- The Industry Marketplace will increase interconnectivity
- It is a way opener towards a future with secure automation
- The system can solve an immediate industrial need
The IOTA Foundation has launched a platform that enables the creation of a decentralized and autonomous industrial marketplace. The initiative enables increased interconnectivity between human beings, machines, and machine-readable contracts.
Speed up Industrial Automation
The non-profit blockchain-based organization announced the release of its latest product christened the Industry Marketplace via an official blog post on September 19, 2019, adding that the joint initiative’s objective is to accelerate industrial automation and commercial machine interaction.
As per the announcement, the Industry Marketplace I snow running in a demo version and will facilitate a secure interaction and a payment platform for the entire industrial ecosystem even as it ensures the legitimacy of all participants while enabling decentralized exchange.
They have designed the platform to conform to specifications developed by Germany’s central network for digital manufacturing transformation platform Industrie 4.0 and deploys basic components such as blockchain, immutable logs, machine-readable contracts and an integrated decentralized identity system, the blog post notes. IOTA said further the Industry Marketplace becomes a way opener towards a future with a ’secure automated trade in the manufacturing sector. IOTA Foundation’s Director of partnerships Holger Köther stated:
“The use of the IOTA Tangle, an open-source distributed ledger technology that is feeless and scalable, ensures stability and robustness for the Marketplace and its participants […] we are now looking forward to expand the circle of participants, demonstrate the Marketplace under near-production conditions and continue its development with our industry partners.”
The German-based IOTA Foundation is on a mission to support the research and development of Distributed Ledger Technology (DLT) and has been in the limelight through the creation of several new technologies including the now popular Tangle technology. Through the Tangle, IOTA encourages education and adoption of DLT through new ecosystems and standardizing new protocols.
IOTA’s Tangle goes beyond blockchain and has provided the world’s pioneer scalable, feeless and decentralized DLT; Tangle uses its unique technology to solve blockchain’s three major issues which are high fees, scaling and centralization.
The open-source protocols connect the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less micro-payments, and secure access control for devices. Commenting Neoception managing Director Jörg Nagel said:
“The IOTA decentralized identity system is capable of solving an industrial need right now: identifying physical devices. Identity is a prerequisite to attach an Asset Administration Shell to a physical device […] the DID use by the Industry Marketplace may seem futuristic to some, but it solves a real problem for the industry, by providing globally unique IDs.”