19 Nov Does IOTA have a long term play?
Being in the telecom and IT field for over 25 years our firm has to ask if there is a long-term play for IOTA blockchain?
Why and how does IOTA fit especially well for the Internet of Things? We decided to take a closer look at the infrastructure requirements, use cases and devices that are used under this category and of course under IIoT (Industrial Internet of Things – ie IoT devices and applications in the industry environment).
We have many enterprise clients looking for a way to speed up payments and scale across different domains. In many installations, payment systems are basic in the first stage to ensure you do not have to carry along an unnecessary amount of overhead in terms of functions and techniques.Finding a cost-effective solution is a must in any roll-out. Also, microtransactions between the devices should not cost any fees.
In reading the IOTA whitepaper (The Tangle Whitepaper), developers claim to fulfill these requirements with their technology and like to call their solution “a blockchain without blocks and chains”. What this accomplishes is the following:
- High Scalability – IOTA points out that without blocks, there is no limit to the size of the blocks – a problem that bitcoin has today.
- The “lightness” was a particular focus during implementation – this makes IOTA particularly suitable for IoT or M2M communication (machine-to-machine).
- No fees for the transactions – of course, the devices on which the network is operated must be powered which costs money.
IOTA will soon be an interesting option for the enterprise to give the speed and scalability needed while getting rid of transaction fees.
Stay tuned for more on IOTA.