Over the years, insurance firms have been known to be very good at convincing people to switch or review the insurance policy of their cars every year. Renegotiating your present insurance plan or comparing new ones can save you some money. However, this can be time consuming, and that’s why many people don’t do it.
IOTA (MIOTA) Is Set to Revolutionize The Insurance Landscape
In the recent tech event organized by IOTA in Canada, the blockchain firm proved that it could be possible for your car to insure itself with IOTA. IOTA (MIOTA) is an open source distributed ledger that works with the IoT (Internet of Things).
IOTA (MIOTA) functions quite differently from Ethereum (ETH) and Bitcoin (BTC). IOTA uses the principles of blockchain, but it does not use blockchain. Rather, it uses Tangle, and this processes transactions faster than blockchain.
The World Trade Organization’s Recent Remark On IOTA (MIOTA)
The World Trade Organization said that blockchain is the most popular Distributed Ledger Technology (DLT). However, more models are being created. They said these new models are distributed and they use several cryptographic techniques.
The WTO said that these new models are moving away from the concept of “blocks” and “chains,” and an example of such is IOTA (MIOTA). IOTA is a digital currency that was designed to enhance the communication between machines and devices.
IOTA (MIOTA) Price Today – MIOTA / USD
During the event, IOTA showed how cars could insure themselves with the best car insurance using real-time data. During their presentation, as the car was driving around in the Tesla, the car chose the best possible insurance for its state and paid with MIOTA. The three different states are parked, tortoise insurance, and BF rocket insurance.
This way, when your car is parked more often or you drive very carefully, you will save more on insurance. IOTA (MIOTA) has already found its way into the automobile industry, and it secured some strategic partnerships already. The blockchain is now set to disrupt the car insurance industry with its unique technology.