German multinational engineering and electronics company Bosch is planning to use IOTA (IOT) for its autonomous car project.
The crypto currency market became aware of the plan when Sarah Nizze, Bosch’s marketing manager, informed through a tweet that the 131-year old company is working to deploy IOTA in its autonomous vehicle project.
The announcement coincides with the fifth annual conference to be hosted by Bosch later this month, celebrating the Internet of Things (IoT).
More than 140 speakers are expected to participate in the Bosch Connected World 2018 conference. The conference, which aims to provide a platform for education and inspiration to IoT, is expected to take place between February 20 and 22.
— Sarah Nizze (@SarahNizze) February 10, 2018
“This investment represents Bosch’s transition from a hardware company to a company that deals with data and monetization of data.”
Bosch’s Big Plans:
Last July, BBC reported that Bosch is working with Elon Musk’s Tesla to create the an autonomous driving car. At that time, Bosch had mentioned that it plans to deploy the autonomous driving technology in cars within the next five years. Notably, Uber and Google are also involved in similar projects.
In December Forbes reported that the corporate venture capital company of the Bosch Group, Robert Bosch Venture Capital GmbH (RBVC), has purchased a significant amount of IOTA tokens.
Established in 2015, the IOTA Foundation is a Germany-based non-profit organization focused on distributed ledger technology and permissionless ecosystem development. IOTA’s open-source distributed ledger protocol for the IoT enables scalable, machine-to-machine payments and secure transfer of sensor data. In simple terms, IOTA’s block chain technology enables machines to securely transact data and money with each other.
IOTA has also launched a data marketplace, with more than 30 participants such as Accenture Labs, Fujitsu, Samsung Artik, Orange, Deutsche Telekom, TINE, and many more.