|Jun 13, 2018 08:46 PM||By: Jinia Shawdagor | 4744 Views|
IOTA and Volkswagen have decided to sign a partnership. It will enable the two demonstrate a Proof-of-Concept (PoC) that uses IOTA’s Tangle system for autonomous vehicles. The Proof-of-Concept demonstration will take place at the CeBit conference taking place in Germany.
The PoC will allow Volkswagen to use IOTA’s Tangle technology to transfer software updates wirelessly as part of the car manufacturer’s new connected car systems.
The Proof of Concept press release outlines Volkswagen’s intention to safely and wirelessly distribute data using Tangle, within its developing smart car economy. Analysts in the automotive industry predict that by 2020, more than 250 million connected cars will be on the road. Therefore, the demand for frequent remote software updates and transparent data access is rising at a very high rate.
Unlike blockchain, Tangle is built on a direct acyclic graph (DAG) as opposed to using blocks or mining. DAG is a topologically ordered system in which different types of transactions run concurrently on different chains on the network.
A recent news release stated that IOTA might also be integrated into a Mobility-as-a-Service (MaaS) system future. As a part of the partnership deal with Volkswagen, the system would use its distributed ledger technology for planning trips, payment services, or even bookings within the smart vehicle ecosystem.
IOTA partnered on a significant Mobility Open Blockchain Initiative (MOBI) for the transport industry. It joins other popular manufacturers like GM, Ford, BMW, and Renault. Other manufactures outside of the automotive industry include Bosch, IBM, and Hyperledger.
Earlier in the year, Johann Jungwirth, Volkswagen’s Chief Digital Officer, joined IOTA’s Foundations Supervisory Board. He said that IOTA platform would enable connected devices to digitally send money to each other as a form of micropayments, thereby, making it useful for the future of IoT.
IOTA currently ranks ninth best crypto on the list of global coin ranking. This is as a result of its block-less Tangle technology combined with its association in the Internet of Things (IoT). It is also involved in MIOTA units. MIOTA charging stations for electric vehicles have proved to be fast and efficient in the Netherlands.
Now IOTA has gone ahead and partnered with DNB ASA which is among Norway’s biggest bank. Since the two share a similar vision when it comes to IoT and machine-to-machine communication, they thus signed an agreement with a view of working together.
DNB ASA and IOTA have joined hands aiming to explore and develop a new digital innovation platform where Tangle will be the primary engine.
The Norwegian bank is known for working with decentralized blockchain-based technology. Thus, it will no doubt work with IOTA to use its Tangle architecture to develop an innovation ecosystem for the Internet of Things while creating machine economy and decentralized marketplaces.
IOTA’s Tangle is arguably the first technology that runs on a blockchain-based but a block-less system. Additionally, it is designed and utilized particularly with the aim of creating the future of IoTs. As a result, IOTA boasts as one of the first cryptocurrencies to be used in effective machine-to-machine communication such as the MIOTA charging station for electric vehicles.