- The key features of IOTA are transparency, immutability, and secure data transfer between peers and systems.
- During the first quarter of 2022, The EU selected IOTA to work on digital product passports in a circular economy as part of their Phase 2A line-up
- The IOTA blockchain is among the few concepts that will usher in the fourth Industrial revolution; the Internet of Things and Blockchain technology.
Blockchain technology has made its mark on the world by being the next technology to revolutionize the concept of the internet. Since its debut, Bitcoin may have separated the concept of decentralization and expanded its application area. From hospitals to security features and more so in the financial sector. DeFi, or decentralized finance, has revolutionized the concept of money. Today, individuals, more so those in Africa, can utilize blockchain technology to acquire digital assets representing value. This essentially removes a bank’s necessity and emphasizes the crypto ecosystem. Throughout the year, various startups have grown and, through innovative thinking, have changed how different sectors operate. IOTA blockchain is one such example.
The IOTA blockchain is a revolutionary concept that has merged two different technologies. They are among the few concepts that will usher in the fourth Industrial revolution; the Internet of Things and Blockchain technology.
What is the IOTA Foundation
The IOTA foundation is the next-generation blockchain technology. It has a clear vision of applying and improving blockchain technology best. Their IOTA or MIOTA blockchain is a distributed ledger designed to incorporate the Internet of Things within its functionality. This provides a more efficient means to record and execute transactions between peers and systems.
The Internet of Things, IoT, has been among technology’s revolutionary steps over the past decade. It describes a network of interconnected physical devices of “things” that contain various technology such as sensors, software and processors to exchange data over the internet.
The central concept of IoT was to create a meshwork of interconnected devices. These devices can relay, collect and process information throughout an entire city. The scope and the dynamics of IoT may be beyond this article. Although, its main aim is to digitalize and connect every aspect of our lives. Blockchain technology is unique, making IOTA a pioneer foundation of innovation.
The ledger operates within the crypto world and uses its native crypto coin, MIOTA, to account for transactions within the network. Given the gradually expanding ecosystem of IoT, IOTA is a public permissionless backbone for the IoT that enables interoperability between multiple devices. This means that all transactions between connected devices will be possible and authorized personnel will have access. The critical point is applying the decentralized nature of blockchain technology to the mesh-like network of the Internet of Things. In the end, both concepts advocate for the interconnection of the world on a global scale.
IOTA foundation is revolutionizing the crypto world
The key features of IOTA are transparency, immutability, and secure data transfer between peers and systems. As such, its team has worked tirelessly to ensure its blockchain system works hand in hand with various IoT concepts efficiently running without hindrance. In 2022, IOTA made signifacant progress on the European Comision’s Eurpoea Blockhai nService Infrsturcture(EBSI)
During the first quarter of 2022, IOTA arrived at a significant milestone. The EU selected them to work on digital product passports in a circular economy as part of their Phase 2A line-up. IOTA proved that merging blockchain technology and IoT can improve the decentralized ledger system. By the time the Phase 2B period closed, IOTA had completed the required field testing of its Stardust solution, which included the application of various new smart contracts and tokenization methods.
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Similarly, like many other organizations within the crypto ecosystem, IOTA turned its attention to Africa’s vast potential with blockchain technology. They collaborated with Trademark East Africa to move the Trade and Logistics information Pipeline (TILP) into Kenya. This partnership will see the revolution of a new implementation of blockchain technology, and thus they extended it to 2023. More than 45 organizations have shown interest and are willing to be among the first to test TLIP in multiple trade lanes.
The Shimmer Network
Last and certainly not least is a recent achievement; the Shimmer Network. This new invention adds various functionalities to the IOTA blockchain network. Its unique configurations and blockchain technology bring a tokenization framework that allows crypto traders to tokenize digital assets like NFTs, Stablecoins, fan tokens and many more. The launch of the Shimmer network is a significant milestone within the IOTA ecosystem.
It serves as a test network for developers to broaden their imaginations. The merge between IoT and blockchain technology is still relatively new; thus, Shimmer provides the best testing grounds. If the projects or developments succeed and are applicable, they are transferred to the leading network. It also contains its native digital asset, SMR token, and is available on other platforms within the crypto ecosystem; Btforex and Butfinex.
Since IOTA advocates for a new look at technology, it has several setbacks. Its new nature is ultimately undoing as its blockchain network has had several technical flaws. Their network is still susceptible to various cyber-attacks. As the development team continues to work tirelessly, they have assured their user’s that their concept generally works. Even in the beginning, many thought that the crypto ecosystem was a hoax, but after years of trial and error, they eventually made it work.
The concept of using the scalability of the Internet of Things and the decentralized nature of blockchain technology is still in question, but the concept is plausible. With time we may witness a new and improved crypto ecosystem and digital assets through IOTA’s efforts.