As cryptocurrency continues to rise, it’s less about what the digital currency can be spent on and more about how the technology behind it can benefit major companies. We have seen Ripple (XRP) team up with Santander to boost its cross-border payments, and distributed ledgers of various types show positive results in trials for the food industry in their supply chain management. Following a five-month collaboration between IOTA and Audi, representatives from both sides – including the Head of Mobility and Automotive at the IOTA Foundation, Alisa Maas – claimed that there had been positive results across the board. The findings of the five-month collaboration were compiled to act as a case study for potential investors.
The Audi and IOTA Collaboration Saw Positive Results
The initial reason for the collaboration was for Audi to bring in IOTA (MIOTA) as consultants to solve problems arising around issues of mobility, automotive and IoT (Internet of Things). The first phase of the project involved qualitative research into the problems faced, as outlined by the respective experts in their fields. Maas went on to say that the success of the project essentially came down to the two companies sharing their proficiencies and that, “Both sides learned from each other’s expertise and contributed to the final results of the project.” The Audi team were equally as effusive at the project’s results as Audi’s Malte Schönefeld stated that “it requires excellent teamwork and dedication to really get something done within six months.” The extremely positive statements could indicate that the five-month project could be extended and that the companies could work together going forward, especially as they offer complementary technologies.
Source: Pixabay Audi hopes to benefit from its partnership with IOTA and positive results mean a bright future.
Companies Rely on Blockchain Specialists
Audi isn’t the only household name that IOTA has teamed up with on a project. Bosch recently used its consultancy expertise to launch a new device for IoT data collection. Volkswagen also worked with IOTA to exhibit a proof of concept to show how it VW can securely document updates using technology based on IOTA. Connected devices and smart data are two of the big realms that tech companies are looking to understand, which IOTA and other blockchain based businesses such as Bitcoin (BTC), Ethereum (ETC), and Ripple are already working on. Most companies would just want to initially look into how blockchain technology could benefit their business and how processes could be streamlined through this. IOTA is currently the 13th most popularcryptocurrency, and needs to show its prowess as more than a digital coin if it hopes to compete with the giants in the crypto field. Partnering with major companies and advising on issues beyond mere digital currency shows that it has longevity in an everchanging tech landscape.
Working with well-known and respected companies such as Audi, Bosch, and Volkswagen gives greater credibility to IOTA, which will likely help its market capitalization and be a trust signal to investors. The companies also benefit massively due to the expertise and knowledge that the people working at IOTA have, especially when it comes to the IoT and the uses of smart data and blockchain.