IOTA is a cryptocurrency with zero fees and infinite scalability. Its platform allows for both micropayments and secure data transfer without the need for an intermediary. With all the hype around the cryptocurrency market, people tend to forget about some of the smaller coins that have a huge potential. This blog focuses on IOTA, a cryptocurrency with some big goals. They have fundamentally reengineered distributed ledger technology, enabling secure exchange of both value and data, without any fees. The blog covers 8 real-world uses of IOTA in the world of tech today.
- Taipei – Smart City
For centuries, people have attempted to make Taipei the capital of the world. It’s also the most densely populated city in the world. All of these different factors make it a challenge to build a smart city with an eye for the future. With the introduction of a new testing program in Taipei, they’re experimenting with IOTA and its tangle to transform the capital into a smart city. They have a smart city project in which they are using IOTA’s Tangle to give citizens more trust in public services and their government. They also plan to use it to make the city more sustainable and reduce energy consumption. Taipei is known for being a smart city because of its emphasis on transportation, infrastructure, and design.
2. Smart Energy
Power is a necessity in our lives and can be traced to many different sources, whether it be gas-powered electricity, water-powered turbines, or coal-fired power plants. What if the energy we use could be decentralized and not controlled by any one entity? That is what IOTA and the Tangle are hoping to do for us. Blockchain is a smart way to handle the use of energy and how it could change the future of power. Smart energy is an important use case for IOTA and the Tangle. This is because IOTA and the Tangle allows for the decentralization of the power grid. It means that there are many people who can be involved in running the power grid. The more people that are involved, the better off your chances are for having a clean and efficient energy grid.
EHealth is one of the biggest topics of conversation in the medical field. The digitization of medical and health records and happening at a rapid pace. This is necessary for more effective & urgent care, research, as well as ease of use. Unfortunately issues of privacy & abuse are huge concerns for institutions and consumers alike. It is imperative that people have access to their health records but the dilemma is how to maintain privacy without compromising safety. Many things that are said to be revolutionary in the medical industry are largely untested. IOTA would bring secure data integrity and an immutable record to healthcare so service providers could make sound decisions on reliable data.
When we talk about “mobility” the first thing that comes to mind is an individual’s movement across a landscape, through time, or across an urban area. Yet, “mobility” extends to much more than just movement of people. Vehicles are part of a mobile ecosystem and can provide the digital platform for transacting with other devices, other vehicles, and stations as well as transmitting data. A car is not just a transport tool but also a way to conduct business. There is a big issue in the automotive industry: how to make sure that the car’s system is still reliable and functional. To do this, a great way to do this is to build in an auditable system that can detect any error or tamper in the data. The issue with this is that the system has to be decentralized, as it cannot be tampered with by the owner. A blockchain like IOTA could be the solution to this problem, as it is decentralized and tamper-proof.
The Identity of Things is a major focus of the IOTA platform and overall vision. IOTA will enable to ‘tag’ and identify everything with a unique identifier and store it in the Tangle that is both tamper-proof and accessible. It is not only used to track products or trace their path, but also be used to generate the source of goods in cases of fraud or product theft. A lot of the major cryptocurrencies have a reputation system that is run by the community. In fact, IOTA is no different. The IDOT is an idea that can be a game-changer for IOTA. It will also allow a reputation system to be setup to detect when a sensor or node is malicious, out-of-date, or no longer in service. This is such an important project that it is even mentioned in the Development roadmap, of the IOTA Foundation that can be a real game-changer once implemented.
6. Manufacturing and Supply Chain
With the evolution of trade and global supply chains, there is now a better authentication, documentation, and flow of product from the raw materials to the point of sale. This has opened up new opportunities for manufacturers and suppliers to improve efficiency and reduce their costs. IOTA is an open-source distributed ledger platform that allows data to be safely stored and transferred with no fees. This platform is revolutionizing the global supply chain industry and can provide unique benefits for companies in the manufacturing and supply chain industry. IOTA can offer companies in terms of authentication, documentation, and flow of product from the raw materials to the point of sale.
7. Machine-to-Machine Payments
How is the idea of this innovative new technology to allow small machines to trade energy with each other? A machine-to-machine payment is a type of transaction in which an automated machine pays for or buys power from another machine. Machine-to-machine payments are based on a new distributed ledger technology called the “IOTA Tangle”. It is a futuristic idea that could really change the way our world operates and the industry as a whole.
When you play online games, you have to purchase microtransactions in order to progress in the game. Microtransactions are typically items that cost $0.99, $1.99, or $9.99 that can be bought with real-world money. If you want to make your game more enjoyable and viable, you need to find a way to make it affordable for the average player. The issue with microtransactions is that the money can be hard to earn in-game and the purchasing process can be tedious and frustrating. With Tangle, however, this process becomes as easy as possible because you don’t have to pay with Bitcoin anymore.
IOTA, short for Internet of Things Application, is a scalable open-source distributed ledger technology designed to power the future of the Internet of Things. It is important to understand what the IOTA network is capable of doing. It has been referred to as the next big thing in the crypto world.