IOTA Verifies the Truth in Transactional Settlements in the Machine Economy

Maheen Hernandez By Maheen Hernandez November 21, 2019 0
iota supply chains

At a point in time, IOTA was considered to be the fourth most valuable cryptocurrency in the world.  However, the price crashed like that of several other cryptocurrencies.  The price is trending somewhere around $0.30.  However, some analysts are looking at some decent potential for the token.

In the internet-of-things, several billion devices will be connected.  The IOTA vision focuses on the core idea that data is only as valuable as it is valid.  IOTA focuses on ensuring what is right.  This is made possible by having the cryptographically secure source of unified truth to verify the authenticity in transactional settlements.  The devices involved in the process are incentivized to make the properties and data available in real-time.  This provides for the coming of several general purpose applications and value chains.

However, in the process, the data processing lines are becoming congested, and it is difficult for all of these devices to get connected in the centralized cloud silos.  Fog computing comes for rescue in these areas.  The resource infrastructure is unclogged, and the technological resources work by the law of physics.

New value chains are established in sustainable supply chains, and an accompanying sharing economy takes place in wide ranges of verticals like mobility and automotive, global trade and supply chains, industrial IOT, eHealth, and smart energy.

Several research activities are going on related to the Tangle and IOTA related technologies.  The growth of Bitcoin has already proven that there is real-world value for blockchain technology and the Bitcoin; however, there are several drawbacks to the technology which prevents its usage as a generic platform meant for cryptocurrencies.  The importance of micropayments is improving in the IoT industry, and it is not easy to get rid of the transaction fees in the blockchain industry.  The Tangle properties are extracted in real-time, and during extensive scale simulations and solutions for transactions left behind are developed.  The next generation of protocols for the connected world is thus developed.

The IOTA co-founder recently sold his MIOTA coins, and this led the community to believe that the IOTA is going to work beyond the crypto.  Rather than being just a cryptocurrency, IOTA has evolved to being a real protocol. However, some investors are split over this opinion, and they feel not so sure about this idea of the actual protocol and not the cryptocurrency.

MIOTA should be winning back the support at the 0.32 to 0.33 dollars; however, a leap to 0.40 and 0.50 is desired, but that seems to be a not so reliable forecast.

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