Topocare, a manufacturing company, is reportedly planning to leverage IOTA’s distributed ledger technology to establish its own proof-of-concept network. The primary reason behind the integration of the IOTA blockchain into Topocare’s machinery and infrastructure is to enhance operational security, transparency and data integrity.
Additionally, Topocare also intends to integrate machine-to-machine payments. In this regard, Topocare will emulate the Internet of Things (IoT), an area that IOTA specializes in. After implementation, this solution will enable machines to communicate directly with each other without human intermediaries. This will enhance transparency, which is one of the reasons behind its development.
As per its description, Topocare deals with the creation of machines that are designed with the ability to produce enormous sand-filled geotextile tubes which act as flood barriers. These barriers are crafted differently according to the location they will be deployed. Essentially, the company’s equipment is useful in building dams that are resistant to soil erosion and cost-effective as well.
The proposed Proof-of-Concept that Topocare wants to introduce will follow a customized Pay-per-Use structure known as Pay-on-Production. This mechanism requires the client to pay for each step in the development of a machine or any other product. Although it is a novel concept, this procedure worked smoothly during its testing phase.
Topocare has severally indicated that their machine-to-machine payment system requires a blockchain that supports micropayments and is affordable for it to be effective. Specifically, Topocare mentioned that this system needs three wallets to function; one wallet for the client (wallet 0) and toe for the machine owner (wallet 1 and 2). If a client has IOTA tokens and wants a machine, they are required to send the tokens to wallet 1. From there, wallet 2 will receive a specified amount of IOTA tokens form wallet 2 as compensation for every step of development.
If the funds allocated for production become insufficient, the machine automatically stops the process. Similarly, if the funds are excessive, the system automatically refunds the client. The data is continuously added to the IOTA Tangle and is accessible to both the company and the customer for reference purposes. This eliminates the possibility of distrust among the involved parties. Furthermore, the incontrovertibility of data recorded on the blockchain makes the transactions trustworthy.
This partnership could open up endless opportunities for the IOTA network, mainly because Topocare has a huge client base. To this end, Topocare is likely to recommend IOTA to its clientele, leading to the development of the blockchain network.