IOTA’s Internet of Things, Ledger for Everything Platform Video Update
IOTA Platform – The Future Of Manufacturing Industry
Recently, the IOTA Foundation released a sneak preview of their upcoming platform on YouTube. The video takes an explanatory format, elaborating on the features of the new project, known as Industry 4.0 smart manufacturing. Upon its completion, the IOTA distributed ledger will be the first of its kind specifically designed to drive future online transactions. Besides smart manufacturing, the new network will levy zero charges on microtransactions, guarantee the integrity of data, and promote decentralization by establishing direct peer-to-peer connections amongst member nodes.
The Underlying Technology
Peculiarly, the IOTA ledger is not based on blockchain technology like many of its peers. Instead, it relies on Tangle, a mechanism based on a mathematical concept called acyclic graphs. Tangle removes minors without affecting decentralization, making IOTA accessible to everybody, with all practices having equal roles in the network. In addition, the deployment of Tangle reduces the impact of microtransactions. Microtransactions are processes with negligible value but use vast computing resources, such as mining. Also, the IOTA network will be significantly faster than blockchain-based platforms. Remarkably, the speed of the network increase as the number of nodes increases.
According to reports, IOTA will be used entirely throughout the manufacturing process in the digital factory. As expected, the Tangle database will keep digital records of every transaction on the platform. This is to ensure that all machines are running the appropriate software and adhering to the correct standards during operations. Furthermore, the tracking makes it easier to analyze performance trends as well as implement regular maintenance routines. Purportedly, the machines operate autonomously within the digital factory, while paying for and selling goods and service in cryptocurrencies.
Throughout the entire manufacturing process, data recording is observed. Since Tangle guarantees effectiveness and transparency, the resultant products are usually of high quality. As parts of its industry 4.0 vision, IOTA intends to facilitate the steady and reliable flow of such data and ensure that the information is secure and unalterable.
Additionally, many speculate that IOTA can continuously assess its performance and adjust accordingly to provide the optimum output. As expected, this development created a frenzy on social media platforms, especially among crypto enthusiasts. One Twitter user commented that the IOTA solution is needed in the agriculture and food sectors. The tweet further highlighted the non-transparency in the two industries mentioned above, and also the challenges faced by small-scale farmers while attempting to establish trust with the consumers.