IOTA Networks Tangle Technology for IoT; Adoption and Development Updates
Future Real-Life Adoption Of IOTA (MIOTA) And Latest News/Development
Of late, the crypto market has been plunging and tumbling deeper with time. It is now a high time that crypto enthusiasts take a step back and focus more on the evolving blockchain technology and its potential. In the last 10 plus years, blockchain technology has been attempting to solve challenges inherent in the finance industry. While it hasn’t managed to solve all the challenges, there are some positive developments considering Peer-to-Peer (P2P) transactions that have successfully eliminated third parties and enhanced the speed of financial transactions.
As we get to have more developments with the blockchain technology, transaction fees will definitely go even lower. Transaction speeds will increase as we get rid of even more digital-geographical borders. There are a lot of tech companies competing for a space on the blockchain ecosystem, hence the rapid technological developments. Among these companies that is working hard to come up with viable real-life solutions using crypto is IOTA.
IOTA (MIOTA) And The Tangle System
IOTA network is designed as a platform for the Internet of Things. With such a platform, all electronic devices such as phones, vehicles and other devices are able to transfer data to and from each other within the network. The network can handle as many as 1,500 transactions per second, showcasing one of the best environments for the platform.
IOTA first joined the crypto industry in 2015 following the contributions of Dominik Schiener, David Sonstebo, Dr. Serguei Popov and Sergey Ivancheglo among others. These developers are still controlling the vital elements of the network’s system.
Dr. Serguei Popov, designed the IOTA platform to run on a network called Tangle. For sometime now, IOTA has managed to overcome second generation crypto challenges, and is looking forward to being among the first 3rd generation digital coins.
Unlike other coins in which transactions are carried out in blocks, Tangle transactions are processed in vertexes which are validated with every two previous transactions adding new edges to the resulting graph.
Adopting Tangle To Real Life Functionality
Developers of the Tangle tech technology say that once this technology is applied in real-life applications, it will be virtually immune to most if not all cyber-attacks, even those deployed from powerful quantum computers. Such attacks would easily hit and destroy existing blockchain technologies. It is such possibilities, and the solution Tangle offers that has prompted giant companies such as Audi ThinkTank, to adopt IOTA for testing.
At the recent CEBIT ’18 Expo in Germany, automobile company Volkswagen expressed its interest to adopt this platform. The company aired a demonstration of a PoC on how this network can be utilized.
In this presentation, the company tries to show and explain how the Tangle infrastructure can be implemented and used safely to send and receive data among vehicles. This presentation marked one of the first parts of the VW Connected Car project.
The platform has also joined hands with Kontakt.io., which is the leading IoT (Internet of Things). This collaboration was molded to bring onboard Kontakt.io’s location platform. It is also designed to bring together the platform with distributed ledger technology that operates on a not for profit open-source foundation
This collaboration is mainly designed to help change operations in the health and logistics sectors. It is programed to check risk management and mitigation, prevent data manipulation and enhance security in these sectors. However, the technology is also expected to enhance the use of distributed ledger technology to enable device-to-device as well as device-to-cloud communication ensuring that telemetry streams are encrypted and that the data within these systems is unalterable.
In their statement, Kontakt said that the technology is set to benefit manufacturers, inspectors, carriers, technology providers as well as consumers. They hope that it will increase trust and transparency, make dispute resolution easier and make it easy to detect cases of fraud. This will in effect protect consumers from getting faulty products.
In yet another project that will use the IOTA platform, the +CityxChange team has been invited by the European Commission to be part of the Smart Cities and Communities Project. This project belonging to the EU Research and Innovation Programme Horizon 2020 will enhance connectivity between devices as a way of facilitating and promoting “climate-friendly and sustainable urban environments.”
In their official website, +CityxChange team said that municipalities are going to handle different challenges in the future. In order to meet these challenges head on with viable solutions, cities must devise mechanisms and strategies to utilize available resources and adopt new technologies to have well-functioning cities. Any smart city will have to adopt the use of digital technologies to enhance performance, reduce costs and engage more effectively with its inhabitants.