IOTA is a few things. It is the 15th largest coin by market cap. It does not use a traditional blockchain method to record transactions. It also does not use miners to process the transactions it does record. It is a true dream of decentralized computing that has found a litany of varied institutional partners to leverage the unique system it does use.
The system does not use the traditional Bitcoin Proof-of-Work protocol and because of that, it does not require any specialized mining equipment. What it uses is something called the “Directed Acrylic Graph” or DAG for short. This structure does not depend on chains of blocks like many of the other blockchain projects, rather it is entirely blockless and completely decentralized. It is a distributed ledger technology called Tangle.
Each network participant must who wants to transact must first actively participate in the network via confirming at least 2 previously confirmed transactions. This allows potential transactors to gain the right to use the zero fee network by confirming the validity of past transactions which allows the network to remain stable and functional.
The name is an acronym for Internet of Things Application, and the creators described it as the missing link needed to kickstart a machine learning economy – an economy that allows all manner of devices to freely transfer information between each other whether it is home sensor readings or complex data captured on an institutional level. While some may say that there is no incentive for people to validate on the network, many more believe that it is the first infinitely scalable solution that has come out of the blockchain race started over ten years ago.
Some of the partners (like their latest) that will be covered are giants of industry, whereas others are fledgling companies looking to upset the apple cart. Whatever their role, they are all willing to go against established cryptocurrency logic to see through a token that could possibly change the world as we know it.
Volkswagen: Driverless Technology A Cornerstone of IOTA Partnership
The free transactions that IOTA offers and the need for a multitude of devices to help with scaling means that driverless technology could be the killer app that IOTA needs to push it into the limelight. The connection between Volkswagen and IOTA is strong, with the automotive giant's Chief Digital Officer being just one of the Volkswagen AG executives that have sat on the supervisory board of IOTA in the past.
They have teamed up to implement the Digital Car Pass system that is set to be released in 2019. This technology will capture data from Volkswagen automobiles to help with the development of driverless technology. It will also allow drivers of Volkswagen's cars to purchase services such as parking or highway tolls much more easily and efficiently.
Fujitsu: IOTA The Basis For Industry 4.0
Fujitsu is a company with a long tradition of servicing both the IT and technology sectors. The company has already stated that it can see the potential for IOTA to be the bedrock of Industry 4.0, which is a revolutionizing of supply-chain and manufacturing using blockchain technologies. However, IOTA is one step ahead of the game according to Fujitsu with its truly scalable and decentralized solution that focuses on having as many nodes as possible all working together.
It is this, along with the emergence of cheap modems and blazing fast connection speeds that 5G technology will bring that will see IOTA become the frontrunner in the business world. Fujitsu demonstrated the power of distributed ledger technology and Tangle specifically at the Hannover Messe to show how component tracking and data processing were easily combined with distributed ledger technology.
Driverless technology at the forefront of secure, trustless data-sharing technology
The Mobility Open Blockchain Initiative (MOBI) is a consortium of various automotive companies that seek to share their data, but not the rights to the data. This would have been impossible before, but with MOBI and IOTA, the dream is coming true.
Many in the AI driving field have said that it would take hundreds of billions of hours of automated driving for AI to learn and become better than humans fully. The problem was that each company keeps their data to themselves. MOBI allows them to share, without giving up any rights and help bring the driverless automobile future into the present.
This consortium contains some of the largest companies in the world such as UBER, Lyft, BMW, Volkswagen, and others.
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