With many digital coins drifting towards showcasing their real world uses. IOTA (MIOTA) has gone a step ahead to partner with auto maker, Volkswagen in a bid to promote their ever popular tangle proof-of-concept. This is a more set to strengthen IOTA strategic partnerships in the auto industry and give it the credibility it deserves to become a market leader in the sector.
The partnership will see Volkswagen use Tangle that harnesses the power of proof-of-concept to connect more cars to the network. According to statistics, more than 250 million will be connected by 20020, thanks to the Tangle technology.
IOTA and the Future of the Auto Industry
IOTA is becoming a very popular platform for auto suppliers and makers. The system ensures that the industry updates are real time and a lot of transparency. IOTA will benefit from the deal by showcasing its capabilities given that Volkswagen is a respected car maker.
Announcing the partnership, Johann Jungwirth, the Volkswagen Chief Digital Officer tweeted:
This comes at a time when IOTA performance in the market is not as many had anticipated earlier in the year. However, this is not an isolated case; the entire market has been trading in the red. There are signs of recovery but an entire market breakout is yet to be seen.
According to the Digital officer:
“Distributed Ledger Technologies (DLT) are crucial for the future of trusted transactions. IOTA has a great potential to become a DLT leader with the Tangle approach.”
IOTA technology has created a lot of hype and their ever increasing user cases will sent the coin to the next level of adoption by end of the year.
The Internet of Things
With many Altcoins in the market, IOTA has taken the lead towards a goal of autonomous machine economy for IOT. This allows machines and IOT devices to communicate and share critical information in a secure and transparent environment.
June 12th will see a live demonstration for the entire auto industry in an event billed Cebit 20018. The conference that is taking place in Hanover is set to show to the entire world how IOTA is driving the “future of mobility”. There are many opportunities out there and blockchain is proving the critics wrong.
This is a positive publicity for the auto maker Volkswagen who are just smarting from a diesel car related scandals in the recent past. Through the partnership, it is a clear affirmation that they are embracing emerging technologies to give their consumers a better user experience.
IOTA (MIOTA) in the Market
The IOTA coin MIOTA has not been spared by the crypto-market onslaught; a coin that has been growing steadily since the crypto-crash seems to have taken the south route to trade in the red. With so many partnerships and hype, the coin might take a while before getting back to the gaining ways.
The current market slump is not isolated to specific coins but a general trend that has been sparked by regulations and advertising bans by several platforms. However, for the last one week bulls have been creeping in giving a new lose of hope to the entire market.
At the time of writing, MIOTA was trading at $1.39 after going down by 8.03 to the dollar and 5.58 to Bitcoin. However the coins is still holding strongly at rank 9 by market cap and a slight price spike north can soon send it to the top 5.
Until the investor confidence is restored in the markets and institutional investors jump in, it is likely that most coin will experience any meaningful momentum north. However, most coins are opting for partnerships that will soon translate into increased traction and growth in value.