IOTA Foundation to Utilize Riddle&Code Blockchain Hardware and Software Company for Tangle
RIDDLE&CODE and the IOTA foundation have announced a partnership to enable independent M2M deals through the IOTA Tangle. The agreement allows for the creation of a fully secure and trusted track from a sensor to a distributed ledger.
How Will It Work?
The idea is to combine technologies to create a completely reliable route from device to the blockchain. IOTA is a foundation in Germany that is responsible for the IOTA Tangle- a distributed ledger that consists of streams of individual transactions entangled together. RIDDLE&CODE develops its own hardware and software to bring trusted identities of products and people.
RIDDLE&CODE hardware is connected to blockchain technology which will allow security by obtaining data from secure sources. The company’s microchip is tamper proof and is capable of securely storing the private key on any given device. The technology between IOTA and RIDDLE&CODE will only utilize data from sources marked with a secure identity. By eliminating the “garbage in, garbage out” problem, the collaboration will enable M2M secure payments.
The collaboration is essential because it optimizes the use of QR codes and basic physical objects that are easily cloned. Once an electronic device is assigned a secure identity, the transaction will be recorded on IOTA Tangle. With trusted sources, then trust between humans will improve and also pave way for the autonomy of machines through the use of self-driving vehicle and robots. According to RIDDLE&CODE founder, Tom Fuerstner, industrial and smart-city environments can thrive through the creation of transparent and scalable data storage. The connection of IoT sensors or machines to the IOTA Tangle through their micro-chips the two companies will deliver end-to-end security.
Initially, IoT projects using distributed ledgers were limited to the processing and storage of data. However, this integration will extend trust to the source, which makes the process complete. It will be possible to make decisions hinged on IoT data will now become a reliable source because only specific sources will be utilized.
IOTA’s Director of Partnerships, Holger Köther is confident that their partnership with RIDDLE&CODE will enable the maximization of connected devices. According to him, this step is a prerequisite for laying the foundation for the industries to adopt highly innovative technologies for effective business procedures. IOTA and RIDDLE&CODE will provide a demo for the merger of their innovations which will produce a safe identity for devices using RIDDLE&CODES Secure Element to trigger dealings on the IOTA Tangle.
This is a blockchain interface company that assists individuals and companies to navigate the challenges of digitization such as machine identity, product provenance, cybercrimes, cyber insurance, and online fraud. RIDDLE&CODE develops its own hardware and software and combines the security of smart cards with blockchain technology and IoT (Internet of Things).
About IOTA Foundation
This is a non-profit foundation that has created an open source distributed ledger to support IoT, known as Tangle. The system is free, secure, and scalable to empower machines and people in new economies. By allowing low resource requirements, offline transactions and zero fees, IOTA is revolutionizing industrial IoT.