Cryptocurrency

Taiwan Capital Working on Becoming a SmartCity with IOTA (MIOTA) Platform

IOTA (MIOTA) –  the technology that can make the changes happen: Nowadays we live in the age where data, resources and services are increasingly being traded between machines and the number of machines that make this possible does not seem to stop growing. A process that is making big changes in the economy, giving it a new name, machine to machine economy.

With this modernization, many rest their faith in blockchain hoping that it will be the technology that will support this machine economy, but it is known that it is not very scalable. So, that is what the creators of IOTA (MIOTA) wanted to solve.

The big difference in IOTA is, it is not using a blockchain, instead, it is based on Tangle, a distributed ledger technology. This enables money and data to be transferred through its network. But, unlike blockchain, for every transaction that is made on Tangle network, two new ones are validated. So, this ledger technology proves to be ready to deal with high transaction volumes without slowing down. This makes IOTA able to deal with large volumes of transactions per second.

David Sonstebo, co-founder of IOTA said “You want to ensure the data is completely tamperproof and that is what any distributed ledger can bring. But IOTA can bring it in a unique way in the sense that it doesn’t get inhibited by fees and scaling limitations like regular blockchains”

These singularities make IOTA more flexible and prepared for the future than blockchain, so they claim. Alongside the fact that IOTA can handle payments and storing information, very smoothly, it built their trust in order to reach the point when we have industries, including healthcare and automobile, testing IOTA in their processes.

Bosch- a German electronics company- recently claimed that they made big investments in IOTA, making them the first multinational firm to do so. Also, Volskwagen gave a hint that in a near future they will use IOTA on smart cars and decentralized platforms.

Taiwan capital, Taipei using Tangle to find smart city solutions

In the beginning of this year a partnership agreement was signed between Taipei and IOTA Foundation to explore smart city solutions based on ledger technology, Tangle. Since then the city has already launched some projects in the field of digital identification and air quality monitoring system.

This makes Taipei one of the first cities in the World to test out IOTA.

The initial phase of this project is to revolutionize the digital identification system using IOTA’s TangleID technology. With this, the city is preparing to launch a new identification system- the Digital Citizen Card- designed to keep the identity of all their citizens safe from being stolen and furthermore being used by the wrong hands. The identification system is
planned to evolve to a stage where it could be used in other public services, for example, to keep a tracking medical history.

Tangle ID system solves a common problem inside the digital identification ground- to link digital identity with the non-digital identity of the person.

Because, the process of verifying whether online information corresponds to the person in cause is necessary, but really difficult. And Tangle ID system can make this a lot easier, in the matter that, when implemented, citizens will have the option of linking their Digital Citizen Card with different forms of digital assets, such has their household registration records, medical records and professional backgrounds.

The first time Tangle is being used on a big scale

Taiwan Capital, Taipei have an estimated population of over 7 million people. So, both the city and this process, are under a big spotlight since this technology had never been tested on a big city like this, before.

This is going to be the real test on the adoption of IOTA, not has a cryptocurrency, but to bring progress to a country and their citizens, to actually help on turning a city safer and smarter.

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Trent Challis

Author here at Oracle Times and digital ledger technology entrepreneur. Supporter of the EFF. “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” -– Satoshi Nakamoto. “The governments of the world have spent hundreds and hundreds of trillions of dollars bailing out a decaying, dickensian, outmoded system called banking, when the solution to the future of finance is peer-to-peer. It’s going to be alternative currencies like bitcoin and it’s not actually going to be a banking system as we had before 2008.” – Patrick Young, Financial analyst
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