The German crypto project Iota is joining the Blockchain and IoT research laboratory of the Vienna University of Technology.
The Iota Foundation, the non-profit organisation behind the German crypto project Iota, the Iota Tangle and Miota, announced today that it will join the newest Christian Doppler laboratory in Austria.
The laboratory, which is based at the Vienna University of Technology, is called CDL Blockchain Technologies for the Internet of Things (CDL-BOT) and is the first such laboratory to specialise in the combination of blockchain technology and Internet of Things (IoT).
The laboratory was inaugurated yesterday, 26 November, by Margarethe Schramböck, Austria’s Federal Minister for Digitalisation and Economy. The focus will be on research and development of partnerships between private companies Bitcoin System and public sector enterprises that want to use Distributed Ledger Technology (DLT) in practical applications.
Besides Iota, the company Pantos will also join the CDL-BOT, which describes itself as „the first multi-blockchain token system“. Pantos is in turn a subsidiary of BitPanda, a Vienna-based trading platform for crypto currencies and digital assets.
Professor Stefan Schulte, who is responsible for managing the new laboratory, explains in this context:
„With the increasing number of application areas for DLT-based payments and data exchange in the Internet of Things, new DLTs have to be integrated again and again, which is why interoperability between DLTs is becoming increasingly important. I am pleased to be able to carry out research together with the IOTA Foundation and Pantos in order to find new solutions for this immensely important topic“.
The German crypto project Iota, originally founded in 2014 under the name Jinn, aims to become the standard for connecting DLT and IoT. This is an area that is increasingly growing and still has great potential for growth. By using the Iota standard, IoT devices can automatically transfer data and payments to other devices that are also on the Iota network.
On 24 November, Iota carried out an update of its own standard to improve interoperability between devices and systems using Iota-based software. In October, the Iota Foundation announced that it would work with the Japanese government on a project to transform the country’s industrial infrastructure using Iota.
The Iota network can in theory handle up to 10,000 transactions per second, which was made possible by the „Chrysalis“ upgrade in August.
Critics repeatedly accuse the project of being too centralised, but the Iota Foundation is already planning to fully decentralise the network in Q1 2021.