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Volkswagen Sees Huge Potential in IOTA – Bosch Conference, Berlin

Karolis
February 25, 2018
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Volkswagen supporting IOTA

When automotive supplier Bosch last year announced about investing in quite young but yet unique cryptocurrency IOTA, Volkswagen traced their steps for this year. Johann Jungwirth (CDO of Volkswagen) explains the potential of free technology at the Bosch Connected-World-Conference.



Uniqueness

In the whole contrast of conventional blockchain solutions, IOTA is unique because it relies on a non-block tangle system, which is especially beneficial in the Internet of Things in combination with countless endpoints. The validation of transactions are done by the confirmation of other transfers. Thus, each transaction must first validate two more transactions in the IOTA network to be valid. Therefore, unlike traditional blockchain solutions, an IOTA based network becomes gradually more powerful as the number of subscribers increases. At the same time, thanks to the gradual validation in the network, the security of normal blockchain solutions is maintained.

Quantum security

Adding another pro, IOTA’s structure allows for the free exchange of transactions, which ones are also confirmed in the shortest possible time. The technology can easily work offline, offering quantum-security.

In practice, concept of non-block tangle system could be used in new Connected Car systems, where it can protect the distribution of IOTA software update. Use for MaaS solutions (Mobility-as-a-Service) is conceivable, as Jungwirth explained on Twitter.



Johann Jungwirth – IOTA advisor

Doing a part of the partnership, Johann Jungwirth will also join the Supervisory Board of the IOTA foundation. He will oversee the foundation’s annual roadmap and to advise on future cooperation between IOTA and Volkswagen. Watch video below:

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3 Comments

  1. Why would you release those? It makes the IOTA team look like unprofessional idiots. Please delete the link before it causes any more reputation damage to IOTA!

    • Thank you for your comment. IOTA is one of the extraordinary currencies driven by most experienced guys in blockchain related project. IOTA causes many whales attention and is appreciated. We also appreciate IOTA. This is only the facts taken from conference. It is just a fact. Why would do comment such non-logic things?

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