IOTA teams up with major corporations for a new initiative
Blockchain technology has been garnering more and more attention as businesses see how it can streamline processes and save them money. This distributed ledger technology offers security, immutability and privacy, while being extremely cost-effective.
Blockchain may be most well known for being the supporting technology behind Bitcoin, but it’s many benefits with regard to record keeping makes it a great option for a range of industries.
IOTA, a Berlin-based distributed network, has entered into strategic partnerships with a range of major brands, such as Cisco Systems, Volkswagen, Huawei and Samsung Group, to launch a new initiative which aims to offer a secure marketplace for data.
“The data marketplace is a completely separate project that simply utilizes the underlying IOTA protocol,” said IOTA co-founder, David Sønstebø, in an e-mailed response to Reuters.
IOTA has stated that more than 2.5 quintillion bytes of data are generated every day, with this number drastically increasing every month. However, because there is no secure space for owners to share or sell this data, over 99% of it is simply lost.
This is the problem that this new initiative aims to solve. IOTA will provide a market where companies will be able to buy and sell data, while each of their partners will provide the data from their specific industry.
“Any kind of data can be monetized,” Sønstebø said.
“If you have a weather station collecting wind, temperature, humidity and barometric data, for instance, you can sell that to an entity that is doing climatic research.”
Once this data is placed onto IOTA’s decentralized ledger, it will be distributed and then connected to the blockchain network. Because of this technology’s characteristics, this data will not be able to be altered.
“The goal is to enable a very diverse and open data marketplace, which incentivizes a free flow of data between entities,” Sønstebø added.
IOTA was founded in 2015, and raised over 1,300 Bitcoins during their crowdfunding event. The have been live since 2016.
“IOTA is kind of the first distributed ledger that goes beyond the blockchain,” Sønstebø said.
“We got rid of the blocks and we got rid of the chains, which has resulted in getting rid of the major pain points or limitations of the blockchain such as fees, scalability and centralization,” Sønstebø concluded.
These partnerships show that blockchain and decentralized technology definitely has a place in today’s business world, and that the global integration and adoption thereof may happen sooner than we think.