IOTA is a distributed and open source Ledger, but totally revolutionary because it does not rely on the Blockchain.
His protocol is based on a quantum-proof, called Tangle.
This innovative system allows, among other things, not to have transaction fees, infinite scalability and secure data transfer.
His name comes from Internet of Things (IoT). And it is in this capacity that IOTA collaborated with Volkswagen.
Yesterday, June 11th, took place in Germany, Expo Cebit ’18. It was on this occasion that between them, they demonstrated a proof-of-concept (PoC) that will use the IOTA system for autonomous cars.
With this PoC, Volkswagen will use Tangle technology to transfer software updates.
More specifically, these “over the air” updates will be adapted to the “connected car” of the famous car manufacturer.
It should be noted that the Tangle system allows multiple types of transactions to run simultaneously on different network channels.
That’s why Volkswagen will use this process to distribute data for its connected cars.
This booming market is expected to see by 2020 more than 250 million connected cars on the road.
This will obviously require, from a technical point of view, frequent remote updates as well as transparent access to data.
In addition, IOTA said in a statement, it could be integrated in the future, in a system MaaS (Mobility as a service). This system will use its distributed accounting technology for reservation and payment purposes for Volkswagen’s autonomous vehicles.
This is also explained by Johann Jungwirth, head of the Digital Officer of Volkswagen, saying that the IOTA platform “allow connected devices to transfer money numerically in the form of micro payments. “
Jungwirth joined the IOTA Foundation’s supervisory board last January.
It should not be forgotten, as we said above, that the IOTA platform has no transaction fees, which makes it optimal for a micro-payment infrastructure.
This partnership with Volkswagen comes after the equally important one earlier this month with MOBI.
MOBI, or Mobility Open Blockchain Initiative, is a Blockchain for the transportation industry. This partnership has been with giants in the automotive industry, BMW, GM, Ford and Renault. But also with Bosch, Hyperledger and IBM.
Will this large-scale market prospect reboost the IOTA cryptocurrency?
As we go to press, IOTA is trading at $ 1.42, an increase of 2.16% over the past 24 hours.