United Nations Office for Project Services has signed a Memorandum of Understanding with IOTA in order to bring intelligibility and competence to the work of United Nations. As a result of its operations in more than 80 nations across the world, UNOPS has declared its intention to use IOTA’s DAG ledger to optimize its efforts towards peace and development globally.
What Is UNOPS?
UNOPS is a self-financed central operational arm of the UN offering procurement, human resources, project management as well as financial management services to the UN. On a regular basis, it liaises with the United Nations Development Program (UNDP), the World Bank as well as the Department of Peacekeeping Operations in their activities all over the world.
In their press release, both IOTA and UNOPS clarified how the former’s expertise would be instrumental in economizing the administration of UN documents, supply chains, as well as concurrent transactional payments. Though this is a great boost for IOTA, bulls however appear unresponsive to the partnership. This is because IOTA’s value seems to have declined.
Why IOTA Gets Partnership With United Nations
IOTA seems to have been picked by UNOPS because being a standardized ledger for the Internet of Things (IoT), it is instrumental in facilitating transactions between over 8.4 billion interconnected devices all over the world. Its scalability, security and cost-related issues of blockchain facilitate thousands of transactions per second.
Additionally, IOTA offers real time solutions to accommodate the high transaction rate of IoT services. Unlike blockchain where transaction time is largely limited by block creation and time corroboration, IOTA’s blockless architecture gives room for parallelized issuance of transactions. This considerably leads to advanced transaction output.
According to Yoshiyuki Yamamoto, the UNOPS Special Advisor on Blockchain, the suitability of IOTA is of great benefit to the UN. This is because living in a world where devices, machines, sensors and people bond and correspond with each other, IOTA straps up technology where these processes can work concurrently. This helps accelerate UN’s operations as an organization.
As stated by David Sonstebo, IOTA’s co-founder, the remarks of the UN official combines organically with its Foundation. This is because the non-for-profit organization works towards establishing an ecosystem behind the economy of things. The IOTA Foundation believes that shared universal challenges need universal solutions, with open-source innovation approach.
In as much as many people may associate the IoT with corporate projects, the UN’s collaboration with IOTA appears to be a decided indicator in the importance of the industry. By delivering almost $2 billion of spending in 2017, UNOPS’ scope of the project lends to IOTA’s vision of a connected world a significant push.