IOTA Foundation Reveals bIOTAsphere To Improve Development On The Network
IOTA and its Foundation continue to expand and grow in the market. This time, they have decided to reveal a project known as bIOTAsphere. This new project aims to facilitate brainstorming, discussion and development of new applications based on the IOTA network.
This would help the Tangle to benefit from new ideas and developers that will be sharing their ideas to improve the network.
According to TokenTops, Terry Shane, founder of the bIOTAsphere teased the audience watching the live stream with a Proof of Concept of a technology that could revolutionize the society. The concept involved the Tangle and data transfer in real time, something that would improve car insurances and how they are charged to clients.
Then there was a live demonstration with a Tesla car that was driven by IOTA’s technology. Using a basic internet connection it was possible to move the car around in an autonomous way. Moreover, the car could modify the insurance it had according to special conditions.
“Part of PoC involved the car choosing automatically from three different insurance providers, each one with different fees and special conditions that offered discounts or charged premiums depending on their conditions, and the election was based on the best of them for each situation,” explains TokenTops.
If the car is parked, the platform would automatically switch to a standby insurance that offers better rates when the car is parked. Additionally, when the car moves, it switches from this provider to another.
This is something that could help car owners to save money when they pay their car insurance. IOTA has been working with different companies in the automotive industry in the last years, including Volkswagen. The German car manufacturer presented with IOTA a proof of concept in which they show how over-the-air updates could securely be documented using the Tangle.