- IOTA standardization will happen next year
- ISO certification will give IOTA greater acceptance and adoption
- IOTA’s innovative technology has led to great partnerships
The IOTA Foundation will soon become an officially standardized organization. This move is expected to lead to wider acceptance and adoption that could make IOTA’s digital currency MIOTA a more valuable asset.
IOTA’s Innovative Technology
Richard Soley, the Chairman and CEO of the Object Management Group (OMG made the announcement) while addressing the IOTA Foundation during the first edition of a quarterly update livestream dubbed IOTA Insights on July 31, 2019. Soley intimated that the innovative cryptocurrency project will have an official open standard by the end of next year. He also assured that shortly after OMG gives standards for IOTA’s innovative technology, it will be succeeded by official standardization by the ISO shortly thereafter.
The Object Management Group (OMG), which is headquartered in Needham, Massachusetts, has a membership that currently includes hundreds of IT and non-IT organizations. The consortium is geared toward creating a standard architecture for distributed network objects. OMG provides a portable and interoperable object model that functions across multiple platforms.
Different Potential Applications
The IOTA Foundation uses the Tangle instead of the blockchain technology that is used by bitcoin and all the other cryptocurrencies. The tangle differs slightly from bitcoin technology in several ways such as it not having miners whose activities would keep the ledger running, even as it heads towards complete decentralization.
IOTA’s Tangle is a next-generation distributed ledger designed to overcome some of the blockchain’s most basic challenges. While the blockchain has traditionally separated users and miners, the Tangle combines the two, eliminating the possibility of conflict between the two groups. While the Tangle has only been around for a few years developers and companies have explored many different potential applications of this innovative technology.
IOTA’s Tangle for Several Applications
IOTA has generated significant visibility with its innovative technology and next-generation ledger. Several companies have contacted the people behind IOTA to learn more about the project’s underlying technology. As a result, developers and technologists have been working on using IOTA’s Tangle for several applications, ranging from being used in cars to enabling crowdfunding.
Technological standardization, when it happens, will be good for IOTA, which has partnered with big names like Audi, Microsoft, BOSCH and a few more others. IOTA started this year with the declaration of joining hands with IBCS Group on January 8, 2019. IBCS would use Tangle innovation to be able to track and trace Supply Chain Solutions. Tangle technology will help the company gather and share on logistics carriers.
The ISO is the International Organisation for Standardization, an internationally accepted body which sets international standards. It is composed of representatives from standards organizations across the world and receiving ISO certification will be a huge milestone for IOTA.