IOTA creates automated marketplace for goods and services

In the future factories and companies instantly request goods and services from an automated marketplace. People and companies can use this to order new industrial components when storage nears depletion, ask for extra data to fine tune production or order extra energy when needed. For that reason IOTA has launched a test version of an decentralized and automated marketplace called Industry Marketplace.

This marketplace is accessible to machines, but also to humans. For example, a person can request a ride from location A to location B. Based on simple information like those locations and the number of people, several autonomous cars can offer a bid. After that the user accepts a bid, pays, and the car will come to pick up his customer.

IOTA states that their solution is scale-able, secure and trusted thanks to their unique blockchain technology. As a result Industry Marketplace increases automation, optimizes workflows and reduces costs. Everybody who joins the marketplace needs to be identified. Organization will be able to add their own devices after being approved.

“The Industry Marketplace paves the way for secure automated trade in the manufacturing sector. The use of the IOTA Tangle, an open-source distributed ledger technology that is feeless and scalable, ensures stability and robustness for the Marketplace and its participants. We are now looking forward to expand the circle of participants, demonstrate the Marketplace under near-production conditions and continue its development with our industry partners.”

Holger Köther, Director of Partnerships of the IOTA Foundation

IOTA working on Industry 4.0

IOTA sees the introduction of their services, including Industry Marketplace, as the next generation of industrial automation. In tomorrow’s world devices can proactively make decisions. As a result they can optimize algorithms and create goal-oriented behavior in for example their production process. The success of this depends on the capability of human businesses to work together.

The IOTA Foundation has been working on their product for quite some time. After they past two years they have made a number of partnerships. Many of those collaborations involve major companies. For example IOTA is talking with a Danish energy company to add IOTA to their energy distribution network. Another example, consumers who own an electric car, can already use IOTA to charge their car. Jaguar Land Rover is rewarding drivers with IOTA for sending data on road conditions and vehicle performances. In addition the company is collaborating with the Austin transportation company to optimize their performance and automate payments.