The IOTA blockchain network is a fundamental platform in today’s cryptocurrency industry. Its native token has maintained a top 15 market cap position for the better part of the project’s existence. A good number of blockchain & crypto projects have developed their ideas based on the IOTA platform earning it a good reputation & working relationships within the crypto space.
Topocare, a German company looking to solve flood-affiliated challenges is said to be working on a protocol to link its system with the IOTA blockchain network. According to a medium post, Topocare is developing a Proof of Concept consensus that will facilitate its integration with IOTA in the near future. This infrastructure design will enable machine interaction and efficient information management within a secure & transparent ecosystem.
These two firms have a common technical skeleton when it comes to their mode of operation. Topocare, plans on implementing a machine to machine payment protocol, an idea that is close to IoT (Internet of Things) used by IOTA’s blockchain. The machine-to-machine payments intended by Topocare aims to enhance the level of interaction between machines such that they can handle transactions based on an agreement. Therefore, the IOTA blockchain platform plays a fundamental role to achieve this end.
Topocare & IOTA Prospects
Topocare is in the production business where the German based company is known for developing anti-flood machinery tools. The firm’s technology & expertise has developed geotextile tubes filled with sand to act as barriers during flooding seasons. This comes in handy in preventing erosion while embankments, dams & levees are built. Furthermore, the machines make economic sense by all means.
In order to achieve a functional Proof-of-Concept, Topocare has resulted to implementing a Pay-per-use/Pay-on-Production (PoP) approach. This means that users will have to make payments along the production process for each step completed. The approach is relatively new but has shown strong integration potential with the Health & Manufacturing sectors.
Furthermore, Topocare explained that the efficiency & effectiveness of their model would only be completed via a Distributed Ledger Tech (DLT), an IOTA feature praised by Alibaba Founder Jack Ma. They preferred a network that can ensure low transaction fees, date integrity and facilitate micro payments hence the reason for choosing IOTA.
The arrangement within the Topocare & IOTA ecosystem will be supported by three wallets. A client will own one wallet (0) while the remaining two will be under the machine owner (1&2). The machine will have access to wallet 1. It will then follow that payments made by the client to wallet 1 from their wallets will be transferred to wallet 2 by the machine in IOTA token form as per production criteria. If the funds transferred to wallet 1 are insufficient then production will be halted by the machines. Any tokens remaining in wallet 1 after such as incident will be returned back to clients by the same machine.
This ecosystem data and communication will be facilitated by IOTA’s Tangle technology to guarantee a single truth for both parties as per the transactions. IOTA’s benefit to Topocare is an immutable nature that ensures data is not tampered with which means that all that happens from material procurement to production is permanently recorded.
IOTA Coin Price Review
IOTA crypto coin has been ranging for the past month with its price increasing by only 1.53%. Its market cap at the moment is over the $1 billion mark while it still enjoys a strong algorithmic score of 4/5. This cryptocurrency comprises of 0.7117% of the total crypto markets, quite a significant position given over 1800 crypto coins exist today. However, IOTA monthly volatility stands at 41.95% making highly volatile as is the order of digital assets.