The blockchain technology, since its inception in 2009 has seen a tremendous increase in innovations. Companies are striving to bring real-time solutions to problems in various industries, for example, the financial sector, big data industries, the education systems among others. IOTA (MIOTA), on the other hand, has reimagined the blockchain world and is making changes in areas that have never been tried before.
The world we live in now requires a constant trade of data between systems and machines. The machines that handle these resources are growing every day. The progress is continuously transforming the economy and has finally created a new economy referred to as machine to machine economy.
The blockchain, on the one hand, is viewed as the technology that will take over this machine to machine economy. On the side, it is not very scalable as witnessed by the Bitcoin blockchain. However, the developers of IOTA saw the problem and decided to create a solution.
Consequently, IOTA stands out from the blockchains because it does not utilise a blockchain; instead, it is developed on Tangle; a distributed ledger technology. Tangle can transfer data and money. However, it achieves much more in regards to speed in comparison to the blockchain. For instance, with IOTA, for every transaction that is made, a couple of new transactions are validated. IOTA can handle more transactions per second compared to many other blockchains.
A quote from the co-founder of IOTA (MIOTA), David Sonstebo reads:
“You want to ensure the data is completely tamperproof and that is what any distributed ledger can bring. But IOTA can bring it in a unique way in the sense that it doesn’t get inhibited by fees and scaling limitations like regular blockchains.”
Taipei, Taiwan Capita Finds Smart City Solutions with Tangle
The partnership agreement between IOTA (MIOTA) and Taipei earlier in the year was an excellent step for ledger technology provider. The good news is that the city has already begun several projects aimed at making Taipei a smart city using Tangle. The first two projects that have been launched including the digital identification system and the air quality monitoring system.
Taipei leads Other World Cities in Testing Out IOTA
The digital identification system is vital for the city. It is going to revolutionise the identification system in the city by using IOTA’s TangleID technology. The project will be developed into a Digital Citizen Card that will be designed with the best security features to keep identities safe from thieves and prevent them from falling into the wrong hands. The project, after completion, is expected to be launched in other service industries in the city, for example, the medical data history. In addition to that, the Digital Citizen Card will allow the citizens to connect other digital assets to the card. Some of the assets to be registered include household records, medical records as well as professional background.
This is the first time IOTA is being tested to be used on a large scale. The Capital of Taiwan has at least 7 million people. For this reason, the world is watching both the city and the entire process. The success of this project will open the door for IOTA (MIOTA) to take on more cities around the world and to develop smart technologies.