IOTA Makes Headlines With A 20% Price Surge

· 29 Aug 2018 in Crypto News

IOTA Makes Headlines With A 20% Price Surge

IOTA has been surging following an announcement of a partnership deal with Fujitsu. The partnership deal proved to be what the bulls were looking for as prices pushed as high as 20% in less than 24hrs. The company will partner with IOTA as it aims to use blockchain technology in its operation.

According to the release, Fujitsu will use IOTA’s blockchain for storing data, manufacturing and supplying. The technology will make the process more transparent, trustworthy and secure. The Tokyo-based IT company will integrate IOTA’s system into manufacturing, auditing, and supply. This means IOTA’s system will act as a medium for all operations running through the company.

Fujitsu is also expected to help IOTA roll out a new protocol standard.

The reason Fujitsu chose IOTA from the thousands of projects, was for its new protocol standard based on the proof-of-concept. This makes it especially good for audit processes. This will help the company track all its product and keep a record of it all.

Following the announcement, the altcoin has pushed up by 21% making it one of the biggest gainers in the market. Many speculate that this announcement will help drive ‘IOTA’s-innovation’ and in the long run play a major role in the coin’s success.

This partnership is not the first major one for IOTA this year. In June, IOTA announced its partnership with car manufacturing company, VolksWagen. This was in a bid to have autonomous vehicles communicating and transacting using IOTA’s Tangle technology. This deal is yet to materialize given that autonomous cars are yet to go mainstream. But the partnership sent out a message to the automotive industry that IOTA is equipped to work with it.

IOTA Powering The Age Of Machines

IOTA is becoming a preferred partner among multinational companies that are especially invested in tech and automotive. This is because it is an open source distributed ledger that aims to usher in the age of IoT (Internet of Things). This is also referred to as the age of the machine economy, and IOTA plans to be at the very foundation of this revolution. Using a specialized network called Tangle, machines will be able to communicate with each other and share information. This network would also make it possible for transactions to be made by the machines, for example, a car would be able to pay for its own parking. This network has been praised for its scalability, Masked Authenticated Messaging, and Quantum-resistance.

IOTA’s technology is one that many experts believe will be adopted by many companies. It is also expected to get popular following the recent interest by people in IoT devices.

Currently, IOTA is trading at $0.715594 at the time of press with a market cap of $1,989,013,822, numbers that many reckon will change very soon.

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