Volkswagen And IOTA Reveal Concept For CEBIT 2018

Volkswagen And IOTA Reveal Concept For CEBIT 2018

June 20, 2018 Off By Steven Anderson

IOTA is taking a step to becoming the evolution of blockchain. It is not just because of the implied concept, but also because of its important advances. One of these advantages (a PoC project with Volkswagen) will be revealed in CEBIT 2018.

The Internet of Things’ future is likely on the way towards global adoption. Last June 9, Johann Jungwirth, the Chief Digital Officer (CDO) of Volkswagen Group, confirmed in a tweet the progress about the IOTA’s implementation for the automotive market.

Even more important, the Distributed Ledger Technologies will also play a big role in the future of trusted transactions. IOTA has a big potential to be a DLT leader using the Tangle approach. The plan includes the use of IOTA’s Tangle in Volkswagen in a proof of concept to connect automobiles in a network using a shared protocol.

Moreover, the IOTA is also seemed to be the point of the dominance of the market, where traditional DLTs don’t cover. IoT can also be very profitable with its advantages. According to statistics, there is an estimated quarter billion connected road vehicles in 2020. It will reveal new in-vehicle services and automated driver capacities.

Volkswagen is a crucial partner for IOTA’s development. CEBIT 2018 is a great opportunity to show the potential of IOTA. The initial results of the joint work will be conducted at CEBIT 2018, an event from June 11 to 15. The said event has a theme of “Europe’s Leading Business Festival for Innovation and Digitization.”

The Volkswagen partnership has an interest in both the world of motorsport and blockchain. The Volkswagen group features different prestigious car brands like Bugatti, Audi, Cupra, Bentley, Lamborghini, Scania, Porsche, SEAT, Skoda, and more. Gartner predicted that there would be a big increase in connected automobiles in the next five years.

Johann Jungwirth is also enthusiastic regarding the future of the industry with the help of the technological advancement through the Tangle protocol. The schedule of the Volkswagen demonstration on CEBIT 2018 is on June 12. It is projected that the behavior of the IOTA token will recover regardless of the strong bearish trend in the crypto markets.

Recently, IOTA is quoted to have a stable value of 1 and 2.2 dollars for each token. It is a significant figure that elevates it in the Top 10 of the coinmarketcap, competing with Tron (TRX) with whom it exchanged positions throughout the year.