- IOTA held up by UK parliamentary group on blockchain as an example of real world use of crypto technology
- IOTA’s Tangle may be vital for the future of global trade
The all-party parliamentary group on blockchain (APPG) organized a presentation to the UK parliament to demonstrate the applications of blockchain technology in the real world. This was aimed at educating policymakers on blockchain technology. In the presentation this week, different companies involved with blockchain technology including IOTA, Everledger, Oracle, and Lloyd’s of London were featured.
Blockchain Real-world Applications
The presentation showed possible applications of blockchain technology in the supply of olive oil and diamonds, international trade and insurance claims. Each of the four companies involved in the presentation is engaged in the different applications of blockchain technology in real life; IOTA deals with international trade, Everledger deals with food supply chains certified the origin of olive oil, Lloyd’s deals with insurance claims and transaction settlements and lastly Oracle deals with the diamonds supply chain. This presentation marks a big step forward for the blockchain industry in the UK. The UK blockchain industry posted positive results last year; it is due to these results that the presentation was imperative to happen.
IOTA Tangle may be key to global trade
IOTA is an open source distributed ledger protocol that has made it beyond blockchain with its blockless tangle. Thus, IOTA has no transaction fees, or scalability limitations as transaction speed in the network grows with the growth in activity. The trick is in that IOTA grows through transactors but not miners. Through the tangle, IOTA seems to be ideal for blockchain-like applications in the real world. The platforms aim at becoming the pivot of decentralized systems, adds value to cases such as data integrity, machine to machine economy and micropayments, basically the best option for global trade.
The IOTA/USD pair is still experiencing a price range movement. The price has been around $ 0.3 but the current market price appears bear, and this could lead to consolidation of the price which could further result in a lower price mark, below the $0.3 mark. The low-price mark, however, seems to be losing its ground, and thus a spike in price is expected to be seen.