IOTA acts as a cutting-edge technology for a billion-$ market

  • IOTA has several use cases across different industries, including the healthcare industry, the energy industry, etc.
  • IOTA can play a big role in bringing the commodity 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, cars, mobility, etc. It is important to note that IOTA’s key innovation is the Tangle, the distributed ledger and protocol for the Internet of Things. The Tangle is a directed acyclic graph (DAG), which means there are no miners, no blocking, and no fees. Below are some of IOTA’s use cases:

IOTA in the mobility sector

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

There can also be the transfer of data about potholes, traffic jams, weather conditions, etc. In addition, the use of IOTA can enable cars to pay autonomously for services such as battery charging, road tolls, etc.

The supply chain sector

IOTA can also be a great asset in 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 could change the future of this industry.

The 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 field of pharmaceutical trials, IOTA ensures that the process of drug trials and immutable records are secured. This is done by logging each step and test results on Tangle.

The energy sector

The nature of the IOTA Tangle makes it a very big potential in the energy industry. This includes remote management 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 micropayments, sustainable energy traceability and REC tradable certificate of provenance.”

The energy transition is also gaining momentum with the lithium market growing from $2 billion in 2016 to $45 billion. in 2022. This market increased 10 times in two years. It is noted that IOTA could provide a basis for introducing it responsibly to the world market.

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The energy transition is gaining momentum! The lithium market grew from $2 billion in 2016 to $45 billion. in 2022. Many critical raw materials will follow. Time to bring these raw materials responsibly to the world market and finance them. #DeFi and #RWAs is the solution. #IOTA #SMR #BGR

— IotaOrigin (@origin_iota) 1 March 2023

The industrial IoT

In the industrial IoT, IOTA plays a big role:

IOTA-enabled smart factory logs commands and 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’s audit trail with automatic data integrity checks as well as remote control of the machine. Finished products must leave the factory to become part of the smart supply chain. This means, based on the digital twin concept, that all actors can have access to relevant information. Machine owners can also award the production line to the highest bidder.

Humanitarian environmental impact

Another important use case of IOTA is its humanitarian environmental impact. According to research, rainforest deforestation causes more than 50,000 species to become extinct each year. Carbon credits have proven very effective in tracking environmentally friendly purchases and sensors that detect and monitor fires with trees being cut in the forest. In this case, the data stored in the Tangle can be very useful.

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IOTA’s tamper proof technology has proven to be very effective in empowering local communities. The indigenous people of the Amazon rainforest are said to have been reduced from 50 million to 200,000 in 50 years as globalization forces people to sell their land for various purposes without reimbursement. IOTA allows these communities to earn and sell carbon credits directly. The technology also makes it easy to identify people who have no state-recognized identity. IOTA’s distributed ledger technology enables people’s records to be securely validated and provides an immutable audit trail that cannot be tampered with and is only visible to those who have been granted access.

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