- bIOTAsphere meant to facilitate brainstorming the development for new applications.
- Experiment will involve real-time data transfers to assist insurers calculate best insurance rates for drivers.
- bIOTAsphere will use IOTA’s blockchain to bring cost-effective technological developments.
To reach a broader audience, IOTA has launched a new environment for demonstrating its potential applications to all and sundry. The public IOTA lab, dubbed bIOTAsphere is a project that is meant to “build a foundation for the future” by raising awareness of its potential, showing prospective applications besides attracting and convincing individuals and companies to integrate them.
Stepping Stones for Tangle
IOTA Foundation made the announcement at an event hosted by Arup in Toronto Canada, on September 27, 2018 where bIOTAsphere founder Terry Shane promoted its application and used the forum to introduce Tangle, a Proof of Concept technology that has the potential to modernize society and serve as the stepping stone for new applications that will be built upon it.
During the event titled “Putting the Proof back into Proof of Concept,” the team unveiled its newest experiment that involves real-time data transfers that is designed to improve the way car insurers charge their clients besides providing near-exact details of how events unfolded in the case of an accident.
Terry held a live demonstration using a Tesla car that was driven by IOTA’s technology as proof. Shane used the IOTA blockchain and a basic internet connection to move the car around autonomously even as she received a live feed data on the car’s performance. The car could modify its own insurance based on a combination of its current state and the special conditions it found itself in.
IOTA Continues to Surge
The team also designed the application to show how people will be able to pay the exact amount of insurance depending on their driving behavior and history via Tangle in an automatic, fast and transparent manner. According to the concept:
“Part of the PoC involved the car choosing automatically from three different insurance providers, each one with different fees and special conditions that offered discounts or charged premiums depending on their conditions, and the election was based on the best of them for each situation.”
For instance, should the car be stopped completely, the platform will automatically switch to Standby Insurance, offering the best rates for a parked car. However, when the car is in motion, it switches automatically from that provider to either Tortoise Insurance or BFRocket Insurance based on the car’s average speed.
bIOTAsphere provides a novel and exciting approach to showing IOTA’s incredible and dynamic technology even as it informs interested parties that apart from being a technological revolution, it has the potential of bringing cost-effectiveness, something that excites the masses all the time.