IOTA Foundation’s creation, IOTA, has partnered with Norway’s largest Bank DNB ASA.
It is the ninth largest cryptocurrency in terms of market capitalization and is known for ‘Tangle’, blockless technology of the cryptocurrency and for the internet of things. IOTA and DNB ASA have agreed on a partnership since both of them share common goals and objectives on the internet of things and machine to machine communication.
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IOTA and DNB ASA have mutually agreed to work on decentralized data marketplaces, machine economy and co-creation and innovation in citizen-centric innovation. They will together develop and explore a new digital innovation platform where Tangle will be the main wheel.
Norway’s largest bank DNB ASA has been working with decentralized blockchain based technology but with its partnership with the cryptocurrency, it will explore the future of internet of things. It is the first crypto to be used in machine to machine communication owing to the presence of Tangle.
Blockchain technology offers a compelling vision of decentralized network allowing peer-to-peer transactions without any fees. But one of the prominent inefficiency of blockchain was technical flaws in its design. The cryptocurrency, based on the Tangle which is the distributed ledger technology, solved the inefficiencies of the Blockchain technology by enabling feeless, scalable and secure settlement of transactions and also building upon the machine economy.
Here, rather than grouping the transactions into blocks, individual transactions are entangled together.
IOTA Blockchain Tangle
A few days back, it demonstrated that how MIOTA charged station, powered by Tangle, is superior for charging TESLA. The demonstration depicted that MIOTA charged station was relatively simple, fast and easy. Payment also gets processed in just a few seconds with its use.
It is thus striving towards mass adoption and developments in the field of the internet of things and different projects. The Bank will implement new technology and processes with the use of IOTA’s Tangle.