IOTA is a distributed ledger for the Internet of Things. The first ledger with microtransactions without fees as well as secure data transfer. Quantum proof. IOTA is a ground breaking new open-source distributed ledger that does not use a blockchain. Its innovative new quantum-proof protocol, known as the Tangle, gives rise to unique new features like zero fees, infinite scalability, fast transactions, secure data transfer and many others. IOTA is initially focused on serving as the backbone of the Internet-of-Things (IoT).
IOTA is a cryptocurrency that has no transaction fees and requires no miners in order to process transactions. It does, however, require some computational power to submit a transaction, making it perfect for machines to use as a currency and distributed communication protocol for the Internet of Things “IoT”. The main purpose of IOTA is to solve some of the major problems with Blockchain technology, the main one being that the bigger the Blockchain (such as Bitcoin), the slower, more expensive, and also more restricting it is to actually transfer funds. Another issue with the Blockchain is size, as more and more Blocks are added, the longer the Blockchain gets, and therefore the less amount of computers are able to mine it.
Today, judging by IOTA’s Twitter and Medium posts, IOTA has partnered with Jaguar Land Rover. The car manufacturer is testing IOTA’s technology to implement IOTA within their cars.
“Drivers will be able to earn cryptocurrency and make payments on the move using innovative connected car services being tested by Jaguar Land Rover.”
Earn cryptocurrency while driving
With this partnership, IOTA and Jaguar Land Rover have come up with a new “Smart Wallet” technology. This technology will allow users to earn cryptocurrency while on the go. They call it “credits” (the crypto that users will earn). Users can earn credits by sharing information about traffic and specific road conditions. Afterward, the users use these credits to pay for tolls, parking, and electric charging. It sounds like the user won’t have to do any additional operations with the car. Users will just have to enable this feature on their car. Then the cars will automatically report useful information to navigation providers or local authorities.
“’Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.”
Why exactly IOTA?
Jaguar Land Rover says that they specifically chose to partner with the IOTA Foundation to “harness “distributed ledger” technologies to make and receive payments”. They say that IOTA offers no transaction fees which makes this easier to operate with. Also, they anticipate that these car-to-car transactions will get faster by time. Their overall forecast is 75 billion connected vehicles by 2025.
Jaguar Land Rover’s Destination Zero strategy
The car manufacturer aims to achieve zero emissions, zero accidents, and zero congestion. They say that one part of this goal is to develop a shared economy where the “vehicle will play an integral role as a data gatherer”. They believe that with this new technology, traffic congestion will reduce which comes together with tailpipe emissions.
Russel Vickers, Jaguar Land Rover software Architect says: “[…] In the future an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy – earning rewards from sharing useful data such as warning other cars of traffic jams.”
Jaguar Land Rover is the UK’s largest automotive manufacturer. In 2018 Jaguar Land Rover sold 592,708 vehicles in 128 countries. From 2020 all new Jaguar Land Rover vehicles will offer the option of electrification, giving their customers even more choice.
Back in September 4, OECD, the Organization for Economic Co-Operation and Development, held a Blockchain Policy Forum and IOTA’s Director of social impact and public regulatory affairs Julie Maupin was a part of the discussion. The discussion was called “Development Co-operation: Blockchain for Sustainable Development”.
The panel consisted of four attendants, with IOTA’s Julie Maupin being one of them. Piet Kleffman, Jane Thomason and Ric Shreves being the rest.
During the discussion Julie Maupin explained to the OECD members DLT (Distributed Ledger Technologies) and the insights on how IOTA Foundation is working, their goals and how the foundation had gotten so far.
Julie talked about a few moments in the IOTA’s timeline which were worth mentioning. First she referred to the conversation she had with the European Space Agency (ESA). They were discussing the possibilities on how to combine DLT and satellites, basically – how blockchain could be used in space. She said that the she was surprised how the ESA were committed to the outcome of how blockchain could be used, not on the actual result which could, possibly, include a failure.
