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.
— Stefan Ferber (@Stefferber) February 21, 2018
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.
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.
Imagine every MaaS electric self-driving vehicle as entrepreneur with its own identity, wallet, autonomous pricing and payments for parking, charging, cleaning, maintenance, etc. I am a big believer in Distributed Ledger Technology and Decentralized Computing, esp. Tangle #IOTA https://t.co/wRLqAjo33S
— Johann Jungwirth (@JohannJungwirth) February 22, 2018
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: