IOTA is now working with over 20 global organisations including Microsoft (MSFT), Volkswagen (VOWG_p.DE) and Fujitsu on projects related to data marketplace, self-driving cars and eGovernance respectively. The IOTA team is also working with INFINEON (IFNNY) on an RFID project called Digital Assurance which aims to improve the way electronic components are tracked during manufacturing for quality control purposes.
IOTA has a market cap of $5.8 billion and is priced at $4,241 a coin as of December 5, 2017. IOTA's token MIOTA has been used to record the majority of its trading volume over the past 24 hours. Although it is yet to make any big moves, IOTA could be set for a strong 2018 as more real-world uses cases emerge and increased demand drives up prices. The fact that it can operate without transaction fees creates an advantage over many other cryptocurrencies including Bitcoin which requires users to pay mining fees when making transactions on the blockchain network – this means people are much less likely use Bitcoin in their every day life despite being number one cryptocurrency by market cap.
Commercial organizations have taken notice of IOTA's potential and many are looking to use its technology to provide better services or increase productivity. For example, in January 2017 IOTA collaborated with the city of Taipei in Taiwan on an identity project for citizen documentation.
IoT is making us rethink our notions of what value means," said David Sonstebo, co-founder Neo (NEO) . "For instance when a quantified self-respecting marathon runner wants to prove that they ran the race it is no longer about the number of steps taken but rather all their physiological information combined.
By combining IoT devices with distributed ledgers we can now start designing truly peer-to-peer markets that allow for permission less innovation and evolutionary growth.
This is the first time we've seen a cryptocurrency token move beyond Bitcoin and Ethereum to seek applications for use cases in the real world such as Internet of Things (IoT) infrastructure. This is very positive news as it shows that there is growing interest from crypto investors in finding new ways to utilise blockchain technology including those that solve real-world problems rather than just providing another outlet where people can gamble their money away.
Disclaimer: The information contained in this article is not intended to be a source of advice and the information and any opinion contained in this article should not be relied upon when making financial or other decisions. We expressly point out that any such information is not a reason to buy or sell securities. We assume no liability for any loss arising from an investor's reliance on or use of this material. All materials are provided "as is" without warranty of any kind.
