IOTA (MIOTA) Latest Update: Volkswagen Partners With IOTA to Present Proof of Concept (PoC) For Autonomous Vehicles

Volkswagen and IOTA are establishing a Proof of Concept (PoC) protocol that utilizes the Tangle system of IOTA for autonomous vehicles at the Cebit 2018 Expo that took place in Germany on the 11th of June. The Proof of Concept protocol allows Volkswagen to use the Tangle architecture of IOTA to transfer over-the-air software update as part of the new “Connected Car” systems of the car manufacturer.

What Is Tangle

Tangle is quite different from blockchain, in that it doesn’t use mining or blocks, instead, it is designed upon a directed acyclic graph (DAG) – a system that is ordered topologically in which different kinds of transactions run on different chains in the network at the same time.

The Vision of Volkswagen

According to the press release of the Proof of Concept protocol, the vision of Volkswagen is to use IOTA’s Tangle to wirelessly and securely distribute data within the developing smart car economy of the company. Industry professionals expect more than 250 million connected cars to be on the road in two years time, increasing the need for frequent over the air software updates and transparent data access on a larger scale.

A recent IOTA news publication indicated that as a result of its partnership with Volkswagen, the digital currency may also be incorporated into a Mobility-as-a-service system in the future – a development that would utilize the blockchain technology of IOTA for trip planning, bookings, and payment services within the ecosystem of smart vehicle.

Earlier this month the digital currency company partnered on a key MOBI (Mobility Open Blockchain Initiative) for the transport industry, along with top manufacturing companies including Renault, Ford, GM, BMW, and Bosch.

IOTA Price Today: Current Price of MIOTA

At the time of writing, the digital currency is trading at $1.28 after a decrease of 0.39 percent in the last twenty-four hours. The market cap of MIOTA is $3.55 billion and its trading volume in the last twenty-four hours is $83.8 million.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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