BiiLabs Review: IOTA Internet Of Things For The Machine Economy?
BiiLabs is a tech startup that has a focus on the blockchain, especially the IOTA Tangle. The IOTA is going to be the fuel on which the IoT ecosystem runs. As the internet of things continues to grow, the need for sharing and interoperability will become a necessity. IOTA will enable companies to explore new B2B models by making all the technological resources they own a potential service that can be traded in the market in real time with no fees to hinder them.
The BiiLabs Ledger Of Things
In this new automate economy, IOTA is going to form the backbone of it. The Tangle ledger will be able to settle transactions with no fees charged. Thus, users will be able to trade exact amount of resources as and when needed. Besides that, they will be able to store data from data loggers and sensors securely on the blockchain ledger.
The BiiLabs Tangle
The Tangle is the major innovation behind the IOTA. It is a revolutionary new block less distributed ledger that can be scaled to any size. It is also quite light, which makes it possible to transfer value without charging any fees.
BiiLabs IOTA For The Machine Economy Benefits:
With this innovative blockchain, micro and even nano transactions will be possible. This is possible thanks to the unique architecture of the IOTA Tangle. With the unique build, developers have access to a new set of tool for application on both the Web and IoT.
One of the core features of IOTA is that it is able to transfer data via Triangle. You have several options with which to achieve this. This way, you will be able to establish secure and authenticated communications channels between different devices. Since the data is transferred via the blockchain, it is tamper-proof, and attacks on it are impossible.
Although IOTA is specifically designed for the IoT, there are different use cases possible with the Tangle. This is especially so on matters to do with eGovernance. One of the most important aspects of this sector is e-voting. There are already several field studies being conducted by companies and academics in this field.
Through MAN, modes will be able to exchange data via the Tangle. The good thing about this data is that it is fully encrypted and authenticated. This will mean that a device can transmit sensitive data using quantum-proof security via the Tangle. The data can then be analyzed later. Just like radio, you can share data with multiple parties as long as they are tuned in to your frequency.
Everything As A Service
While the sharing economy has been adopted globally in areas such as accommodation and driving, IOTA will enable a new world where anything that has a chip can be leased. The reason for this is that most chipped devices in the house are idle most of the time. However, IOTA will enable you to turn even your kitchen appliances into a leasing service, where you can earn.