- IOTA and the FIWARE Foundation sign a Memorandum of Understanding
- The two Foundations are planning to build Smart Solutions of the Future
- This collaboration was initiated at the 7th FIWARE Global Summit in Berlin
On October 23rd, 2019, the IOTA Foundation announced its partnership with FIWARE Foundation. Contents of the agreement entail how IOTA’s Tangle ecosystem will be applied as an immutable, trusted audit trail for relevant context data transactions in architectures powered by FIWARE.
Mathew Yarger, Head of Smart Cities at IOTA Foundation, confirmed the announcement stating that both the IOTA Foundation and FIWARE Foundation have signed a Memorandum of Understanding at the FIWARE Summit in Berlin.
Ulrich Ahle, FIWARE Foundation CEO, noted:
“Connecting FIWARE with IOTA, we can bring further trust to the processes being automated through any smart solution that is ‘Powered by FIWARE’.”
He added that this would enable them to verify context data shared with third-parties, warranting the quality of data being stored in a distributed ledger.
FIWARE provides the modules that verify information from the device where the context data is captured, to where it can be stored into IOTA’s distributed ledger.
IOTA’s distributed ledger technology provides an immutable, trusted audit trail for all transactions and data, while still abiding by privacy requirements set by the data owners.
This partnership is an important step towards developing the technology foundation for the smart solutions of the future.
Details of the Collaboration
FIWARE’s Context Broker and standardized API allow for some unique abilities for data validation and sharing from the edge. Combining their progress with the decentralized technologies offered by IOTA will likely prove to be a natural and perfectly symbiotic partnership.
The connection promises to offer dynamic capabilities in smart solution areas such as Smart Cities, Digital Infrastructure, Agriculture, Transportation, and Energy.
According to Juanjo Hierro, FIWARE Foundation CTO, the joint venture is also crucial in applications like those warranting the quality in food production, or the observation of certain parameters of animal welfare on farms.
It can also come in handy when public administrations strive to ensure transparency of their processes.
The revolutionary open-source architecture of the Tangle network will be the facilitator for new economic systems and business models, enabling the merging of vital vertical industries like supply chain, automotive, eHealth, and smart cities.
IOTA co-founder, Dominik Schiener, will be discussing distributed ledger technologies at the 7th FIWARE Global Summit in Berlin on October 23rd, 2019, at the CityCube Berlin.
What You Should Know About FIWARE Foundation
Founded in 2016, the FIWARE Foundation is leading the way in defining key open de-facto standards, allowing for the development of smart solutions in a faster, easier, interoperable, and inexpensive way.
The Foundation is increasingly becoming the open-source technology of choice for industries, governments, universities, and associations to reach their full potential and scale up their activities.
For instance, the European Commission (EC) recently adopted the FIWARE Context Broker technology as a core CEF Building Block.