Electronics giant Bosch and power supplier Wien Energie have revealed a blockchain fridge aimed to enable better control of electricity consumption.
Another cooperation has been declared with IOTA – the Berlin based cryptocurrency start-up at the Connected World conference with Volkswagen. The main reason running the movement is that the future of smart cars [connected] could be decentralized technology.
After the German-based Bosch, a multinational engineering and electronics company, reported that it is intending to adopt the IOTA for its autonomous cars project and its investment in the crypto-firm back in mid-December, Volkswagen has made its move to be part of the tech-world changing wave.
All started with the CDO of Volkswagen stepping in in Jan as he was chosen to be part of the supervisory board of IOTA-Foundation. Johann Jungwirth, has been Head of Digitalization Strategy of Volkswagen AG since November 1, 2015. Jungwirth was named Director, Mac Systems Engineering at Apple in Cupertino, CA (USA), in 2014. He was responsible for innovation in design and engineering in product development as well as hiring, growing and leading a multicultural research & development team and supporting the Special Projects Group.
Being part of the supervisory board concludes with Jungwirth taking action when it comes to the foundation’s annual roadmap and add his comment to the future of the cooperation between Volkswagen and IOTA.
During the Bosch Connected World Conference, the CDO described at what level the potential of free technology actually stands.
In contrast to conventional blockchain solutions, IOTA relies on a non-blocking tangle system, which is especially beneficial in the Internet of Things in combination with countless endpoints. The validation of transactions is done by the confirmation of other transfers. Thus, each transaction must first validate two more transactions in the IOTA network to be valid.
Which concludes the network to be very different and unique comparing to other platforms as it becomes more powerful the more subscribers are there. On top of that, the security of normal blockchain solutions is kept at stable healthy
— Stefan Ferber (@Stefferber) February 21, 2018
The explained network above allows transactions to be completed free while they are confirmed at a very short-period of time. The technology also works offline and promises quantum security.
Imagine every MaaS electric self-driving vehicle as entrepreneur with its own identity, wallet, autonomous pricing and payments for parking, charging, cleaning, maintenance, etc. I am a big believer in Distributed Ledger Technology and Decentralized Computing, esp. Tangle #IOTA https://t.co/wRLqAjo33S
— Johann Jungwirth (@JohannJungwirth) February 22, 2018
The much talked about New Connected Car systems could find a lot of use in practice of the IOTA platform as it can keep safe the distribution of OTA software updates. In addition, a use for MaaS solutions (Mobility-as-a-Service) is conceivable, as Jungwirth explained above.
Very worth mentioning – IOTA Foundation has teamed up together with Taipei city to deliver blockchain technology to its ID [identification] plans. Wei-bin Lee – Department of Information Technology commissioner, declared that on the project Digital Citizen Cards the city has created a team made of IOTA and Biilabs [local startup].
« We’ll be starting with related applications for Digital Citizen Card that can be used as a platform. We also seek to boost the authentication and integrity checks for municipality-to-municipality/institution-to-institution data exchange (such as medical records). »
These developments could just be the beginning of a very promising technology that has been given birth by the cryptocurrency-ecosystem that is slowly but strongly cementing its place in practical use.
German-based Bosch, a multinational engineering and electronics company, is reportedly intending to adopt the IOTA for its autonomous cars project.
Over the weekend, it was announced on social media by Sarah Nizze, Bosch’s marketing manager, that the 131-year-old firm was deploying the IOTA for its latest project. In an interview, Tal Dekel, Bosch’s senior technology scout in Israel, said:
“This investment represents Bosch’s transition from a hardware company to a company that deals with data and monetization of data.”
The announcement from the company comes at a time when Bosch will be hosting its fifth annual conference celebrating the Internet of Things (IoT) later this month.
With more than 140 speakers and over 3,500 conference and hackathon participants, the Bosch ConnectedWorld 2018 conference aims to provide a platform for inspiration, education, and connections that thrive in IoT. Taking place from the 20-22 February at STATION, Berlin, one of the hurdles looked at will be to see what potential the IoT has within the autonomous driving industry.
In July, the BBC reported that Bosch had revealed that it was working with Elon Musk’s America-based electric automotive Tesla company to create the first autonomous car ahead of competitors such as Uber and Google. At the time of the report, the German company said that it hopes to install its autonomous technology into cars such as Daimler within the next five years.
Back in December, Robert Bosch Venture Capital GmbH (RBVC) – the corporate venture capital company of the Bosch Group – had purchased a significant amount of IOTA tokens, according to a report from Venture Beat. At the time, it was reported that this was an important move for the company as it looks to the future of the Internet of Things (IoT). RBVC also sits on the IOTA’s advisory board.
