IOTA Tangle Tech Project Funded by Japanese Govt, to Build DLT-based Maintenance Solutions for ‘Critical’ Infrastructure
Japan’s New Energy and Industrial Technology Development Organization (NEDO), a national research and development organization under the Ministry of Economy, Trade, and Industries in Japan, announced a strategic partnership with IOTA Foundation to create risk-based maintenance (RMB) systems across industries using artificial intelligence and distributed ledger technologies (DLTs).
In a press release shared with BEG, IOTA Foundation will team up with Best Materia, IMC, High-Pressure Institute of Japan, The Society of Chemical Engineers Japan, OMC, Lloyd’s Register, and Yokohama National University in the project. The project aims to provide solutions in the 170 Trillion Yen ($1.5 Trillion) domestic social infrastructure conservation market to build durable and secure infrastructure across industries worldwide.
The AI-driven RMB systems built by IOTA Foundation will be integrated across various industries in Japan to target more countries in the future. The project will assess the damages and risks involved in maintenance – using past maintenance data to predict which parts in industries, factories, and plants need maintenance.
As a software solution (SaaS) service, the RBM solutions will provide a decentralized data service built on IOTA Tangle, a distributed artificial intelligence system, and digitization and sharing infrastructure for data.
As Japan struggles to solve its aging problem across the country, the launch of AI-powered solutions will be vital in replacing current RBM specialists who manually carry out the maintenance schedule. Shigemitsu Kihara, CEO at Best Materia, hopes the integration of IOTA Tangle protocol will enable secure collection and storing of RBM related data, “which is the key to the AI system's accuracy,” he said.
With blockchain-based RBM systems in place, plants and industries will benefit significantly in mitigating risks from the machines' maintenance, etc. This will further reduce “unplanned outages, improve plant availability and lower costs” by reducing the manual influence and unnecessary repairs.
According to the release, over 30,000 industries require AI-powered RBM systems in Japan alone. The cost to integrate the project is estimated at 30-50 million Japanese Yen each – totaling 900 billion Yen (~$7.9 billion) to 1.5 Trillion Yen (~$13.2 billion).
In an email sent to BEG’s desks, Holger Köther, Director of Partnerships at IOTA Foundation, praises the open-source and distributed risk-based maintenance system. Holger hopes the IOTA Tangle platform will enhance data collection on the project and further stating,
“Digitalizing the risk-based maintenance (RBM) systems for safer and more efficient industrial plants is only one of many applications where IOTA will be used in the future.”