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IOTA – Opening the World of Opportunities for IoT
What Is IOTA?
Imagine a distributed ledger technology with no miners or no transaction fees, high performance, and designed with IoT in mind. IOTA is similar to blockchain in terms of its functionality, but instead of using “blocks” it is based on “Tangle,” which is an implementation of directed acyclic graph (DAG).
IOTA’s vision
The IOTA Foundation’s website states: “Our vision is to enable all connected devices through verification of truth and transactional settlements which incentivize devices to make available its properties and data in real time.”
IOTA identifies three core value chains as part of its vision:
- Enabling the true Internet of Things through the machine economy
- Sharing economy [at a granular level]
- Data ownership and new insight for humanity
Source: IOTA at SoftwareReviews, Accessed October 30, 2019
Our Take
Classic blockchain and its variants like Ethereum and Hyperledger are not going anywhere; however, IOTA is and will remain a strong contender in the IoT landscape due to its advantages, like performance and zero transaction fees.
IoT will give rise to new value chains and business models, for example, an economy based on device-to-device or machine-to-machine data sharing and transactions, monitoring shared consumption in real time, etc.