Dr. Hongquan Jiang, partner at RBVC, explained:
“With a protocol like IOTA, we don’t just work on automation of machines but on the full autonomy of machines, by making it possible for them to transact with each other in this ‘machine economy.’”
For RBVC, they believe that the IOTA has the potential to solve important problems in the distributed ledger technology for IoT. This include scalability and transaction costs. Even though the IOTA is still in its early stages, RBVC believe that it could play a key role in the IoT industry as it matures.
RBVC or The Robert Bosch Venture Capital has put down its first investment [and a major one] in distributed ledge technology – more precise in IOTA, according to bosch-presse and other sources close to both of them.
The movement by RBVC has been called a very wise choice as IOTA is on of the largest cryptocurrencies in the global-scale market being positioned as the 6th behind Litecoin and it is the first distributed ledger technology that goes one step further the blockchain-ecosystem: enabling machine to securely transact data and money with each other. This is the stepping stone to new innovative Internet of Things based applications and business models for mobility, energy, Industry 4.0 and more.
The news have been announced even by The IOTA Foundation that is based in Germany, declaring that RBVC purchased the tokens and Dr. Hongquan Jiang – Partner at RBVC will going the IOTA Foundation’s advisory board. This follows the successful launch of IOTA’s data marketplace, with more than 30 leading companies worldwide participating.
With the step, RBVC is hoping to hoist the maturity of the distributed ledger technology higher up and branch it wider on the global-Bosch Ecosystem.
“We have been working with the IOTA team for more than one year. I’m very excited about IOTA’s innovative tangle technology, which could potentially become the standard underlying technology for trustless machine to machine communication, security and payment in the IoT space,” said Dr. Hongquan Jiang. “There will be much synergy between Bosch and the IOTA Foundation, and I’m looking forward to seeing more industrial adoptions of this technology in the near future.”
Co-founder of IOTA Dominik Schiener added on the matter saying this is a strong confidence boost by the RBVC firm while helping to expand our collaboration with IoT companies:
”Distributed ledgers are the future when it comes to truly unleashing the Internet of Things, and with IOTA we see the potential of becoming the backbone of this emerging Machine Economy. We will continue to intensify our collaboration with leading IoT companies and hope to have the first go-to-market solutions ready by the end of 2018.”
Schiener continued on explaining how Bosch and IOTA have been in contact for more than two years now while working together on various mediums and the decision of having its share in the technology by RBVC cements the integration of a similar vision:
“Bosch and IOTA have been in contact since 2015 and are working together on multiple fronts, including the Trusted IoT Alliance (TIOTA) and other projects,” said David Sønstebø, Co-Founder of IOTA. “The decision by RBVC to acquire a significant amount of iota tokens solidifies the idea of the Machine Economy and how significant leaders in this space share our vision.”
According to Coinmarketcap, IOTA token price has just rocketed up against the US Dollar topping another record price of $5.49 with almost 30 percent of gain in the last 24-hours. The news could be a very important effecting factor as in a couple of hours the declining path has been transformed into a spiking chart.
Linux Foundation-backed blockchain consortium Hyperledger has added five new members to its portfolio.
Following the recent additions of China’s search engine giant Baidu and business networking company Tradeshift, Hyperledger has now opened its doors to general members Robert Bosch GmbH, Indian IT firm Wipro, Beijing Xiaomi Mobile Software, cognitive solutions and cloud platform Cognition Foundry, and Dubai-based holding company Majid Al Futtaim.
Aiming to build a range of applications and platforms based on open-source distributed ledger frameworks, the new additions mean Hyperledger now has more than 170 member organizations from across various industries including finance, banking, Internet of Things (IoT) and more.
According to Donya-Florence Amer, executive vice president at Bosch, her firm recognizes blockchain as a “key” technology in its push to become more IoT-focused.
“Hyperledger as the blockchain derivate focusing on industrial usage is key for us. Bosch has its strength in the full stack of IoT devices, cloud services for data storage and processing, experience in delivering critical software, and industrial processes with strong partnerships. We are very much looking forward to working with and to contributing to this alliance.”
Brian Behlendorf, executive director of Hyperledger, said the flow of members joining the group indicates Hyperledger is heading in the right direction, and highlights the importance of blockchain in business solutions.
In its announcement, Hyperledger also indicated it is currently developing eight business blockchain technologies including Fabric, Iroha and Sawtooth, among others.
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