IOTA is increasingly emerging as the DLT that will power the smart economy. So far IOTA is involved in a number of projects aimed at developing smart cities. The most notable one being the Taipei smart city project in Taiwan. The latest of such projects is the smart Dubai project. This is an initiative by Dubai Future Accelerators that aims to create breakthrough solutions for a smart Dubai. Recently, Dubai Future Accelerators was looking for startups to partner with, in pushing towards these goals.
Out of the 700 projects that applied, Akita was one of those shortlisted. Akita is affiliated to IOTA in that, it is partially funded by the IOTA Foundation, and uses the IOTA tangle in its various initiatives. The core idea behind Akita is to equip machines with machine wallets for effective machine-to-machine communication. Here is how they describe their core purpose, as per their website.
“The basic idea here is to provide machines with dedicated “machine wallets” that enable them to become autonomous economic agents. The robots can then sell services such as 3D printing, laser cutting, packaging, etc. and buy their own energy. Energy providers can offer/ sell their energy. Even centralized organizations such as government tax agencies can profit by becoming a part of the network and receiving a fraction of each M2M transaction as energy tax in real time micropayments. The opportunities, modifications and extensions to this modular designed prototype showcase are endless and will provide valuable insights on every layer (business, technology, scalability, production, latency, costs and more).”