- IOTA Foundation partners with Volkswagen to introduce the ‘Digital CarPass’.
- Digital CarPass is a platform built on the IOTA blockchain offering a decentralized report card for data on the vehicles such as mileage.
- Fujitsu, a Japan based IT company, has also partnered with IOTA to introduce the “Industry 4.0 co-create with Fujitsu” initiative with iota as the standard protocol.
IOTA is slowly gaining back its community’s confidence after the internal riffle amongst its founders. The IOTA crypto project is currently making news regarding its partnership developments with car-manufacturing giant, Volkswagen (VW). IOTA and VW have been working together to realize the dream of creating an internet of things (IoT) payment system through an autonomous automobile industry that will use cryptocurrencies to reduce the overall transaction fees across global payments.
Therefore, the IOTA blockchain and its MIOTA token will be part of the larger automobile industry in the near future. According to Volkswagen’s head of blockchain, Benjamin Sinram, who spoke in Tel Aviv, the company’s focus on integrating blockchain within its automobiles is in perfect synchrony with Volkswagen’s vision.
“We want to enable our autonomous cars to (provide) services for you and pay autonomously for these services with their own money,”
IOTA Volkswagen Digital CarPass
IOTA’s project together with Volkswagen ‘Digital CarPass’ will be available for clients very soon, a milestone that is expected to add fundamental value to both entities. The project has excited the IOTA community due to its potential of taking the crypto coin to newer markets. According to a post by Calcalist Tech, Sinram said the launch should be within Q1 of 2019.
Basically, IOTA developed the Digital CarPass in a bid to bring more practicality to cars. Frauds have survived for long within the vehicle industry as a result of tampering with data. This has often led to breach of contracts given owners looking for sellers or rental clients can hide some information. Volkswagen and IOTA plan on solving this through their Digital CarPass initiative that will ensure immutability of records like mileage through a tamper-proof protocol.
Fujitsu & IOTA’s Standard Protocol
IOTA is not only receiving attention from Germany but also tech giants from Asia’s superpowers like Japan. Fujitsu, a Japanese based technology company is the latest to make moves using the IOTA protocol. The company plans on integrating IOTA’s protocol, making it the market standard in Fin Tech.
Leopold Sternberg, Fujitsu’s Program Manager has indicated the company is a potential IOTA adopter given its experience in the technology field,
“Fujitsu is well-equipped to help roll out IOTA (MIOTA) as the new protocol standard as we are experts in both IT services and the manufacturing of IT products,”
This joint project by IOTA and Fujitsu aims at creating an environment for interaction with clients. In return, the two will be able to use the ‘Industry 4.0 co-create with Fujitsu’ initiative to develop solutions for and with the blockchain network!
Fujitsu, in their publication have sighted IOTA as a suitable platform for chain operations within the supply and production scope. This is regards to accountability of the whole production process and quality assurance. The report further suggested that IOTA’s blockchain would be a trustable source of information given its immutable nature hence a good audit resource.
IOTA stands to benefit greatly from this integration mainly because of increasing its utility scope. Fujitsu is a potential price driver for the MIOTA coin if the IOTA platform proves its data storage abilities.
MIOTA Price analysis
The MIOTA token is currently green and trading at $0.6148 against the dollar. The altcoin has maintained its top 10 position in market cap despite the differences that has arose within its management earlier in August. MIOTA’s performance in the past week has defied the bearish forces to gain 17% although most of it can be attributed to the past 24 hours.
Just like other crypto coins, MIOTA has remained highly volatile with the past month at 41% although its risk-return ratio is not guaranteed. It would therefore not be prudent to rely on that concept for anyone looking to invest in IOTA or peer cryptocurrencies. At one moment, the price of one IOTA token was as high as $5.23, a fact that has made crypto analysts remain optimistic on a potential rally to $10 in a year or two.
With the two technological firms firmly invested in the blockchain industry, many of the decentralized ledger technologies (DLTs) will appreciate the move by Volkswagen and Fujitsu, especially IOTA.