IOTA Tokens to Be Integrated with Ledger’s Hardware Wallets

By Swati Kishore

As per a press release published on November 2nd, 2018, the Blockchain-based, German IOTA Foundation has announced that it is integrating its tokens with the hardware wallets of Ledger, the crypto asset hardware wallets firm.

The IOTA Foundation is a not for profit organization and it focuses on the development of next generation protocols as well as the standardization of the distributed ledger technology of Blockchain in order to facilitate its mass adoption.

Last accounted for in November 2017, the IOTA Foundation had as much as USD 225 million IOTA tokens as foundation funds. The other USD 22 million funds are assigned for the ecosystem, while the remaining USD 20 million are unclaimed from the tokensale.

The integration of IOTA’s Trinity and Romeo Wallets with with the Ledger Nano S hardware will enable the protection of private keys. Users will be able to give access to their tokens in a chip with the isolation of users’ keys from phones or computers. Thus, the security protocol will entail the validation of transactions on the Ledger wallet. The chip used by the Ledger wallet is comparable to the ones used by credit cards.

Previously Fujitsu, the Japanese multinational information technology equipment and services company, had announced on August 25, 2018, that it is launching an IOTA-based Proof of Concept for the purpose of streamlining the audit trail processes in the manufacturing of equipments. The Japanese firm planned to utilise the IOTA protocol as the data storage medium for carrying out the audits across the industrial supply chain as an aim to enhance data trust, security, as well as transparency.

Even earlier in June, Volkswagen partnered with IOTA to release a Proof of Concept that leveraged IOTA’s Tangle system for cars. The Tangle system is a type of a distributed ledger technology that is designed for the IoT ecosystem. The open source protocol enables machine to machine interactions which include micropayments, data transfers, etc.