In a recent tech event in Toronto, Biotasphere did a proof of concept presentations that showcased the different potential use cases for IOTA. The presentation showcased how a vehicle’s real time data can be shared on the tangle, to allow a car choose the best insurance plan based on its present circumstances. It is expected that this could cut car insurance costs by up to 70%. This is a big deal and will draw in insurance companies to push for its adoption. That’s because it eliminates the fraudulent payments that are rampant in the car insurance industry. Consumers too will demand for it, based on the fact that it cuts their costs by huge margin.
This technology is so revolutionary that soon car manufacturers could start implementing this technology in new cars. As it gains in adoption, it stands to change how the insurance industry works for good.
But this is just one aspect to IOTA’s growing use case in different industries. IOTA is also making it big in manufacturing. Fujitsu is leading the way in using the IOTA tangle in auditing manufacturing processes. This will give the IOTA tangle a good chance to thrive in this industry too as manufacturing companies take it up, as a way of enhancing operational efficiency, and drive up their profits.
These and many other use cases to the IOTA tangle that are slowly taking shape all lead to the strengthening of the IOTA tangle. That’s because the IOTA tangle currently has a COO to protect the network from attacks. However, the presence of a COO to the network makes it centralized. Once the network gains more users, the COO will be removed, making the network more decentralized, and more secure. With the removal of the COO, IOTA will stand a chance at attracting more institutional players looking to invest in decentralized networks for their security, thereby adding to its overall value.
Clearly, the long-term prospects of IOTA going into the future are good. In fact, going by its potential use-cases, IOTA (MIOTA) stands out as a good long-term investment. For instance, the insurance industry is worth billions of dollars, and if IOTA disrupts it, then the value of IOTA (MIOTA) coin stands to add significantly to its intrinsic value.
Going into Q4, as these uses cases of IOTA (MIOTA) takes shape, this crypto could emerge as a top performer going into 2019. IOTA pushed to a high of over $5 when none of these use-cases were there. This is an indicator that once it gains upside momentum, it has a real chance of outpacing its all-time highs. As a matter of fact, IOTA is highly undervalued, when all its recent cases of adoption and potential adoption are taken into consideration. Its next bull run will be pushed by adoption, and a more secure and decentralized network. The chances of IOTA (MIOTA) closing the year above $5 are quite high, especially if technologies like those that BIOTA sphere was testing get adopted in the market. The future of IOTA is bright.