“Of course, it is interesting to see that not even space is an area where IOTA wouldn’t be applicable…,” she said.
Next she mentioned their (IOTAs) partnership with Fujitsu. The company is already researcing areas for development for reaching remote areas which are not connected to the internet (sensors which have long-life batteries).
Moving forward, she noted that IOTA faced problems where nobody could’ve foreseen them. To be exact she referred to a project about consortium funding model where IOTA was asked to participate, but in order to do that, they had to provide a copy of their human trafficking policy which hadn’t been created yet.
And finally she added the fact that it is a big advantage to work with IOTA, highlighting that if organizations agree to work with IOTA then the source code of any project will be made public, since this is written in the statutes of the Foundation that every project must be open-sourced.
Julie shared some of her thoughts on the discussion over twitter: “Very constructive conversation! Excellent co-panelists who all made insightful points. In the end we all agreed on certain calls to action for the OECD and other governments and orgs that promote development cooperation:
adapt funding streams to make room for experimental and iterative tech experimentation that proceeds bottom up rather than top down.
it’s not irresponsible for public entities to fund blue sky technologies, because those that combine well with automated real time data analytics (as IoT + DLT + machine learning technologies do) can be monitored and reported on for donor / taxpayer accountability purposes
designing DLT solutions that implement the UN principles for digital development means working backwards. Start with the reqs of the end user in the field, then work backwards to satisfy the reqs of headquarters, partner orgs, & donors too.
be collaborative and be bold! It takes many different types of entities with different perspectives, expertise, skill sets, and networks to solve real world development cooperation problems.”
These are great news, since OECD is a big organization with 36 member countries. It was founded after the WW2 (World War 2) to stimulate economic progress and world trade. This means that the largest economic organization in the world is browsing ways on how to implement blockchain into their system. OECD is also known for their statistical agency which publishes comparable statistics on a wide range of subjects, and this could be one of the ways how they could be using blockchain. This is a massive step forward the crypto-revolution development if blockchain is being supported and researched by organization of such scale.
What are your thoughts? If blockchain could improve the governance of one of the biggest agencies which operate statistical data for the whole world, then that would be a sign that blockchain technology could be implemented all around the globe in any kind of field, proving that it can operate large amounts of data very fast.
Will these huge organizations improve the development of blockchain technology if looking at the big picture?
https://goo.gl/xNzXqw – OECD website.
https://goo.gl/BvqCJw – Video with the discussion.
In a tweet posted two days ago, VW (Volkswagen) confirmed that they are working on making super-safe crypto-systems available to their customers. They are saying that “this crypto technology offers enormous potential for maintenance, logistics, self-driving vehicles, and specialized solutions such as tamper-proof odometers”.
Judging by the blog post they shared within the tweet, they are working on a blockchain designed specially for VW group. They are comparing their technology with Bitcoin, Ethereum and IOTA.
Blockchain technology also offers a lot of opportunities when it comes to self-driving vehicles. It can protect cars from hackers better than other technologies, and help with automatic payments at fueling stations or car washes,” explains Nicolai Bartkowiak.
On July 25th, 2018, IOTA started a week long Google Design Sprint with Audi Think Tank in Berlin to explore Tangle-based mobility use cases, to build a low level prototype and to gather some user/customer feedback. The aim for this exploration is to establish either independent or cooperative business models within these two companies.
“IOTA´s open source protocol is predestined to be an innovation accelerator for any kind of business ideas that that rely on trust in data, scalable & safe machine to machine communication & transaction settlement”, says in their blog post.
All this doesn’t mean that IOTA has partnered with Audi, it is just that they are testing new horizons and technologies. The fact is that IOTA has already lead some conversations with the Volkswagen (VW) group in general, Audi is a part of the VW concern. IOTA and VW has already partnered for a proof of concept and will be presenting it at CEBIT 18 – Europes leading business festival for Innovation and digitalization.
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