commission formally invited the +CityxChange team to be part of the Smart Cities and Communities Project. The project in question belongs to the EU Research and Innovation Programme Horizon 2020. The +CityxChange project uses IOTA to facilitate connectivity between devices as a means of promoting “climate-friendly and sustainable urban environments.”
“In the future, municipalities must handle a completely different complexity in society. In order to have well-functioning cities, cities must improve how they utilise their resources and how they engage with technologies in different ways. A smart city will use digital technologies to enhance performance and wellbeing, to reduce costs and resource consumption and to engage more effectively and actively with its citizens.” – The +CityxChange team explains the concept of Smart cities on its official website.