IOTA has already issued its tokens of the same name under their token sale earlier this fall. The company has created what it considers a better option in Blockchain technology evolution called ‘tangle.’
Through this system, the company is creating a way for connected devices to be able to transfer, buy and sell diverse datasets while creating access to data that often sits unused, all with substantial security.
Yesterday IOTA announced a major platform release allowing data monetization using micropayments through their distributed ledger technology. The data solution has already garnered huge partnerships from Microsoft, Fujitsu, Bosch, Deutsche Bank Telekom, and others.
A demo of the platform is scheduled to run through January and will be a way for companies to participate in the innovation. Partners will also be able to influence how the platform continues to function. IOTA co-founder David Sønstebø said:
“The goal is to enable a combination of a business-to-business data economy, as well as enabling researchers and even hobbyists to participate. The beauty of enabling fine-granular trade access is that we really don’t know who or how it will be used, except that we know it is a completely new paradigm.”
The hope is that the structure of IOTA’s tangle technology, without miners or mining fees, will allow large-scale proliferation of micro-payments for datasets, providing access to data and building a network for companies to use and access that data for improvements to the Internet of Things (IoT).
