IOTA & Volkswagen Furnish Proof Of Concept For Four-wheelers
IOTA and the Germany-based car-manufacturer have collaborated and are demonstrating a Proof-of-Concept (PoC) that uses IOTA’s Tangle system for autonomous cars at the Cebit ‘18 Expo in Germany on June 11th.
Tangle is not blockchain. Instead of using blocks or mining, it is built upon a directed acyclic graph (DAG), a topologically ordered system where all kinds of transactions run simultaneously on different chains in the network.
Volkswagen visions to use Tangle to wirelessly and securely distribute data within their developing smart car economy. Industry experts are expecting over 250 million connected cars to be on the roads by 2020. This has needs for frequent remote software updates and transparent access data on a large scale.
IOTA is planning on to be integrated into a Mobility-as-a-Service (MaaS) system. This system would use its distributed ledger technology for trip planning, booking, and payment services within the smart vehicle ecosystem.
Johann Jungwirth, the Chief Digital Officer (CDO) of Volkswagen joined the IOTA Foundation’s Supervisory Board in January this year. He said that the IOTA platform would “allow connected devices to digitally send money to each other in form of micropayments,” making it useful for the future of IOTA. IOTA’s platform is notably transaction-free, which its developers have argued makes it optimal for a micropayment infrastructure.
IOTA, this month partnered on a major Mobility Open Blockchain Initiative (MOBI) for the transport industry, alongside manufacturing giants BMW, GM, Ford, and Renault, as well as Bosch, Hyperledger, and IBM.
IOTA, currently is trading at $1.37, 1.28% down over a period of 24 hours. It has been consistent with the drop in crypto markets overall.