One of the areas in which, IOTA has made major progress is in establishing positive relations with governments. This is quite clear in its positive workings with the city of Taiwan as well as the EU, in moving towards smart cities. So good is the workings between IOTA and policymakers that members of IOTA have made presentations along key figures in the EU such as the German chancellor and the EU commision president. The latest signal of IOTA’s positive workings with governments is in its role in advising the U.K government on matters to do with blockchain technology. IOTA is one of the sponsors for the APPG (All-party parliamentary group on blockchain) whose mission is,
“…to ensure that industry and society benefit from the full potential of blockchain and other distributed ledger technologies (DLT) making the UK a leader in Blockchain/DLT’s innovation and implementation. We bring evidence, use cases and future policy scenarios while considering industry and societal implications as well as environmental opportunities.”
Other sponsors include SAP, Oracle, and Accenture among other top global corporations. This is an indicator that IOTA is now playing in the big leagues, and could play a major role in shaping government policy on DLTs. This is a big deal because it opens up the doors of adoption of IOTA by the U.K governments among other governments, and this is one area that could give huge value to the IOTA coin. That’s because governments handle lots of transactions and if this was to be done using the IOTA tangle, it would go a long way in adding to its overall security.
However, the biggest aspect to IOTA (MIOTA) acceptance at government levels is that it opens IOTA to adoption by corporations as well. One of the biggest bottlenecks to the adoption of blockchain technology is lack of proper regulations. Most major companies are waiting for some kind of regulatory clarity in order to go all in on DLTs. Even Brad Garlinghouse, ripple’s CEO touched on this recently, while in a Fintech meeting in Singapore. On this premise, it is safe to postulate that companies would find it easy to adopt a DLT that seems to have some level of acceptance at policymaking levels.
This means that IOTA (MIOTA) has an edge over other cryptos when it comes to adoption. For instance, in the EU, it stands a good chance at adoption due to its compliance with EU data protection laws. This explains why a number of major German companies have been adopting IOTA. There is a high likelihood that many more of them will possibly adopt it. SAP, for instance, recently held an event in which, a member of the IOTA team was presenting. This could be an early indicator that SAP could work with IOTA at some point. SAP is a global technology company and if it were to partner with IOTA, it would significantly drive up the value of this crypto in the long run.
IOTA’s prospects are better than most cryptos even in this bear market. It’s worth having in a crypto portfolio.