IOTA serves as a groundbreaking tech for a billion-$-market that grew by more than 10x last year – Report

IOTA has several use cases across various industries including the health industry, energy industry, etc.
IOTA could play a huge role in bringing the commodities market responsibly to the world market.

IOTA exists as an open-source distributed ledger as well as crypto created for the Internet of Things (IoT). It has greater scalability than any other distributed ledger network as it uses a more efficient Directed Acyclic Graph (DAG) structure to store transactions on the ledger.

Interestingly, the platform finds its use cases in various fields including the healthcare sector, smart city infrastructure, automobile, mobility, etc. It is important to note that IOTA’s key innovation is the Tangle, the distributed ledger and the protocol of the Internet of Things. The Tangle is a directed acyclic graph (DAG), which means there are no miners, no block, and no fees. Below are some of the IOTA’s use cases:

IOTA in the Mobility sector

IOTA could play a huge role in mobility, especially with the prediction by ABI Research that there would be 8 million consumer vehicles with self-driving capability shipped in 2025. It is important to note that Tangle can be used to securely transmit data between cars or machines.

Also, there could be the transfer of data about potholes, traffic congestion, weather conditions, etc. In addition, the use of IOTA can enable cars to pay autonomously for services like battery charging, tolls, etc.

The supply chain sector

IOTA could also be a huge benefit in the field of supply chain and global trade. According to research, about 10 percent of supply chain goods are fraudulent. This is probably because it lacks transparency, traceability, and trust. Interestingly, the IOTA Tangle technology can change the future of this industry.

Health sector

In the EHealth sector, IOTA provides security for patients’ data and democratizes access. The IOTA (MAM) protocol secures data streams from remote sensors and also secures data exchange between healthcare providers with the IOTA ledger proving the integrity of research data. In the area of pharmaceutical trials, IOTA ensures that the process of drug trials and immutable records are secured. This is done by logging every step and test results on the Tangle.

The Energy sector

The nature of the IOTA Tangle makes it a very huge potential in the energy industry. This includes remote controls of energy assets and demand response systems for grid stability. In addition to its decentralized Peer-to-Peer energy trading, its energy flexibility market can perfectly reform self-sufficient positive energy communities. Its use case in this field also includes “Seamless EV Smart Charging based on Plug & Charge / M2M micro-payments, Sustainable energy traceability and REC tradeable certificate provenance.”

The energy transition is also picking up fast with the Lithium market growing from $2bn in 2016 to $45bn in 2022. This market skyrocketed 10 times over two years. It is observed that IOTA could provide the grounds to introduce it responsibly to the world market.

The energy transition is picking up speed! The lithium market grew from $2bn in 2016 to $45bn in 2022. Many critical commodities will follow. Time to bring these commodities responsibly to the world market and finance them. #DeFi and #RWAs are the solutuion. #IOTA #SMR #BGR pic.twitter.com/s692S7QM1N

— IotaOrigin (@origin_iota) March 1, 2023

The Industrial IoT

In the industrial IoT, IOTA plays a huge role:

IOTA-enabled smart factory logs commands & an encrypted hash is securely stored in the Tangle. Only the hash is stored in the Tangle, creating a tamper-proof audit trail.

In this field, an integrated dashboard provides authorized users with an overview of the machine audit trail with automated data integrity checks as well as remote machine control. Finished products set to leave the factory to become part of the smart supply chain. This means, based on the digital twin concept, all actors can have access to relevant information. Also, machine owners can give out the production line to the highest bidder.

Environmental humanitarian impact

One other important use case of IOTA is its environmental humanitarian impact. According to research, rainforest deforestation causes more than 50,000 species to go extinct each year. Carbon credits have proven very effective in tracking environmental-friendly purchases and sensors detecting and monitoring fires with trees being cut in the forest. In this case, the data stored in the Tangle can be very helpful.

The IOTA’s tamper-proof technology has been found very effective in empowering local communities. The indigenous people in the Amazon rainforest have been said to have been reduced from 50 million to 200,000 in 50 years as globalization forces people to sell their land for different purposes with no reimbursement. IOTA empowers these communities to earn and sell carbon credits directly. The technology further makes it easy to identify people who have no government-acknowledged identity. IOTA’s distributed ledger technology enables the records of people to be securely validated and provides an immutable audit trail that cannot be manipulated and is only seen by those granted access.

Der Beitrag IOTA serves as a groundbreaking tech for a billion-$-market that grew by more than 10x last year – Report erschien zuerst auf Crypto News Flash.

Crypto Pulpit