OKP4, a French Agtech startup, has started using the Tangle technology from IOTA. The startup is using the technology to help it access and exchange data on farm temperatures and yields. Popularly abbreviated as Open Knowledge Platform, OKP4 seeks to utilize the open-source platform in the farming sector.
It intends to use the platform as an information hub. It will do so as it continues to exchange information with the sensors that have already been placed in the fields. The startup hopes that it will be able to encourage independent collation of farming data. It aims to collate the big data from the agricultural sector without having to involve any third parties.
IOTA is able to make this possible as it typically consumes low amounts of energy when exchanging data. This is seen as being beneficial to the farmers. According to a French daily, Fabrice Francioli, the CEO of OKP4 stated that IOTA would make it possible for them to multiply their connections to new systems.
He went on to state that the platform will enable them to shift from an information-based economy to a knowledge-based economy. They will also be able to reward farmers for the information that they bring to them using the IOTA utility tokens.
This partnership helped IOTA prices to rise by as much as 6.71% within twenty-four hours of this announcement being released. By the close of business, IOTA was trading at $0.38. It is worth pointing out that IOTA is ranked sixteenth, with a total market capitalization of one billion dollars.
IOTA is a next-generation distributed ledger technology that seeks to redefine trust, value, and ownership. Its ecosystem has been designed to house the community. In its ecosystem, you can share your skills, your passion, and even your projects, e.g., academic research, articles, tutorials, and events.