- This collaboration is set to promote transparency and provenance for IoT applications users
- EVRYTHNG Co-founder is considering a possibility of opening new opportunities for consumer product brands
- IOTA’s unique distributed ledger, the Tangle, is ideal for micro-transactions because it is feeless and highly scalable
On April 17, EVRYTHNG announced that its blockchain integration Hub will integrate with IOTA, a non-profit foundation that is focused on distributed ledger technology (DLT) and permissionless ecosystem development without blockchain.
This partnership is expected to easily and rapidly test, scale and deploy IoT applications. Additionally, the partnership will enhance sharing of real-time data between customers and supply chain partners. The rapid sharing of real-time data between key players in the supply chain sector is expected to improve transparency in the product supply chains and meet the growing demands for sustainability in blockchain ecosystems.
Consumer products in focus
EVRYTHNG Co-founder and CTO, Dominique Guinard stated that they are excited to enter into a partnership with IOTA, a unique distributed ledger technology with a considerable possibility of opening new opportunities for consumer products brands.
The primary challenges facing consumer product industry from benefiting fully from blockchain and DLT solutions is the high cost of developing and testing blockchain/DLT platforms coupled with complexity in implementation of blockchain ecosystems. However, EVRYTHNG Blockchain Integration Hub is expected to iron out these challenges by enabling consumer product industry to test blockchain/DLT solutions at a cheaper cost as well as to deploy such platforms rapidly.
IOTA’s unique distributed ledger, the Tangle, is ideal for micro-transactions since it is both feeless and permissionless. Additionally, the tangle will allow people and machines to seamlessly but securely transfer data or payments without transaction fees in a decentralized environment. Like other EVRYTHNG hub connectors, the IOTA integration enables consumer product brands to experiment with emerging DLT capabilities based on the scalability, interoperability, and maturity of the EVRYTHNG platform. Here is how EVRYTHNG will benefit from IOTA:
- Authenticity- IOTA’s tangle allows consumer products to be traced while in a supply chain from manufacturers to retailers to consumers. This will create trust among consumers by providing authenticity of products and at the same time reduce the risk of counterfeiting
- Traceability & Provenance-A greater supply chain visibility will also benefit consumers via safer and more transparent products with high quality
- Supply Chain Control- IOTA will facilitate real-time data sharing between supply chain partners thanks to its unique distributed ledger technology
The partnership between EVRYTHNG and IOTA will undoubtedly benefit both consumer brands and consumers in terms of greater transparency in the sourcing and manufacturing of consumer products. IOTA and EVRYTHNG are also looking at a possibility to integrate MAM with supply chain standards. This will establish IOTA as a reference architecture in supply chain transparency and traceability.