IOTA is a distributed ledger which was created to facilitate communication and transactions between machines connected to the Internet of Things (IoT) ecosystem. Below is a list of IOTA Partnerships, helping to propel the cryptocurrency and these companies through the innovative use of Tangle technology.
IOTA announced, in November 2017, that it launched the world’s first public data marketplace on an Internet of Things (IoT) distributed ledger in conjunction with Microsoft.
The idea was to monetize data, which is the main resource of the IoT economy. It would enable stakeholders to securely share and monetize their data. “Any kind of data can be monetized,” said IOTA co-founder David Sonstebo. “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.”
But later in December 2017, IOTA stated that it currently has no formal partnership with Microsoft. The debate was ignited when Microsoft blockchain specialist Omkar Naik stated via email correspondence with IOTA:
“We are excited to partner with the IOTA Foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers”.
The news led to a substantial increase in the price of the MIOTA cryptocurrency, gaining 500% from around $1 to over $5 at its highest value in December 2017.
Even though there is no official partnership, the two companies are continuing to work together on a series of technology innovation applications with IOTA’s Tangle network.
The world of motoring is seeing more and more technological advancements, and IOTA is lending a helping hand to the process. Driverless technology is an application of IOTA’s data marketplace, seeing as the cars face different driving conditions all over the world. The sensory data can be introduced into the database to improve the quality of the manufacturer’s future products.
Seeing as the Chief Digital Officer (CDO) of Volkswagen, Johann Jungwirth, has joined the IOTA foundation’s supervisory board, it can be deduced that the two companies are working closely together.
Volkswagen’s partnership with IOTA was made public in January 2018. Jungwirth is in charge of leading Volkswagen through the process of implementing the digital technology.
A proof of concept which involves live testing the IOTA network has already been launched by Volkswagen.
“Volkswagen, together with @iotatoken will show at #cebit18 a proof of concept how the trusted transfer of software over-the-air to vehicles can be securely documented using the #tangle. Great example how distributed ledger technology can be used in the future.”
The Volkswagen group comprises of 12 motoring brands, including Lamborghini, Porsche, Bentley, Audi & Bugatti.
IOTA is already collaborating with Porsche on the Program 4 project, which was backed by the platform Startup Autobahn. IOTA and Porsche will be working along with other startups on a program that integrates smart mobility.
“Startup Autobahn is the ultimate innovation platform that unites tech companies with the tech expertise of Silicon Valley & the best of German engineering,” stated IOTA in a tweet.
At the beginning of June, IOTA announced that it signed an agreement with Norway’s largest financial group – DnB. DnB expressed its interest in blockchain-based technology and crypto assets in many instances prior to entering this partnership.
The partnership will focus on formulating new business models, data privacy management systems, and collective cross-silo hackathons.
“As Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for microservices seem to escalate in the future, we think engaging in a Distributed Ledger based technology like IOTA gives us valuable experience and know-how on future revenue streams and business models. We are looking forward to dive into the IOTA space” – stated Lasse Meholm, Head of DLT at DNB.
Bosch is a German-based multinational engineering and electronics company, which is currently the largest supplier of automotive components in the entire world. Bosch views IOTA technology as a simple means through which they can gather micropayments and information.
Bosch currently has a large involvement in the IoT space and an estimated number of 15.6 Billion devices will be connected to the internet of things by 2020.
The German company announced their partnership with the IOTA project on the 17th of October 2017.
“There is great potential through Distributed Ledger Technologies to make each IoT project more secure, efficient and provide increased transparency to consumers of IoT solutions. Our goal is to increase the adoption of Distributed Ledger Technology throughout the Midwest region as IoT solutions and business models continue to grow,” stated Dennis Boecker, head at Bosch IT global innovation at the Chicago Connectory.
“IOTA and Bosch have been in dialog about the convergence between the Internet-of-Things and IOTA’s Distributed Ledger Technology since late 2015 and built up a strong relationship,” stated David Sønstebø, IOTA Founder. “Our official collaboration on this laboratory for exploring this overlap cements both entities’ goal of enabling an open and secure IoT ecosystem.”
In September, the IOTA Foundation entered a partnership with Fujitsu, a leading provider of IT products and services. Fujitsu revealed the benefits of IOTA Technology at the largest Industrial trade fair in Hannover Messe, Germany; the live demonstration was held on April 23rd.
The Fujitsu system showcased at Hannover is a Tangle-based system which will be rolled out at Fujitsu’s Augsburg smart factory. IOTA was described as being “a new protocol standard when it comes to IT products and services.”
Rolf Werner, Fujitsu’s head of Central Europe business, said that its Tangle is able to overcome the traditional restrictions of distributed ledger technology.
“The new tech is energy efficient, offers feeless transactions and scales extremely well, making it well-suited to becoming the industry standard of automated systems and a wider machine-to-machine economy.”- explained Werner.
Learn more about the IOTA project in this beginner’s guide, detailing project history and token usage and more!