A surge in the use of internet-enabled products has resulted in a rapid growth of B2B (business-to-business) IoT (Internet-of-things) market. The internet enabled products generate a continuous stream of data, which are in demand as it provides accurate insights into the behavior of a potential customer.
In this regard, the Berlin-based IOTA Foundaton, which built a block chain specifically to provide solutions to the IoT sector, has entered into a partnership with over 20 large organizations across the world, including Bosch, Fujitsu, Samsung, and Microsoft.
The crypto token of IOTA is known as MIOTA and has a market capitalization of $3 billion.
The crypto currency MIOTA is listed in Bitfinex, a popular Taiwanese exchange. The currency surged by about 30% yesterday to trade at $1.48 levels, as the news of a partnership broke out. IOTA’s block chain network, which functions as a micro payment-based data market place, is aiming to capture a huge share of the IoT technologies and solutions market which is expected to rise to $267 billion by 2020.
IOTA aims to provide crucial market data collected through sensors to various companies for a micro fee. As the company gains market share, the MIOTA crypto currency is expected to appreciate in price. The data collected through sensors can be applied to a wide range of industries, including supply chain, energy, healthcare, manufacturing, and even smart cities. In the next few days, the companies who have entered into partnership will be able to access the data streams generated by sensors. The company is planning to deploy dozens of sensors in the weeks ahead.
The crypto coin IOTA is a variant of a block chain, named DAG (Directed Acyclic Graph). The company calls it as “Tangle”. There are no block size restrictions in IOTA crypto currency. Thus, transactions can be done quickly without any additional costs. As transactions can happen quickly with the use of MIOTA crypto currency token, data exchange can be done in a seamless manner.
The decentralized permissionless ledger will host the tamper proof data and sold on IOTA’s market place. To begin with, IOTA will not charge for the data stream. However, from December, the company will enable purchase of data packets and also facilitate building applications through API. For this, visitors will be assigned a wallet with $3 worth of IOTA tokens to test the purchase of data. As the demand for data increases, so will be the value of IOTA tokens.